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Business Marketing September 19, 2017

Marketing – An Outlay You Can’t Do Without

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You may have built a valuable product; it, however, may not take off unless your probable customers are aware of its existence. Lately, the Star group won the bid for media rights over the lucrative Indian Premier League where the bidder would pay a little more than INR 16000 crore for five seasons of the league. Star has pinned hopes on revenues from advertisement, and most analysts anticipate the deal would pay off considerably.

Even when a product has all the elements of being accepted by users, marketing still plays a key role in bridging the divide. Patanjali, a company, promoted by one of India’s prominent Yoga instructors, boastsa range of natural and Ayurveda-based products, and at the same time hard hits the consumers’ mindset with TV commercials. The company has brought to ground market dominance of FMCG majors – Hindustan Unilever, ITC, P&G, and Colgate-Palmolive; part of this success can be attributed to company’s prudent marketing maneuvers.

From film industry to website hosting service providers, all have resorted to using marketing as a tool to up their revenues and reach even the most isolated customer. When promoting a product/ service is such significant a function, we list some points to take note of.

1.Br anding

More than what service you provide, people would know and remember the name under which you provide that service. Your parents may not exactly know how the ride-hailing app Uber works; still, they will name it when they need you to sort out their travel plan. Such is the power of the br and name that we have lists of which br and is the most valuable.

2.Identifying the target market

Do you believe you can sell your product/ service to everyone? Not possible. Unless you are into the business of producing essential commodities, only a certain segment of the overall market will be interested in your offering. A Fintech start-up can target loan/ insurance seekers, businesses seeking help on filing tax returns; hence segregating your potential customer base makes sense.

Also read: Analyzing the target market

3.Correct knowledge to customers

Patanjali was asked by the regulator to take some of its advertisements off the air since they violated the norms. Marketing doesn’t mean outright lies and misleading the customer into buying something that does not hold value for them. A bad word of mouth can kill your business instantly; a good one, on the other h and, can push it to becomea sensation.

4.Differentiation in the product as well as marketing

This comes into play not only when you are planning the product or service but also when you are finalizing your marketing strategy. What Patanjali did was a stress on the ‘natural’ attribute of its health supplements rather than educating on why people need a health supplement in the first place. Do not hesitate to hit the consumer where it may impact her most; carry out research, do not follow suit.

5.Analytics

Data collection and its analysis have become more a necessity than a trend today. You may want to assess the outcome of your last marketing move by studying monetary benefits that accrued to your business. Digital marketing is in high dem and owing to its capability of reaching wide customer base, but it may not work in all cases. For you, if its results aren’t favourable, don’t think twice to turn to traditional practices like banners and leaflets.

Disclaimer – The views or opinions expressed in the article are the personal opinions of the author and do not in any way reflect the views of Suvipra. Suvipra does not assume any responsibility or liability for the same.

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2 responses to “Marketing – An Outlay You Can’t Do Without”

  1. Kashish Singh says:

    Analytics is indeed of utmost importance which many tend to neglect

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