The extreme sophistication of modern technology – wonderful though its benefits are – is, ironically, an impediment to engaging young people with basics: with learning how things work. — Martin Rees
We have always believed there are more marketing lessons on the streets than any other air-conditioned classroom of the world. To see the actual exchange of commodities and services over gentle or loud talks of bargain is a true treat to the podgy stomach of man in business. Having known business and marketing concepts for a long time and especially the ones highlighted in our textbooks by the name of 3Cs and 4Ps have left quite an imprint on our minds.
Like the way you don’t understand which weapons to use best before jumping in the battlefield, for getting in the business of things like a true “Baniya” (The businessmen and the trader community) we will have to get accustomed to customer’s strength and weakness, your Company, your competition and other major contributing factors like price, product, place of distribution and the type of promotion for utmost profitability and sales.
If the heavy words have started spamming your head already, let’s break it down together one by one.
Do you think the Lion would ever have got caught if the hunter spread the net a mile away from where he is actually to come and get trapped? No, right. Exactly. The same way we must understand where our customers are more likely to come and place our advertisements there. A little information about them in terms of their likes and dislikes, purchasing patterns will only add to it.
To be doing your task, wanting your potential customers and getting them would be easy except two things: 1. This isn’t utopia and 2. Competition and Competitors prevails. Thus, it’s a pressing need to bank on the weakness of your competitor apart from the strength of your own company. And the best way to kick the butt of your competition is to provide a substance of value to the customer which is so differentiated and unique that the consumer has no choice but to stick with you. It’s a win-win, you see.
We know we know the company can’t be good at everything but to know what it’s good and weak at is a thing of power. Once you have addressed a few hard truths and came in terms of it will become where to pay more attention and what to let go off. Once you have formed your integral circle of focus the other things can work better in the background. Now comes the time to gamble confidently on your strengths and place them at a pedestal for target audience to take notice in the suitable form of media.
The bright big billboards look elegant from distance and they definitely are a good way to promote what you want but let’s not get so ambitious and swanky if the same can be achieved with less cost and more mind. We will have to be little specific with our approach and analyze the information well which we have gathered from varied sources. To mindfully place your advertisements and spread the finance wide across mediums with good content rather than thrusting it upon the billboard will be an intelligent decision.
If the movie posters were kept outside hospitals imagine the number of theatres would go empty. When it comes to the people who are going to buy your product and avail those services follow where their footsteps and see where they go. Not all kinds of stalking go to waste. The best thing after making a deliverable message is the positive reach of the message and the customer decoding it. the “place factor” of utilized in a good way also save you some green notes.
A product is the ultimate end product of the company which we get to see, either in forms of commodities or services. Considering the same we should know who to sell the features of the product and who to sell the value attained from the product in terms of economy sections made of the market. An exaggeration might or might not upscale your sales but an understatement definitely will. So, remember to hit the bull’s eye with your product.
Promotion is the voice of your company. It’s a lot like the social media trend these days, if you did not post about going to the event, did you even go? Similarly, business promotion is an active process like a conversation one end of which is always left open. But this needs to be scrutinized very closely to get the best of results. The promotion strategy could pick elements anywhere from the production to the manufacturing cycle and give a piece of it to the consumer. It builds you an image and brings you traffic!
For the sake of the elaborate explanation of the essential Jargons in the business of marketing it is certain to validate the out-of-home for digital media services. The marketing world could be a playground for different things to but the world of digital media which happens to be a major chunk of marketing today is a jungle! It is not always important and possible to go outside the box, sometimes you have to remain inside the box and do the best you can with the things available because that’s where your true potential and creativity resides!