Use Marketing To Be More Profitable

If you want your business to succeed, you need to have proper focus on your marketing. A lot of people assume that marketing is just advertising, while advertising is part of marketing, it is only a small portion of this business function. If you are able to use your marketing to add value to your product, your business will succeed. While it is easy to assume that your marketing should just focus on advertising, there are other ways that you can use it to increase the overall profitability of your firm.

In business school they will teach you that marketing is the process of finding out what the consumer needs, and then finding a way to fill that need. This is why the marketing department of a huge firm will consist of things such as research and development. By looking at the product that you sell, and exploring additional ways to address the needs of consumers, you will ultimately add value to the products that you offer. Let's say that you own a restaurant, the reason people go there is because they need food, but it could also be because they want and easier meal than cooking themselves or they want to socialize. A lot of restaurant owners have addressed these needs by adding things like carry out or delivery, and also some will turn their restaurant into a bar at night. Although this may not seem like marketing, it is an example of addressing the needs of the consumers. Check out the link to get more information on Martin Lindstrom.

Another way to add profitability is by examining your marketing channels. How does your product get to the end user? You can add more sales when you look at your marketing channels. Larger firms have been doing this for years. Large retail stores are able to lower their costs by skipping the wholesaler and buying directly from the manufacturer, by shortening the marketing channel their products flow through they were able to pass the savings on to the consumer. Other firms have added to their marketing channels to reach consumers, like adding the ability to purchase products online and not just in the store.

Branding is a function of marketing that is key to your business. This is basically the association with your product that consumers immediately make. To properly brand your business you need to position your product distinct of your competitors.  The easiest way to position your product is through your advertising. For more details about branding marketing visit this website http://www.martinlindstrom.com/speaking/.

Successful businesses have something in common, they do not neglect their marketing. A lot of the thing that you do in your business, branding, advertising, sales, and more are all a part of marketing. Spending the money to get the right amount of focus on your marketing efforts is an investment in your company.