Marketing Relationship | Get to know the target market | Marketing Strategies

Marketing Relationship | Get to know the target market | Marketing Strategies



Marketing Relationship


Relationship marketing aims to build stronger and longer lasting relationships with customers and other businesses. The work is done with a strategic orientation, where the relationship with existing customers improves rather than finding new ones. It is designed to meet the needs of individual customers. Its main part involves studying the need of the customer and how it changes in different circumstances.


Relationship marketing applies techniques such as marketing, sales, customer service and communication. Not only is the relationship strengthened, but her life is enhanced by these strategies. Once the customer realizes the value of the relationship, they are approximated. This marketing focuses not only on building relationships and attracting customers to their products and services, but also on how to retain them.

The raw form of marketing began to emerge in the 1960s. However, organizations were still struggling to sell products, so a system for selling low-priced items to a larger group of customers was developed. Leonard Perry and Jag Sheth originated this marketing in 1982. It started in B2B markets and industries, which involved long-term contracts for many years. Over the period of time, various marketing strategies have been improved and relationship marketing has been one of them.

Relationship marketing applies where customers have many options in the market for the same product or service and the customer has the right to make a choice. In such a market, companies try to retain their customers by offering relatively better products and good service, thus gaining customer loyalty. Once this is achieved, it becomes difficult for competitors to do well in the market. No attention was paid to customer turnover as the main focus was on customer satisfaction. This type of marketing was initially called defensive marketing. Offensive marketing is a marketing strategy that not only attracts new customers, but also increases sales by increasing the frequency of purchases. This type of marketing focuses on releasing dissatisfied customers and acquiring new ones.


Marketing Relationship | Get to know the target market | Marketing Strategies


According to research, the cost of retaining an old customer is only ten percent of the cost of acquiring a new one, which makes sense not to rush to acquire new customers in relationship marketing. According to other research conducted through cross-sectional analysis, it says that a five percent improvement in customer retention is responsible for twenty-five to eighty-five percent of profits. There is usually a high cost of acquiring new customers, so if enough existing customers are retained, there is no need to acquire new customers.

Once the customer’s trust is gained, his chances of switching to another company become relatively lower, he buys in bulk, buys other complementary items, and begins to neglect the variance in the average price. This maintains the sales volume of the unit and there is an increase in the sales volume of the dollar. Existing customers will be like direct advertising. If he is satisfied with the company, he recommends it to his friends and acquaintances.

As existing customers become familiar with the process, they will take less time and money to educate them about procedures that also place less burden on employees and make them feel more satisfied with their job. Customers are divided into groups based on their loyalty. This procedure is known as the customer loyalty ladder. The groups in ascending order are prospect, client, client, supporter, attorney, and partner.

Marketing Relationship | Get to know the target market | Marketing Strategies

Due to advances in computers and the Internet, software has been developed to facilitate customer relationship management. With the help of this software, customers' tastes, activities, preferences and complaints are monitored. Almost all companies have this software in their marketing strategy, which benefits the customer as well as the company.

Therefore, the main goal of relationship marketing is to build and maintain a relationship with committed customers who aim to make a profit for the company. Other benefits gained are confidence building and social benefits.


Get to know the target market


Achieving good sales is the ultimate goal of any company. Various criteria, such as competitive pricing, near-perfect product, appropriate audience reach and motivational advertising, are responsible for this and should be addressed in marketing.


First of all, all efforts will be in vain if the right audience is not recognized. It is the key factor in getting bumper sales, as they are not targeting the right customers, they will not buy the product. The right customers are known as target customers or niche market, those who are happy to buy products that meet their needs and are also less expensive.

Small companies should not be afraid to compete with large companies because they produce products that take into account a wider range, which is sometimes not specific to the consumer because the products are more widespread and less important. The competition they can gain from others. This gives small companies the opportunity to produce products, which can meet the needs of a section of people whose needs are not specifically met by large companies.

Although it seems like a silly question, but first and foremost, the company needs to understand who the people you want to target are. Success lies in understanding this, which requires careful research and analysis. Several factors must be taken into account. Age is the number one factor whether a product is useful for babies, children, teens, teens, middle-aged or the elderly. Sometimes there is a possibility that the product will meet the needs of all age groups. The next thing to consider is sex. Marital status, employment, ethnic background, health status, income status, education, hobbies, etc. are some of the factors that should also be reflected.
Marketing Relationship | Get to know the target market | Marketing Strategies

After deciding on the target customer group, the benefits that the product can provide to that group should be listed. To this end, a thorough examination of the service or product should be carried out. If there is enough time, existing customers can be surveyed and asked questions such as what they liked about the products they use, any inconvenience they face, want to change something to improve the product, and so on.

