At its core the marketing function seeks to develop an understanding of a particular target markets needs so that services and company offerings can be developed to ensure that those specific needs are satisfied. Sales need to be driven by the customers’ desire for your service.
To do this, businesses need to leverage the marketing mix in order to align the service offering with the clients’ values. The first step is to develop a rich understanding of your customer. Perform market research to understand the needs, wants and values of your target customer. Do not make any assumptions, the discoveries from a market research campaigns can often be surprising. Take the time to segment your target market so that you can tailor your marketing mix around their profile.
Target markets can be segmented by geographic region, demographic, psychographics and behaviour. You can profile your customer according to needs and benefits sought. If you sell to businesses, you can segment the market by business type, business size or by organisation type. There are many ways of defining your target market. Choose the attributes that are right for your business or industry. Developing a detailed profile of your target customer will help you tailor your offering and communications to their needs and consequently this helps you will win more sales.
Perform an analysis of your service and how it meets your clients’ needs. Understand how your service fares against competitors and substitutes in the market place. Differentiate yourself by ensuring that your service meets your customers needs and values in away that competitors and substitutes do not.
Analyse your costs before setting your price. There is no point running a business if you are not making a profit. At the same time, make sure that your pricing is competitive in the marketplace. This does not mean that you must charge less than other players in the market. You may want to compete on value rather than price alone. For customers with certain budgetary constraints, you may want to review your fees and payment terms. Allowing customers to pay over a longer period of time may help you win customers who do not have the budget for your services. Considering other payment structures e.g. charging per hour vs. a set price for a project can also help.
Review the production process for your service. Make sure it is more efficient than competitors and communicate this to your customers. If your service is produced in your customers’ presence, you can use this to your advantage and getting the customers feedback as the service is being performed. This can ensure that you are on track towards achieving client satisfaction.
Promoting your service can take many forms. There are many communications channels at your disposal. This can include, print media, radio, television, online marketing, personal selling, public relations, publicity and personal selling. Choose the right promotional channels for your target audience. Remember that your marketing communications are not only about the message. The channel you choose will have image factors too. For example, e-mail marketing can often be seen as “junk mail”. Use many promotional channels to generate leads from multiple sources. Ensure that your communication is tailored around the needs, wants and values of your target customer.
Market your service on its methodology. Communicate your production process to win the purchasing confidence of your buyer. This will help provide your customer with clarity and it will help eliminate minimise risks in your clients mind. If you can show how your service is produced and why the process delivers results it will help to develop a feeling of certainty in your client.
Services are intangible so they present a more risky buying decision to the target customer. Provide of physical evidence of the quality of your service and your capabilities. This can be done by displaying reports, deliverables, certificates for academic qualifications, customer testimonials. Try to make your service as tangible as possible.
Communicate the expertise of the people who produce the service. If you client appreciates the qualifications, abilities and capabilities of your staff, it will help build your organisations credibility and sales will follow.
Focus on your customer. They should be at the heart of your marketing initiative because no business can survive without paying customers.
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