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Before you get excited about a business idea, you have to ask the market first. Making assumptions about what potential customers want is a dangerous game so it is important to drill down into the market and hear straight from the customers what their interests and needs are.
WHAT IS THE MARKETING MIX?
The Marketing Mix is made up of five key elements which are often referred to as the 5 Ps of Marketing – Product, Price, Promotion, Place and People. I want to keep it simple for you so let’s stick with the five elements in this Blog.
Marketing is a key string in any successful company’s bow and is overlooked at your peril. Really effective marketing is about putting your customer at the centre of absolutely everything that you do and every decision you make.
Recently I was asked to be one of the Judges in the Kildare County final of the Student Enterprise Awards. In advance of my attendance on the Monday, 3rd March, I got copies of the individual Business Plans of the 24 entries. I have to say I just could not believe the quality of the ideas, the marketing and the sheer confidence that was displayed both in the Plan and on the day of the county Final.
The 21st century business philosophy requires a more ‘thinking’ rather than ‘doing’ approach to business development. We need to look at our customers / prospective customers in terms of their Life Time Value (LTV) rather than constantly looking for that one sale that brings in revenue to boost the monthly target. If we focus on LTV customers that are profitable for the business, this will sustain it long term.
Your brand promise paints a picture of what your customers will experience but it is the brand delivery that is the experience. In order for businesses to survive, employers need to focus on having more meaningful engagement with their employees to ensure the company maintains market share and increases customer loyalty and retention. Senior managers of a company have to set an example, as the way they treat employees will be reflective of how their employees treat their customers.