After making a list of all the benefits, you should think about which of these benefits will actually help the target audience. Make a short list of features that will be useful and send it to the marketing department. It can definitely help with their marketing plan and increase their sales.

Getting the internet to reach your target customers can be very easy. Search engines can best be used for this. The exact thing to look for can be written as a search engine keyword or phrase and the results of the first three pages will be invaluable. But a lot of time and investment is involved in this process, as different keywords will lead to different search results. Therefore, efforts must be made to achieve what is ultimately needed.

The second best thing is to communicate through newsletters and the website. Many ezines are related to marketing, finance, shopping, the internet, and so on. A number of ezine websites can be found in the ezine directory, which also contains contact information, advertising price, and so on. The list of ezine sites should be reduced. related to the target market and the advertisement must be placed in specific markets which must include the advantages of the product if the advertisement allows for many words.
Marketing Relationship | Get to know the target market | Marketing Strategies

Knowing your target market is critical to any successful advertising and sales campaign. Once recognized, it can be accessed through various channels such as websites, newspapers, magazines, and so on. This makes the customer believe that he is being treated directly. And since the whole approach will interest them, the amount of traffic received in return will be simply huge and all the efforts will be worth it.


Marketing Strategies


The marketing strategy helps organizations focus their attention on completing the use of resources to increase sales and win over their competitors. Each company applies some kind of marketing strategy to retain existing customers and attract potential customers as well as to maintain and improve their reputation in the market.


When designing a marketing plan, first consider a marketing strategy. A marketing plan consists of steps that must be taken in order to be successful in implementing the chosen marketing strategy. Large projects involve the choice of different strategies at different levels. The strategy usually consists of well-designed tactics. It is designed to meet the needs and ultimately meet the marketing goals. Each strategy has pre-calculated results because when a particular strategy is selected at a particular level, its outcome becomes the goal of that particular level. If there is a lack of a well-thought-out strategy in the marketing plan, it means it is supposed to lack a good foundation. A reasonable marketing strategy should facilitate not only marketing objectives, but also the sequence of campaign actions.

Marketing Relationship | Get to know the target market | Marketing Strategies

At regular intervals, the company should review the marketing decision. This is done with the help of strategic models and a 3C model is considered for this. Ansoff Matrix is ​​used to calculate the strategic position of a company. The 3C model identifies the factors that lead to the success of a marketing campaign. There are three main parties involved in this model, the company, the customer and the competitors. The participation of the three main parties leads to positive results and this participation is known as the 3C or strategic triangle.

The role of the company is to increase the strength of the company in the critical areas of success, compared to the role of the competitor. The customer and his interest form the basis of any strategy. The competitor also plays a vital role. Competitor-based strategies are based on the business performance of competitors such as design, engineering, sales, maintenance, and purchasing.

Marketing Relationship | Get to know the target market | Marketing Strategies

When making a marketing plan according to a specific strategy known as blending strategies, it is used. The 4P model is used to calculate whether the plan adheres to the strategies or not. The four Ps stand for product, price, location and promotion. Products are goods that a company produces on a large scale with the intention of selling them and making a profit. Price is the money the customer pays for the product. Price depends on many factors such as competition, market share, customer perception and product identity. The place where the product is sold can be either a physical store or an online store. Also known as a distribution channel. To inform the customer about a product, the marketer performs promotional work. This includes advertising, public relations and outlets.

Marketing Relationship | Get to know the target market | Marketing Strategies

There are different types of marketing strategies based on some criteria. Challenge, Leader and Follower are types of market domination strategies. Market dominance strategies are used to dominate the market. Cost management, market segmentation and product differentiation are types of general transportation strategies. Porter’s overall strategies are based on strategic strength or competitiveness and strategic scope or market penetration. Close followers, late followers and pioneers are types of innovation strategies. Innovation strategies aim to drive the rate of product development and model innovation. Helps the company integrate the latest technology. Intensification, diversification, vertical integration and horizontal integration are types of growth strategies. Growth strategies facilitate the growth of the organization. Marketing warfare strategies are combined with marketing and military strategies.

The marketing strategy or its combination is chosen only after careful market research. The trader should always be ready to face all kinds of situations, such as if the strategy changes in the middle, he should be able to do more market research in order to choose the right strategy, in a short period of time. time. This can be done easily if you have experience.

Marketing Relationship | Get to know the target market | Marketing Strategies




Font Size
+
16
-
lines height
+
2
-