Staff Writer: Max Smith
A marketing professional would define marketing as the most important department of a company, which is responsible for the overall generation of profit to sustain the life of a company. Marketing is very important in a business since this aspect deals with activities that help a company gain profit. The range of marketing in the corporate world is very large thus; this corporate department requires a whole lot of strategies in order to gain a lot of profit for the company. In order to compete with other same companies, marketing strategies must be formulated to be on top of the competition. This article will discuss different kinds of strategies that are used by companies around the United States in order to compete in the business industry thus gaining customers and at the same time profit. Generating strategies is not easy since a company must study its market first as well as its competitors. Various amounts of business research must be done in order to formulate a strategy that will be effective in gaining customers and make a company compete with other companies as well. Techniques in marketing on the other hand changes from time to time especially in the internet age in where the internet is used as an instrument in marketing or is much well known as online marketing. The old traditional way of marketing is not as convenient as today since there is a wide variety of marketing tools that companies around the world are using. Formulating certain marketing strategy techniques can be done through identifying the demands of a certain market through studying their buying behavior and through conducting product experiments such as formulating innovations to a product. An entrepreneur can do this through adding special features to a product. For example: a shampoo can help clean a person’s hair. Adding more features can make a shampoo much more attractive since most people would go for products that will give their money much more worth. Thus, the shampoo doesn’t only clean the hair but it makes the hair free from dandruff.
The Use of Different Marketing Techniques
There are a lot of marketing techniques that a company can engage in to increase profitability. The first and the most popular technique is the online marketing in which a company engages in the internet to make its products and services sell to online customers worldwide. There is a lot of marketing innovations since the spark of the internet age making the range of marketing much more widely through the help of the internet. In order to engage in this kind of activity, a company first seeks the help of a web developer in order to create a website that will market a company’s product and services online. A website on the other hand is a very effective and inexpensive marketing tool that is used not only in the United States but in the whole world as well. Engaging in this kind of activity doesn’t require a lot of capital that is why large and small scale business are already engaging in online marketing in order to gain much more return on investment or also much known as profit. The marketing objective of a company is to get a lot of profit with less input which means less capital with much profit. This objective is however not impossible because of the help of online marketing since this online tool is very cheap and the return on investment is very high. Here is one activity in which an ordinary person can perform to formulate a good marketing technique: a person can tell whether a certain product is in demand or in trend in the market if the product’s shelf is always half empty since a lot of people are buying the product for consumption. Try buying a sample product in the market and check if a lot of people are buying the same product as well. Thus, a person can formulate that the product is saleable in the market because a lot of people are consuming the product. Formulating a marketing technique can be done by just conducting simple observation in the market thus an entrepreneur can formulate certain techniques and strategies in order to make a product or service sell in the market.
The Use of Media to Increase A Company’s sales
Marketing techniques however is not limited to the online world since one more good marketing technique is by gaining customer attention by the use of advertising Medias and by promoting a company’s product and services. Investing a lot in advertising is not a bad idea since advertising is also one effective way on how to increase company sales. Companies around the United States are tying up with media companies around the country in order to promote their product and services. A media is a very powerful advertising tool that can reach a large audience in different parts of the country. One example of this kind of media is the television. Since almost all of the American population have television sets in their own homes, companies can inform the population about their products and services thus persuading them to buy. A product or service on the other hand becomes much more popular because of a media thus increasing its reputation to people everywhere in the country. The marketing objective of dominating the target market can be acquired through the help of a media since a media is one effective informational tool with a large coverage in the target market. Television advertising may cost too much on the advertising expense however the benefit is very high. Most companies in the country rely too much on advertising especially for advertising products and services that are new in the market. Being number one in terms of customer choices is not impossible through the help of a media. One good marketing idea on building good customer relations can also be made possible with the help of media that is why media advertising is one of the best ways to increase the company’s sales.
Another good marketing idea on how to increase company profits is by tying up with other companies that offer related products or services. One concrete example of this is a toothbrush company tying up with a toothpaste company. Some may find this idea stupid but the truth is, some companies are in fact engaging in this kind of marketing activity. There is no problem in engaging in this kind of activity since both companies are just helping each other to generate more sales and at the same time attract the market to buy the products being sold. Some marketing professionals define marketing as the use of all necessary strategies available in order to gain much higher profit. Some companies in the United States would tie up with related companies in order to provide additional services to their market. By doing this kind of activity, the tendency of the market is to patronize the product more frequently since marketing is not just all about gaining a lot of profit for the company but as well as serving the market through providing quality products and services and at the same time making their life much easier. Announcing a sale can be done through media in which doesn’t necessarily means that a company must have a television advertisement in order to announce to the public about an ongoing sale. Try having a sale announced through means of print advertising such as giving out leaflets to a crowd or by seeking a printing agency to create tarpaulins and streamers that can be posted to crowded areas in order to inform the public of an ongoing sale.