So what makes a business successful?
Some may say a great product, others will say great service or the right price. Truth is, none of those things really matter. You see, there are many businesses which have amazing products, yet fail to sell their products. Even more businesses have excellent service, yet struggle to make money. And we all know that the ‘cheapest’ price isn’t always a priority for consumers.
A business is only as good as its ability to build a RELATIONSHIP with its customers.
Like any relationship, its success is dependent on the quality of its COMMUNICATION.
Marketing is how an organization ‘communicates’ or ‘presents’ its product or service to the market ie. its customers. In most cases, a business that’s successful is one that has a very strong marketing strategy. It is through marketing that a business can build a relationship with its customers, it can engage, inspire and motivate customers to purchase their product.
The basic foundation of marketing comprises 4 basic elements, known as the “4 p’s of Marketing”, namely; PRICE, PLACE, PROMOTION and PRODUCT. Recently, reference is made to a 5th ‘p’ being PEOPLE. This basic framework holds the fundamentals that, if done right, virtually guarantees success for any business.
Great marketers understand the art of effective communication. They understand the psychology of consumer behavior, they understand what appeals to them, what attracts them, what emotional triggers to activate within the consumer’s mind. Next time you watch a commercial, pay attention to how much effort is made to create a heightened state of emotion within the viewer. Notice how advertisers will use humor, drama, suspense, shock, sex appeal and so on, just to get the consumers attention and create an emotional response.