Marketing 101

Marketing 101 with Team Triad Coaching

Photo from clarityqst.com

By Randy Moser

Your main objective of marketing your business should be to create and capture customer value. By creating value for the customer, you can capture value from the customer in return. Many business people confuse marketing with sales and use the two terms interchangeably. This is not the proper use of both the terms or knowledge of each company function.

The marketing process used for both small and large companies is a blend of science and art. The marketing process can be illustrated as a five step model.

Create Value and Build Customer Relationships

1. Understand the marketplace and customer’s needs

Before you can bring added value, you need to know what your value is addressing

2. Design a Customer-Driven-marketing strategy

By far, one of the largest marketing mistakes made by businesses. Strategy should be focused on the customer, not the company. What are the benefits to me, the customer, for purchasing your product or service.

Once you have a better understanding of your customer and have a solid customer-driven strategy, you are ready to tackle the third and next step.

3. Design an integrated marketing plan that will deliver your added value

The fourth step in the process addresses the building of profitable relationships and satisfying the customer’s expectations.

4. Build relationships and create customer delight.

5. Capture Value from Customer

The last step in the model is the payday for your company. You have create customer delight and now have the opportunity to capture value from them in the form of profits and loyalty.

Take a close look at your business’s marketing plan and make sure all efforts are customer-driven.

 

Source: Principles of Marketing 14 ed.
Philip Kotler, Northwest University and Gary Armstrong, University of North Carolina

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