When we talk about marketing, we are talking about creating a valuable relationship with customers in order that they buy your product or service. So, the main objective of marketing is to create value in the mind of the customer toward your product or service.
When customer loyalty exists, customers will continue buying a product or service. A loyal customer has a positive believe about a product or service of a brand which is why he or she continues purchasing it. Once this relationship exists, a customer recommend it to others to purchase. Word of mouth comes into play. To get loyal customers, a marketer needs to follow certain steps.
How to create value?
The marketer must identify the customers’ needs and develop the product based on them. Then, the marketer needs to develop a strategy to get the attention of the target market and communicate value.
To be clear who is the target, the segmentation is key. In segmentation, the market is divided into customer segments and once your target is identified, you need to think of customer actions to be able to bring the value to the customer.
Then, the four P’s enter in action. These are: product, price, place and promotion.
The analysis of these variables helps to find strategies to position the product or service. A relationship between the customer and the brand arises when the customer perceives the value of the product. An example of a successful brand that combines product, price, place and promotion is NIKE. There are many people that think of this brand when they think of sneakers.
Reference
Twin, Alexandra (2020). Marketing. Investopedia. Retrieved from: https://www.investopedia.com/terms/m/marketing.asp
EK Marketing Blog by Ericka Koehler 