Discussing Marketing FUNdamentals is a passion of mine. I can get downright giddy sharing a story that ties together all the elements of a great marketing plan.
Marketing is an art and a science. We just don’t feel our way through the market place with instincts. We develop theories, based on data and then create opportunities to test and tweak for the best outcome based on our desired result.
These are the Basic Principles of Marketing that help us package our brands and share our visions.
Principles of Marketing
Customer Value – our customers need to feel that they have received some kind of value. That doesn’t necessarily mean with price. It may be valuable for them to align with companies that support their personal values. In the case of TOMS, it may be valuable to the customer to feel that their purchase is making a difference for someone else. Maybe they make a purchase based on the need of a specific product and getting it at a good price is just a bonus. Knowing what is valuable to your customer will help you communicate to them based on their needs.
Differentiation – This means that you are not only providing your customer with what they want, but you’re doing it better than anyone else. It’s necessary to develop and communicate a brand that stands out from the competition. How will your brand lead in the marketplace?
There are three main areas customers tend to organize their value needs when researching a purchase.
- Operation – How well do you complete the exchange? Are best practices in place? Can you provide the best price for the value?
- Product – Are you selling what your customer wants? Is it the most up to date? The right color?
- Service – Do you have a relationship with your customer?
Segmentation, Targeting and Positioning – It can be overwhelming and expensive to offer everyone, everything they want and need. To help deliver exceptional value we need to organize customers into segments and develop targeted message that meet and exceed the needs of that segment.
We use these principles to develop the guidelines of our marketing strategy. The goal of the strategy is to help create an exchange between the seller and buyer. This is important because it helps us craft a message toward a specific result. A measurable one!