Marketing is the promotion of products and services of people or companies to the masses for their benefit. It lets them sell their goods or services to others or to organizations who use them or sell them directly to consumers. It’s a cost-effective method to advertise business and increase profit as well. It reaches everyone at all times and anywhere.
A major part of the Marketing process involves market research and the analysis of target markets. Market research refers to the research done before and during the launch of a new product, service or business. It is the first step towards marketing as it determines what kind of product is in high demand, what the competition is and what potential consumers are looking for. This enables marketers to know what products and services they should offer and how to better promote and publicize them. Marketers undertake this process with the help of experts and consultants who conduct market research and help them come up with an effective marketing strategy. These include product development, advertising, selling and buying.
Influencer marketing involves two kinds of marketing activities. One is where a person, group or a brand is endorsed by a specific company, brand or person. The name or the trademark is mentioned by the marketer to attract people towards them. The other kind of marketing research involves the influencer marketing where a brand, a person or a company is endorsed by influential people within the market itself such as media personalities. This type of marketing research is more subtle and hence, less impactful on the brand.
Businesses indulging in Social Media Marketing have come up with several strategies to improve customer reach and strengthen their position in the market. They use these strategies like client management, social media management, content management, search engine optimization, blogging, video marketing, and more. These activities are used to build brand awareness, which leads to customer recall. Customers are made aware about the existence of a business. As they keep on enquiring about your product, you gain more business.
Digital Marketing deals with the electronic distribution of media materials such as digital signage, electronic mails, instant messages etc. These materials are sent to the end users without charging them. Digital Marketing helps you make more revenue by strengthening your online presence. You can also get a boost in your revenue by building brand awareness.
There are various other activities that have been incorporated in this field for the betterment of the business. However, the above-mentioned five are the most significant ones. Marketing Majors like Advertising, Corporate Sales, Consumer Marketing, Digital Marketing and Social Media Marketing are working hand-in-hand to make the world a better place. Therefore, today, it is the marketing majors that have become the driving force behind the success of a business.