1 - Market Research
Market research is absolutely necessary for the success of any new business. Speaking to customers, understanding your market, and keeping on top of emerging trends are just some of the tasks related to market research.
Market research is comprised of two components: primary and secondary research.
Primary market research involves you directly interacting with potential customers. Gathering information from customers is essential in determining the problems they face, how your product or service could solve their problem, and whether or not they would be willing to pay for it.
Secondary market research is a compilation of existing data that has been collected and analyzed. This information is communicated in a variety of formats including a newspaper article, an academic journal article, or an industry report. Staying up to date on this information will keep you informed of new trends in the market, disruptive technologies, and help you stay aware of what your competitors are working on.
Market research can help you find answers to just some of the following questions:
What is the size of my market?
Who are my competitors?
Which market is best suited for my product or service?
How much will customers pay for my product or service?
What are the emerging trends in an industry?
2 - Product Development
Product development — also called new product management — is a series of steps that includes the conceptualization, design, development and marketing of newly created or rebranded goods and services. Product development includes a product’s entire journey, from the initial idea to its market release and later.
The objective of new product development from a business standpoint is to satisfy consumer demand to cultivate, maintain and increase a company’s market share. From a customer standpoint, it’s to ensure a product’s value as a quality good or service.
Not every product will appeal to every customer or client base, so defining the target market for a product is a critical step that must take place early in the product development process. Organizations should conduct quantitative market research at all phases of the design process, including before the product or service is conceived, while the product is being designed, and after the product has been launched.
3 - (Sales) Promotion
Sales promotion is a marketing strategy that businesses use to boost sales, create brand awareness, and drive customer loyalty. It involves various techniques and tactics to incentivise customers to make a purchase or take a specific action.
4 - Sales
Sales refers to the process of selling products or services to customers. It includes activities such as generating leads, maintaining relationships with existing customers, conducting sales calls and following up on deals.
5 - Distribution
Distribution is the process of making a product or service available for the consumer or business user who needs it, and a distributor is a business involved in the distribution stage of the value chain. Distribution can be done directly by the producer or service provider or by using indirect channels with distributors or intermediaries. Distribution (or place) is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion.
6 - Customer feedback
Customer feedback is information provided by customers about their experience with a product or service. Its purpose is to reveal their level of satisfaction and help product, customer success, and marketing teams understand where there is room for improvement. Companies can collect customer feedback proactively by polling and surveying customers, interviewing them, or by asking for reviews.
7 - Analysis
A marketing analysis is a process that helps you understand the various demographics and segments of your target audience. It also shines light on effective engagement strategies, the customer journey and better ways to successfully convert leads. Conducting a marketing analysis can help you improve your marketing campaigns and drive a better return on investment (ROI) for your marketing budget. It can also help you build brand awareness, customer loyalty and generate more leads.
8 - Adjustment
Marketing in uncertain times means that you may have to cut your marketing budget and focus a limited amount of funding on those channels that provide the highest ROI. When there’s no room for error, look at past data and analytics to guide decisions. Allocate a limited marketing budget for initiatives that deliver results, investing in channels and content that resonate with your customers.
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