By Monika Simans, Arkimedes Pty Ltd, Brisbane, Australia

This is the first of three marketing articles. It will introduce you to the basic principles of marketing – namely what it is and where to start. The second marketing article will present the P’s of marketing and be directed to those in private practice and professionals wishing to marketing their services. The third article will be for those individuals wanting and needing to market themselves to source and secure work.

Marketing – an art and science

All too often when you mention marketing, it is automatically defined as selling. Marketing is NOT selling. Marketing is a precise set of activities that need to happen in order to gain a better understanding of your self, your product / services and your customer. The functions of marketing are to research, analyze, identify, develop, promote and support customers. Marketing is a science that requires a methodical gathering and review of information. The art of marketing is putting yourself into the shoes of the customer during this scientific analysis.

Marketing : Defined

According to Kotler & Armstrong, marketing is “developing a social and managerial relationship by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.” The tangible reality of marketing is that it is both a scientific process and art form that identifies a potential customer base, their wants and their needs, then creates the appropriate strategies and level of preparedness for responding to those current and future needs and wants.

In contrast selling is an activity. The basic functions of selling are to research, analyze, promote, facilitate the movement of merchandise/services, reach targets, make a profit and support customers. Selling identifies the needs and wants of a customer, then by liaising with and promoting to them the relevant product/services, results in a mutually beneficial transaction and profitable gains.

Without marketing you run the risk of failure. Poor marketing management is the second most common reason for business closures. The five most common marketing errors are:

• failure for a product/service to add value
• poor knowledge of customer behaviour and attitudes
• failure to segment the market
• a selection of services and methods of operation at odds with the marketing strategy
• a tendency to view marketing as only advertising or sales.

Marketing is about intimately understanding how money can be made AND what you have TO DO to make money. Marketing is non-accidential, continuous and a very pro-active undertaking.

What Is The Purpose Of Marketing?

Simply, the purpose of marketing is to increase the number of customers and the profitability of a business. Marketing

• looks for opportunities that focus on the needs, wants, demands, products, exchanges, transactions, and markets of others
• determines problem areas
• gains an intimate knowledge and understanding of the customer
• confers an advantage on a customer and meets their individual wants and needs
• recommends a plan of action to achieve optimum performance and results
• helps to recession-proof a business by planning for better customer-relationship management.

Where To Start The Art And Science Of Marketing

To begin your marketing approach you will need to take some time and complete a systematic and objective marketing audit. This is a methodical evaluation of the current marketing landscape and is a comprehensive examination of what is already being provided and communicated. Your marketing audit should work through the following steps:

Step 1 – Analyze The Marketing Opportunities

This means determining what is already available, identifying potential customers and assessing similar service providers. Some of the questions you will need to answer are:

• how many people will buy my services?
• at what price?
• over what period of time?

The responses to these questions then need to be analyzed, looking closely for patterns, trends and product / service opportunities.

 

Step 2 – Define the Markets

 

To define the market potential for your services you will then have to assess:

• the potential interest to your product / services
• the income you desire
• the income of your potential customers
• their current accessibility to existing services.

It is important to determine what services already exist, the penetrated market and who already uses similar services, which in turn will allow you to determine your target markets.

Step 3 – Select The Target Markets

Selecting your target markets means:

• determining the geographical region where you want to provide your product/services
• setting the demographic parameters to indicate the age, sex and life cycle that you wish to service.

It is also important to consider the psycho-graphic details (social class, life style) and the behavioural details (such as knowledge/education, attitudes) of the target market. Always keep asking how many of the customers in that market will buy my product/services?

Step 4 – Develop The Marketing Mix

In reviewing the information you have gathered, especially on similar service providers, it is then essential to:

• determine your competitive advantage or your points of difference (to your competitors)
• how your product / services will add value (to the client)

This will enable you to identify and create value-adding strategies to respond to the needs and wants of the audience. This is the key to providing your customers with a comprehensive ‘total solution’ and will shape the range of products/services you provide.

Step 5 – Review, Reflect And Do Not Assume

Once you have completed the first four steps it is now prudent to review what you know and take some time to re-analyze and reflect. This will allow you the opportunity to catch any assumptions you have made and avoid making arbitrary decisions which can be disastrous. You may need to re-visit some of the steps you have taken along the way. That is all part of preparedness.

These five steps are the starting point for all marketing management activities. Remember that with marketing just having a product/service to offer is not enough! Marketing is about understanding the whole cycle of a product/service – how it develops from nothing to becoming something people want to buy on a regular basis.

If you have any comments or specific questions that you would like to see addressed in the next two articles, please contact the writer by fax on (61 7) 3298 6058 (Brisbane Australia) or email her at arkimedes@bigpond.com.

 

Monika Simans is in private practice as a Careers & Work Life Coach as well as a ‘People Strategist’. She has over 15 years experience in marketing, communication and human resources management within large specialist organizations. In addition to post graduate qualifications in business administration, communication and human resources management, Monika is a certified member of the Australian Association of Career Counsellors and an accredited practitioner in Neuro Linguistic Programming.