To be a good marketer, you must first understand what marketing is. Then there is the marketing process!
Most generally, marketing can be defined as building customer relationships through the creation of value for customers. From there, benefits for businesses and individuals.
But what about the marketing process? What steps allow a company to conduct well-established, effective marketing?
Here’s a complete overview of the Marketing Process in just 5 steps.
The marketing process can be divided into two big parts: the first part covers value creation activities for the customer. This is the largest and main part of the process and can be broken down into four steps. In turn, in the second part of the Marketing Process, the company can capture the benefits (profit, trust) from customers.
Step 1: The marketing process considers who the customers are and what they need and want?
Before launching any marketing campaign or strategy, a company should have a complete understanding of the market and its customers. To do this, companies need to do market research, as well as research on customers’ needs and wants. At the same time, analysis of market data and customer data must be managed and exploited.
Step 2: Design a customer-oriented marketing strategy
The second step of the process is to design a customer-oriented marketing strategy.
How does a company do that? This activity involves segmenting the market and targeting the target customer segment in the market. The company must segment the market, select its target market and focus on one or more of these identified segments.
It is important that the majority of businesses in Vietnam are small and medium enterprises with limited spending budgets. Therefore, it is not possible to try to market to the entire market (all groups of customers) but should focus on one or a few certain groups and optimize the value from that customer group. There are many ways to increase customer lifetime value (CLV), which can increase the frequency of customers’ purchases, value for each order, create trust and satisfaction for customers to introduce. other,
See more marketing strategy: How to build word of mouth marketing strategy
The problem is: “Which customers does the business want to serve?”
To answer this question, the right segmentation and targeting is essential because a company cannot serve all customers in any way. In contrast, the company should focus resources on those (potential) customers to best serve and bring the highest profit. Market segmentation and target market selection help a company determine which group of customers they will need to serve. The next question is how can the target audience be best served, including differences from competitors, brand positioning.
What is the company’s value proposition? What makes it more valuable to customers than other companies? And what position do they want to achieve in the minds of their customers? Doing that also involves choosing a Marketing Concept, also known as Marketing Management Orientation. But for the business to grow further, it is essential for a business to define its business model.
Step 3: Marketing Mix
Once the marketing strategy is designed, the company can tackle the third step – focusing on building an integrated marketing program, called the marketing mix. The purpose of the marketing program is to turn your marketing strategy into real value for customers. Therefore, the marketing program should provide outstanding customer value.
Usually small and medium enterprises (SMEs) in Vietnam today skip steps 1 and 2 and immediately proceed to step 3 – immediately plan and implement marketing mix activities. The marketing program, commonly referred to as 4P, consists of four main elements. The marketing mix includes Product, Price, Distribution, and Promotion.
About the marketing mix strategy
Product is the design of the desired product (or service) for target customers. They must then be priced to make them attractive to customers and distribution, to manage supply and demand chains, to deliver to the target customers.
To be able to effectively implement a marketing mix strategy, a marketing strategy must be set up to convey customer value. Offer value proposition to target customers and convince customers to care about and buy products. If you are having a problem turning your business’s marketing strategy into value delivered to customers; Or if you find that you have forgotten the above steps and immediately proceed to the Marketing Mix plan, then watch our “Essentials of Digital Marketing” training course.
Step 4: Build relationships with customers
The fourth step of the Marketing Process is to create value for customers, is to build beneficial relationships with target customers. The factors that lead to success in this go beyond customer satisfaction. Instead, orientation must create customer satisfaction. That is, the company’s incentives exceed customer expectations. Then, the customer will repeat the act of buying and are loyal and profitable for the company.
Therefore, this step may be the most important step in the first part of the Marketing Process. The process that leads to the creation and maintenance of customer relationships is CRM, Customer Relationship Management. However, the company cannot do all of this in a short time. Creating customer value and maintaining strong customer relationships requires activities that are performed on a regular basis. Along with that is the plan to build and develop relationships with marketing partners.
Don’t forget to read: 10 Things To Note When Building A Strategy To Attract Customers
Step 5: Capture value from customers
After completing these four steps, the company has created value for the right customers with an integrated marketing program. Along with that is promoting strong customer relationships. Then it is reaping the fruits of its work. The fifth step can now focus on capturing value from the customer.
Capturing value from customers means the company generates profits and customers’ equity. This is based on satisfied, interested, and loyal customers. People who repeat the act of buying and therefore come back to buy again and again. Therefore, companies can capture their value in the long term, which is Customer Lifecycle Value (CLV).
If planned and executed correctly, a company can increase market share and win customers through value maximization.
𝐋𝐞𝐚𝐝𝐞𝐞.𝐚𝐢 – 𝟐𝟒/𝟕 𝐒𝐮𝐩𝐩𝐨𝐫𝐭