One of the key operations of any business is its marketing function. Without the right marketing plan and an objective in place, it is nearly impossible to sell any product or service. Venezuela-born marketing expert Gustavo Tello sheds light on five essential marketing tips that no business can do without.
Marketing deals with everything from identifying human and social needs to meeting them. The American Marketing Association defines marketing as ‘the activity, set of institutions, and processes for creating, communicating, and delivering offerings that have value for customers, clients, partners, and society at large.’
Need for marketing to attract the right consumers
From the customer’s perspective, marketing helps them become aware of the products and services available in the marketplace. It helps them get detailed information about various aspects of the product/service, such as its price, features, availability, etc. In turn, this helps customers evaluate the multiple alternatives available and make the right decisions when purchasing products and services to meet their basic and higher-order needs. The ultimate aim of marketing is to ensure an exchange of goods and services between producers and consumers in a way that maximizes satisfaction and leads to better recommendations, repeats, and reviews. Gustavo Tello reveals five essential marketing tips that are essential for a business to earn customer attention and garner revenue.
- Marketing starts with researching and understanding consumers. Its role is to help the company understand the needs and wants of its customers. Therefore, the first function is market research. Market research focuses on gathering and analyzing information about customers, such as the people you want to sell to, their needs and preferences, where they shop, how much they are willing to pay, and if they would buy from you instead of a competitor business. Answering these questions requires you to do extensive on-ground research on consumers, prevailing movements, and competing products.
- Market planning is another critical marketing function that a business should allocate sufficient resources to, before launching a product or service in the target marketplace. It refers to developing marketing strategies based on information gathered to meet the company’s objective. It also includes the planning of who will do what, when, and how.
- Third comes branding. Branding is the process of creating a unique name and image for a product in the consumer’s’ mind. It takes a generic commodity and makes it into a recognizable and desirable brand name. Generating a desirable brand image goes a long way to earn customer trust.
- A fourth marketing function is a promotion. Promotion involves informing a customer about the company’s product and encouraging them to buy. Hence, promotions help in attracting new customers and keep existing customers coming back.
- Customer Support Service is yet another essential marketing function. Once the product has been promoted and sold, the company needs to provide continuous support to customers and have a mechanism in place to collect their feedback. Customer feedback is crucial to the ability of firms to evaluate their products and continually improve them.
About marketing expert, Gustavo Tello
Owner of The Lighting Studio in the US, Gustavo Tello is a highly energetic, respected marketing expert with a track record of leading teams and projects by boosting business development, sales, and marketing to acquire new customers and retain the existing ones. The US-based ARE earned the spotlight through Tello’s strong networking capabilities and word of mouth publicity. His diversified role from taking key managerial decisions to supervising resources and overlooking finance and budget helped garner seven digits revenue.
With more than two decades of experience, Tello is a master who can be looked up to, to learn the right marketing strategy tactics to up the game called ‘business.’