You may make the best marketing strategy, have a comprehensive implementation plan and do everything as planned. Still the business may fail.
Essentially there are some minor things that are some points that decision makers tend to ignore while devising the marketing strategy and have to end up paying a heavy price for that mistake. A few of these pointers are given here.
Customer is the king
Marketing management is all about marketing and promoting a product or service.
There cannot be a more wrong statement as the customer does not feature anywhere here. Marketing management is all about promoting a product in a way to fulfill the needs of the customer in the most effective way.
Once the customer comes into the picture, things change completely. Everything becomes customer-centric. The business thinks from the perspective of the customer. Rather than focusing on increasing sales, the emphasis is on providing customer satisfaction.
The product or service will be geared towards providing solutions to the customer in the most efficient manner. Once the perspective changes this way, it becomes much easier to market a product. Focus on the benefits accruing to the customer by purchasing this product or service. In return, this leads to enhanced sales for the business.
Communication is the key
There may be a wonderful marketing management plan, but has it been communicated to all the business segments, and in the same manner?
A marketing strategy is vital to the sustainability of any business. A circular stating sales targets for the year does not define a marketing strategy. It needs communication done in the right way.
This is ideally done through face to face interaction. In case that is not possible in today’s global scenario, it can be done through a video interaction too. Basically it has to be an interactive affair where questions can be asked.
It is important for all to understand the importance of the marketing strategy and the role they play in achieving it. Once this clarity comes, it becomes easier to implement this strategy. Moreover, any marketing strategy must have the inputs of all concerned. Only then will it be effective.
Having an effective mix
Marketing management is all about an effective mix. This would include pricing, promotion and so on. With businesses reaching the global stage, marketing management too has to keep pace.
Hence it has to keep the various geographies, local culture and dynamics in mind in order to be effective. What applies to Geography A may not be applicable to Geography B. This has to be incorporated in the marketing management plan.
Thus marketing management has to be customer centric, communicated well and include all aspects of the business in order to be effective and enhance business.