Marketing

Marketing isn’t just advertising. Marketing is the entire process of moving goods from concept to customer. Marketing is how we find our customers and make them aware of our product. Once they are aware of our product, it is up to the Sales Team to interact with the customer and close the sale.

 

Here are the simple rules for our Marketing Team:

 

  • Do Market Research
  • Know Consumer Behavior
  • Perform Customer Segmentation
  • Manipulate The Marketing Mix 

Market Research

 

Market research is the act of identifying and gathering information on the markets where we sell our product in an attempt to better understand those markets. Just like customer segmentation focuses on more than one type of potential customer, our product might be sold in multiple markets. Knowing what those markets are, how big they are, and other characteristics are important to our success. Market research, customer segmentation, consumer behavior, and the Marketing Mix makeup our marketing strategy.

 

Simple rules for Market Research:

 

  • Research market size and potential number of customers within a market.
  • Use Keyword Searches to determine the potential size of a market.
  • Do competiton research to help determine market size, price points, new markets, etc.

Consumer Behavior

 

Consumer research is the investigation into a consumer’s needs and purchasing habits. We need to try to understand the buying behavior and motivation of our target customers so we can best reach them and sell a product that meets their needs.

 

Consumer research is used with customer segmentation, market research, and the Marketing Mix to make up our marketing strategy.

 

Big Picture Consumer Research

 

It is good to start with an understanding of how and why people make the consumption choices that they do. It may surprise you to learn that a consumer’s decision making process is much more complex, if not completely irrational, than you may think. 

 

Working With Our Customers

 

When it comes time to work with potential customers, interviews, focus groups, observations, surveys, etc. will be useful in understanding our consumers’ needs. Luckily, the simple rules for working with our customers has been outlined in the Empathy section of our design process. Read it!

Customer Segmentation

 

Customer segmentation is the act of identifying the different types of customers that might buy our product and creating value for each segment based on their unique needs. Knowing the types of customers who will buy our product will help us tailor our product and marketing for each segment. 

Let’s pretend we own a coffee shop. What type of customers might we serve? Can you break down these customers into segments? Some segments could be:

 

  • The busy businesswoman who wants to get her coffee and get to work quickly.
  • The college student who is looking for a good cup of coffee and a quiet place to study.
  • The old friends who want to catch up over a cup of coffee.

 

All of the above customers are buying our coffee, but they have different needs. How can we meet those needs? By providing value for each customer segment. We could install an express line for the businesswoman, free Wi-Fi and high-backed booths for the college students, and circular tables for the old friends who want to catch up.

 

What’s important to the busy businesswoman is not important to the college student, etc.. As a Marketeer, it is your job to communicate to the busy businesswoman one message about the value of our product, the college student a different value, and to the old friends a third value. Each customer segment would have their own marketing campaign. 

 

Here are some simple rules for Customer Segmentation:

 

  • Divide buyers into segments.
  • Create Buyer Personas
  • Identify each segment’s needs.
  • Create value for that customer segment by meeting their needs.
  • Communicate the correct value to the correct customer segment in a marketing campaign. 

The Marketing Mix

 

The Marketing Mix is made up of the 4 key areas, often called the 4p’s, that a marketing team can manipulate to pursue marketing objectives. By adjusting aspects of the Marketing Mix, we can improve our marketing plan and influence consumers to purchase our products.

 

  • Product – What we’re selling and why we’re selling it
  • Price – How much we charge users for our product
  • Place – Where we are selling our product and how we get it to market
  • Promotion – How and where we are communicating what we’re selling and why we’re selling it

 

The Marketing Mix can also be used to evaluate and improve our current products. This graphic shows what areas of the 4p’s can be manipulated by the Marketing Team to help us reach customers and sell products.