"Marketing is telling a story about your product to people who want to hear it in an interesting way.”
The statement highlights 3 key elements of Marketing
- People who want to hear it aka Customers / Potential Leads
- The story needs to be told in an interesting way.
Storytelling is foundational - to the entire human race. We are all story creatures. With the social media boom - people are discovering innovative ways to tell their stories in an unique and fun way.
2. Customers / Potential Leads
The best customers are your existing customers. They have bought from you and they will buy from you again. This means we need to find ways to engage them and inculcate habits and triggers that builds stronger relationships.
3. Striking Content
It is the best strategy to standout in an arena that is filled with customers whose taste keeps on changing based on the ever-changing trends and social media platforms.
What is Marketing Management
The Art and Science of choosing - the target markets, generating new leads, converting them to customers, keeping the original customers intact - by creating, communicating and delivering superior value is known as Marketing Management.
This calls for the entire marketing mix to connect and use other processes like sales, manufacturing, delivery to create an all round experience for the customer. So that at every step of the process the customer’s needs are taken care of.
A normal Marketing Management cycle would be as follows
- Identifying customer needs.
- Measuring the market size.
- Developing market projections (potential profit).
- Determine Target Market.
- Assemble all the departments in the organization towards the goal of serving the customer.
In short, identifying the changing demands / needs and scoring profitable opportunities through them.
The main goal for any marketing management exercise would be to build a mutually profitable long-term relationship with the customers and not just sell the product.
How does one do that?
- Know your customers.
- Deliver relevant offers, services, wishes, messages that meet their needs.