In a nutshell, marketing is the process through which a seller/producer of goods and services takes the products to the people with the intent of convincing them to buy. There are three main marketing phases across industries: market research, product awareness, and loyalty building. In this article, we look at these three phases of marketing and why they are all necessary for any business.
The shortcomings of your to-be competitors, the level of consumer dissatisfaction with the already-existing products, and how best you can fill all those gaps. That’s the knowledge that will help you to accurately determine your product design, production volume, pricing, and distribution patterns.
Market research is the phase where you weigh your business idea against the prevailing consumer needs and preferences so as to determine whether or not the market is ready for your idea. If you are in the fashion industry, for example, market research will help you to understand the diverse demographic and psychographic fashion needs amongst both the local and global fashionistas so that you can factor in those needs when designing your fashion products.
After establishing what the market needs in phase 1 above, you will then go ahead and design/produce your products in readiness for their release into the market. But because yours is a new product, you need to inform the consumers that you are offering the product and convince them to buy it, failure to which they will be skeptical towards it. Creating consumer awareness through media ads, social media marketing, word of mouth, and through any other viable promotion helps potential clients to establish a value for your product/service and feel the urge to buy it. That’s your chance to tell the consumer how different your product is from the rest and how it will satisfy their needs.
Convincing consumers to buy your service/product isn’t your ultimate task… your ultimate task is converting those consumers into loyal customers. In this last phase of marketing, your job description is to serve the customer so well that he/she will want to come back for more. This is where you build a good reputation by giving them coupons and discounts as well as creating a seamless customer-seller interaction either on your website or on your social media pages.
In any healthy market competition, a business must strive to build a good reputation in the eyes of its potential customers if it is to stand any chance of toppling its competitors. With these three marketing phases, a business is able to create a rapport with the consumer which then translates to customer loyalty and by extension, high sales, and revenue.