By Maxwell Ranasinghe
Marketing is an integral part of any business. It involves the conception , creation, promotion, and distribution of products or services to meet customer needs and wants. Expanded version in the age of sustainability advocates that marketing should add value not only to shareholders but also for customers, employees and the very environment that we live and operate business. It is trendy to discuss many areas that are impacted by technology and artificial intelligence etc., however, one cannot forget the fundamentals of marketing. This is an attempt to discuss the basics of marketing that get lost in current dialogue in marketing during the turbulent times and provide scholarly citations to support the ideas presented. I would like to present this as “1-2-3 of marketing” in turbulent times.
- Customer
The most essential element in Marketing is the Customer. Identifying the target market is critical for effective marketing. This involves understanding who your customers are, their needs and wants, and how your product or service can meet those needs. According to Baines (2011), identifying the target market is the first step in developing an effective marketing strategy. The study further notes that understanding the target customers allows marketers to tailor make the product or service and develop appropriate messages to meet the needs of different groups of customers resulting in higher volume of sales and profits.
- Branding
The second most important aspect in marketing is branding. Branding involves creating a unique name, design, and image that sets your product or service apart from the competition. According to a study by Keller (2009), branding is essential for building brand equity, which refers to the value that a brand adds to a product or service beyond its functional benefits. Brand equity can result in greater market share and loyalty of customers to your product or service.
- Narrative
The third most essential element in marketing is the story / content of your brand. Creating compelling content is critical for attracting and retaining customers. Content can take many forms, including blog posts, videos, social media posts, and email marketing. According to a study by Halvorson (2012), creating high-quality content that meets the needs of your target audience can improve search engine rankings, drive traffic to your website, and increase brand awareness.
Marketing in turbulent times
Doing business in turbulent times can be challenging, but it’s also an opportunity for companies to adapt, innovate, and succeed. These terms are not new. They are very much revolve around your customers, and your overall product proposition to the changing marketplace. They are proven time and again in business, as throughout the history, we have witnessed that the companies who could change the way they change managed to survive and it is a widely recognised concept in the world of business. Adaptation is easier said than done. One needs to adapt to the volatility in the marketplace, understand the complexity and change the way that one does business to suit to the current situation. It could be about the way that one conducts the business, the product proposition that the company offers to the marketplace, technology that the company uses or the markets that the company targets to sell its products and services etc. Innovation could be seen as the other side of the coin as it helps a company to find ways and means in adapting to change. It should be a strategic priority in turbulent times. Innovation is about creating new value people are willing to use and pay for, whereas strategy is the plan for harnessing for example marketing, operations, finance, and R&D to support achieving the competitive goal. The ultimate objective of innovations should be to get competitive advantage in the marketplace. You need not always have a disruptive innovation as popularly advocated, but develop a product proposition that is better, durable, saves customers money, more convenient by leveraging your existing capabilities, it would be sufficient as turbulent times may not be the best time to invest a lot and take risk.
Here are some basic strategies that businesses can use to navigate turbulent times:
- Stay agile and adaptable: Turbulent times often require quick and flexible responses. Businesses should be ready to pivot and adjust their strategies as needed to meet changing market conditions.
- Focus on your core strengths: In uncertain times, it’s important to stay true to your company’s core strengths and focus on what you do best. This can help you maintain stability and remain competitive.
- Keep a close eye on cash flow: In turbulent times, cash flow is critical. Businesses should closely monitor their cash flow and take steps to conserve cash wherever possible.
- Communicate clearly and frequently: Clear and frequent communication is essential during turbulent times. Businesses should keep their customers, employees, and stakeholders informed about any changes or developments that may affect them.
- Embrace technology: Technology can help businesses streamline operations, reduce costs, and stay connected with customers and employees. Companies should consider investing in digital tools and platforms that can help them operate more efficiently and effectively.
- Stay optimistic and focused on the long-term: While it’s important to be realistic about the challenges facing your business, it’s also important to stay optimistic and focused on the long-term. Turbulent times can be an opportunity for companies to innovate, grow, and emerge stronger than before.
In conclusion, the 1-2-3- of marketing include identifying the target customer, branding, and creating compelling narrative. Aligning and fine tuning these fundamentals are essential for developing an effective marketing strategy that meets the needs of your customers and sets your product or service apart from the competition. Before you dwell on novelties happening in the marketplace, ensure that these fundamentals are not ignored in turbulent times. Adapting to changing environment and creating a conducive environment for innovations to come out with ways and means to adapt will make sure that the company survives and succeeds in a turbulent environment.
Bains., Fill, C., Essentials of marketing. Oxford: Oxford University Press
Halvorson, A. (2012) Content Strategy for web. Berkeley, CA: New Riders
Keller, K. L. (2009). Building strong brands in a modern marketing communications environment. Journal of Marketing Communications, 15(2-3),