Marketing is not a new term for entrepreneurs and business people, but very few have been able to gain 100% efficiency in their marketing. It is important to know that the success of any product or service is hinged on it’s marketing structure or model. For the marketing process to be effective and generate the right results, this 5-step model is the foundation on which that success rest. I have come to learn that a great product or service is worthless if it is not marketable.
Without further ado, let’s dive into the 5-step model.
UNDERSTAND THE MARKET PLACE, CUSTOMER NEEDS AND WANTS.
The very first step you need as an entrepreneur or startup in marketing is to do a study, research and information hunting into your desired industry or niche. This will prepare you for the task ahead and help you shape your decisions on your product or service delivery based on customer behavior and needs.
Understanding customers’ need helps you target your product and service to the needed market rather than shooting your product into the wild and hoping it hits a market.
DESIGN CUSTOMER DRIVEN MARKETING STRATEGY.
This is one major point I pay attention to whenever I’m privileged to speak at events. Most young entrepreneurs and business people make the mistake of building products around themselves neglecting the direct needs of customers. As an intelligent entrepreneur, you definitely don’t want to do this. No matter how good a product or service looks to you if that product/service does not appeal to customers nobody will buy (except you wish to buy from yourself). So create and model your product with the customers need at heart rather than satisfying your personal desires.
CONSTRUCT AN INTEGRATED MARKETING PROGRAM THAT DELIVERS SUPERIOR VALUE.
Form step 1 where proper research is being carried out, this research will show you competitor’s strengths and weaknesses which [s a very vital information to your own success especially your competitor’s weakness. The information is only valid if you build on it and offer value that beats the standard of your competitors (Value can be in form of delivery, packaging, or the product/service). Sometimes this Value can be very minor things but will go a long way to make a huge difference to your customers and give your competitors a knock-out blow.
BUILD PROFITABLE RELATIONSHIPS AND CREATE CUSTOMERS DELIGHT
“Average business men chase a pay cheque only superstar business men chase profitable relationships and customers’ delight.” Godwin Jimmy
This is a quote of mine that drives majority of my actions. I believe that in business every startup entrepreneur should learn that rather than focus on the pay cheques and balance sheets, their focus should be on the delight of customers and profitable relationships because a good and profitable relationship with clients can open your company to endless financial opportunities.
CAPTURE VALUE FROM CUSTOMERS TO CREATE PROFIT.
The end game of your business is profit. So therefore the final model would be to strategically capture value from your customers. Value from customers can be in form of referrals, reviews and above all cash. Your marketing model should make should be structured so that all this mode of attaining value from your customer would be easily achieved. For example, your payment method whether offline (cash) or online should be easy for customers to carry out, also your referral models should have a price attached to it to encourage customers to spread your good news.
That’s a big wrap, 5 core steps for effective marketing!! Start marketing!!