With a little study we can see that there are several concepts and misconceptions about marketing that need to be addressed before we get into the meat of this article. The basic concept of marketing is 'the diversity of activities used in assuring that we are meeting the needs of our clients and that we are getting a valuable return in response.' A major misconception of marketing is that it only entails 'advertising your product or service.' Advertising is important, however, it is only one component in the process of marketing.
We can define the essence of marketing as 'understanding your customers' needs and developing a plan that addresses those needs.' By understanding marketing in this way, a business owner who has a desire to 'grow' his business can set the proper goals.
What is meant by 'organic growth?' This is a wonderful concept. Your business is a living organism and, as a living organism, it must be cultivated and nurtured. We can ignore its needs and let it fend for itself or we can determine those needs and do whatever is best to make it thrive.
We should look at two basic components of marketing in order to get a better idea of the things that we need to create a successful business. The first component of marketing that we need to consider is 'developing a marketing plan.' The second component is the 'ongoing promotion.' One mistake that many business owners make is to create a product or service and immediately jump into an advertising campaign. When we define these two basic components, you'll understand why this mistake can be a disappointing and costly one.
Developing a 'marketing plan' or 'marketing strategy' is essential to the well being of a business. The first step in creating a marketing plan is to do a little research and analysis. Don't slap yourself on the forehead in exasperation. This is not as difficult as the name implies. It may take a little time but is well worth every minute.
Let's begin by looking at a simplified explanation of 'marketing analysis.' We can apply two of Solomon's Keys to Success at this point.
Proverbs 1:5 (Amplified Bible) "The wise also will hear and increase in learning, and the person of understanding will acquire skill and attain to sound counsel [so that he may be able to steer his course rightly]" Wise counsel can be found in many forms. We should also remember, for those of us who think we understand better than others, "The way of a fool is right in his own eyes, but he who listens to counsel is wise." Proverbs 12:15 (Amplified Bible)
A well planned market analysis contains the following:
1.) Discovering our 'market' or the groups of potential customers that exist,
2.) Determining our 'target market' or those clients that we prefer to serve,
3.) Determining the needs of our target market,
4.) Decide which of your products or services might meet their needs,
5.) Determine the customers' possible uses for those products and services,
6.) Keep track of your competitors' activities,
7.) Determining the pricing formula that we should use and
8.) Decide on a plan for the distribution products and services to your target markets.
Various methods of 'market research' are used to gather information about markets, target markets and their needs, competitors, etc. A little Internet research will reveal many sources of specific information. We must remember to target our searches. We do this by beginning from a broad area of possibilities and with each subsequent search we can get more specific until we have discovered as much as possible about our market in general and our target market. The resulting information will become our 'niche' market, our specific area of a market that is best for our product or service.
After having developed our marketing plan, we should look at our plan for 'ongoing promotions.' Our plan for ongoing promotion will include advertising, public relations, sales and customer service to name a few. These terms (advertising, marketing, promotion, public relations and publicity, and sales) can easily become confusing. These are terms that are often used interchangeably. However, they refer to different but similar activities.
Let's look at a list of quick definition of each term.
1.) Advertising -- effectively presenting a product (or service) to potential and current customers. Advertising must be focused on one particular product or service. This demonstrates that an advertising plan for one particular product or service might not work for another product or service. Advertising is done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, website banners, etc.
2.) Promotion -- Promotion can be defined as the tasks that maintain the product in the minds of the customer (product recognition). The ongoing effort of advertising, sales and public relations are often considered aspects of promotions.
3.) Public relations -- Public relations is ongoing activities that ensure your product or service has a strong and positive public image.
4.) Publicity -- being mentioned in the media. This is always the review of someone else but can include news releases.
These are a few of the many terms that need to be learned. The health and well being of our business, your business, is determined by the extent of diligent study that you do and the application of the principles that you learn through study. To best know your product or service or clients or competitors, you must develop a sincere determination to become as diligent as possible.
Remember these principles in Solomon's Proverbs to help you develop a growing and successful business.
Proverbs 10:4 (NLT) "Lazy people are soon poor; hard workers get rich."
Proverbs 12:24 (NLT) "Work hard and become a leader; be lazy and become a slave."
Proverbs 13:4 (The Amplified Bible) "The appetite of the sluggard craves and gets nothing, but the appetite of the diligent is abundantly supplied."
Proverbs 21:5 (NLT) "Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty"
Write this last Proverb over and over until it is embedded into your memory. It will be a blessing.
