Marketing a product is one of the most essential aspects of creating and launching any product. Basically, marketing process can be explained as a series of steps to be followed that allow the company to identify customers and their problems, analyze market opportunities and create the solutions for their customers. It cannot be described in one sentence, as it is comprised of many steps. Some of these steps are explained below:
Highlight the mission statement
In the first step, your company’s mission statement should be highlighted. The entire marketing will be based on what you will highlight as your mission. It is always a good idea to get some ideas from the big market players before you define your company’s mission.
Analyzing the opportunities
In the next step, you need to look around and properly analyze your company, its strengths, weaknesses, and the threats it faces. On a broader spectrum, you also need to analyze your competitors, customers, collaborations and marketing strategies. Other research segments may also include marketing climate, technology, politics and environment.
Create the marketing strategy
This is one of the most important steps of marketing process. You need to recognize your target audience, their problems and how your product will solve their problems. It also includes creating your market goals, budgeting and planning the marketing.
Building a Marketing mix
It is generally a set of actions and series, which company follows to market or promote the product. Four Ps are the fundamental of this step, which includes product, price, promotion and place. As the name suggests, it explains the product, its pricing, promotion methods and the area where it will be promoted.
Executing the marketing plan
In this step, the marketing plan gets executed. It involves the recognizing where and how the marketing plan will take place. Content marketing plays a vital role in this marketing plan. This is because, the content including the information, videos and blogs will tell the people what you are.
Measuring and recording the efforts
The last step of any marketing process is to measure and record your efforts. You need to create reports and chats to show to your upper management about how progressive your marketing efforts have been. Some of the metrics, which you need to track, may be link clicks, email open, social shares and conversion.
With the effective marketing process, it is much easier for a company to achieve its goals and targets.