Producing What Customers Want
- It's easier to make a profit when you have a good understanding of what your customer wants. This requires marketing research techniques to find out who your market is, where they live, what they currently buy, what prices they like, and what means of communication are they most likely to read or see. Market research deals with customers' changing behaviors and needs, and allows you to adjust both your product and your advertising to meet these needs.
Analyzing Competitive Advantage
- Marketing also involves knowing your own product well and how it satisfies the needs of customers. It broadly overviews the competition and seeks to find out how to offer more value, better pricing or greater service to give your product an advantage in the overall market.
Targeting Specific Markets
- Marketing also involves a strategy; that is, narrowly focusing on a few, reachable market segments that you know will give your product or service a favorable hearing. Market research data are analyzed and broken down into "segments" of the population, and the best methods of reaching and communicating to these segments are put into a formalized plan of action. Tailoring products to serve specific customer needs is an important part of any marketing strategy.
Creating Profitable Sales Volume
- Sales is another part of marketing strategy. A well-trained sales force must be put in place to utilize the marketing data and plan. Methods of outreach to specific market segments are carefully designed to maximize product introduction. Long-term relationships must begin to be established for successful sales campaigns.
Satisfying Customer Needs
- Part of evaluating the success of any marketing campaign is to extend the communication with the customer beyond the sale. Did the sales and delivery process serve their needs? Are customer service and repair needs being met? How can future products be improved? Is there any facet of the exchange that needs revision? All these factors can ensure customer satisfaction and the likelihood of future sales while providing valuable information about details that can increase profitability.