We can define the essence of marketing as 'understanding your customers' needs and developing a plan that addresses those needs.' By understanding marketing in this way, a business owner who has a desire to 'grow' his business can set the proper goals.
What is meant by 'organic growth?' This is a wonderful concept. Your business is a living organism and, as a living organism, it must be cultivated and nurtured. We can ignore its needs and let it fend for itself or we can determine those needs and do whatever is best to make it thrive.
We should look at two basic components of marketing in order to get a better idea of the things that we need to create a successful business. The first component of marketing that we need to consider is 'developing a marketing plan.' The second component is the 'ongoing promotion.' One mistake that many business owners make is to create a product or service and immediately jump into an advertising campaign. When we define these two basic components, you'll understand why this mistake can be a disappointing and costly one.
Developing a 'marketing plan' or 'marketing strategy' is essential to the well being of a business. The first step in creating a marketing plan is to do a little research and analysis. Don't slap yourself on the forehead in exasperation. This is not as difficult as the name implies. It may take a little time but is well worth every minute.
Let's begin by looking at a simplified explanation of 'marketing analysis.' We can apply two of Solomon's Keys to Success at this point.
Proverbs 1:5 (Amplified Bible) "The wise also will hear and increase in learning, and the person of understanding will acquire skill and attain to sound counsel [so that he may be able to steer his course rightly]" Wise counsel can be found in many forms. We should also remember, for those of us who think we understand better than others, "The way of a fool is right in his own eyes, but he who listens to counsel is wise." Proverbs 12:15 (Amplified Bible)
A well planned market analysis contains the following:
1.) Discovering our 'market' or the groups of potential customers that exist,
2.) Determining our 'target market' or those clients that we prefer to serve,
3.) Determining the needs of our target market,
4.) Decide which of your products or services might meet their needs,
5.) Determine the customers' possible uses for those products and services,
6.) Keep track of your competitors' activities,
7.) Determining the pricing formula that we should use and
8.) Decide on a plan for the distribution products and services to your target markets.
Various methods of 'market research' are used to gather information about markets, target markets and their needs, competitors, etc. A little Internet research will reveal many sources of specific information. We must remember to target our searches. We do this by beginning from a broad area of possibilities and with each subsequent search we can get more specific until we have discovered as much as possible about our market in general and our target market. The resulting information will become our 'niche' market, our specific area of a market that is best for our product or service.
After having developed our marketing plan, we should look at our plan for 'ongoing promotions.' Our plan for ongoing promotion will include advertising, public relations, sales and customer service to name a few. These terms (advertising, marketing, promotion, public relations and publicity, and sales) can easily become confusing. These are terms that are often used interchangeably. However, they refer to different but similar activities.
Let's look at a list of quick definition of each term.
1.) Advertising -- effectively presenting a product (or service) to potential and current customers. Advertising must be focused on one particular product or service. This demonstrates that an advertising plan for one particular product or service might not work for another product or service. Advertising is done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, website banners, etc.
2.) Promotion -- Promotion can be defined as the tasks that maintain the product in the minds of the customer (product recognition). The ongoing effort of advertising, sales and public relations are often considered aspects of promotions.
3.) Public relations -- Public relations is ongoing activities that ensure your product or service has a strong and positive public image.
4.) Publicity -- being mentioned in the media. This is always the review of someone else but can include news releases.
These are a few of the many terms that need to be learned. The health and well being of our business, your business, is determined by the extent of diligent study that you do and the application of the principles that you learn through study. To best know your product or service or clients or competitors, you must develop a sincere determination to become as diligent as possible.
Remember these principles in Solomon's Proverbs to help you develop a growing and successful business.
Proverbs 10:4 (NLT) "Lazy people are soon poor; hard workers get rich."
Proverbs 12:24 (NLT) "Work hard and become a leader; be lazy and become a slave."
Proverbs 13:4 (The Amplified Bible) "The appetite of the sluggard craves and gets nothing, but the appetite of the diligent is abundantly supplied."
Proverbs 21:5 (NLT) "Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty"
Write this last Proverb over and over until it is embedded into your memory. It will be a blessing.
About the Author:
Good marketing strategy is necessary to a successful venture. Visit Rev. Bobby at The Christian Success Institute to study Solomon's Keys to Success through an in depth study of the Book of Proverbs. Earn a residual income while you learn Affiliate Marketing Principles
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