Hey T&T’s Entrepreneurs. This Wednesday we have some nuggets of advice for you as we caught up with Marketing Professional Cindy Guevara.
According to Huang and Brown, Marketing has been deemed as being the most important element of all business activities and crucial for the survival and growth of small businesses. Wow! How many people know this and treat it as such?
Guevara says this is because it involves understanding the target customer and determining their main pain points and formulating how to best communicate and deliver the solution in a superior way. “However, companies cannot simply create a solution for customers. Planning decisions are based on understanding the company’s strengths, weakness, opportunities and threats, as well as external environmental factors.” She says these impact the ability of the company to leverage opportunities and deliver a superior product that is consistent and competitive.
Apart from the manipulation of the conventional marketing mix: product, price, place and promotion to formulate a strategy to position the product on the market and respond to market forces, Guevara agrees with marketing experts such as Kotler who recommends a holistic approach. “This is ensuring that the marketing plan takes into consideration the interdependencies and influence of both external relationships and internal elements for example having motivated and engaged employees.”
In her experience the marketing guru says some companies focus primarily on financial measures for success, like the number of sales conversions and revenue, however other non-financial measures can be useful to drive success. These can be obtained by using customer feedback surveys, where feelings of pleasure or disappointment can be expressed or the product’s perceived performance in relation to the person’s expectations. Guevara says that this can assist in improving the product or developing new products.
Hope you find this blog post useful. As usual, please shoot us a comment and share if you do!
Until next time…
T&T’s Entrepreneurs Team