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Marketing Tips

The Marketing Concept

MARKETING TIPS

Marketing Tips

The Marketing Concept

by Ken Mitchell

It is well known that attitude is very important in business, however many businesses fail to recognise that the total attitude between customers and staff and management is vital for the healthy profit maximization of a business. The Marketing Concept is based on the following three simple issues:

1. Total company effort

Most organisations fail to recognise that marketing begins with them, that is within their own organisation. It is not enough to have trained staff - you must also foster a happy and committed team where the emphasis is on the end result of each and every member of the team and how to best get there as a team. It is amazing to watch how readily a failing businesses can have a quick and dramatic turnaround when staff buyout the company and all pull together - in many instances for the first time in the history of that organisation. This highlights that staff need incentives and rewards and many instance it is not money but praise and recognition that gets the results - they need to have enthusiastic ownership of what they do in order to work smarter not harder and thereby optimize innovation, efficiency and effectiveness for the entire organizations business.

2. Total customer satisfaction

You must develop a culture within your organisation where your customers needs/wants are fully understood and met and that you at least fully meet or preferably exceed your customers expectations thereby leaving no margin for complaint. Ideally customers needs/wants and levels of satisfaction should be monitored (market research such as customer satisfaction surveys, etc). This will provide valuable information to guide the development of the business from being many single transactions to the notion of "life

time value" of customers who will become more loyal and hopefully become advocates of your business. Word of mouth from satisfied customers is both the cheapest and the most powerful form of promotion of your business.

3. Profit maximisation as the objective

Profit is the cornerstone of commercialization and profit maximization is the cornerstone to wealth. Cutting prices to get sales volume can increase turnover but does not necessarily increase profits. In fact many organizations find that a knee-jerk action of lowering prices when faced with increased competition can very quickly lead to financial woe. If your staff are a happy, innovative and committed team and your customers

are totally satisfied (value not price), then you have a competitive advantage that will usually sustain a higher price than your competition thus giving you sound profits.