To hear or to know how to use multiple online marketing tactics is not as valuable as understanding the underlying dynamics of marketing and the real value they bring to a business or organization
This seems to make a lot of sense, but it is all too often overlooked when defining a marketing plan .
The fundamental principles of marketing revolve around 3 main steps to develop your business and sell your products and services:
1. Make yourself known
Advertising its products is usually associated with promoting them. The underlying dynamic, however, is the creation of trust . If you can win a person’s trust, it’s a safe bet that it will become a customer and generate a sale .
In the beginning, making yourself known may be extremely expensive and time consuming.
2. Increase sales
The increase in sales is usually directly related to the ability to make oneself known . However, if you have failed to establish a relationship of trust, you will not be able to rely on recurring sales and you will then mainly rely on the promotion of your products; which is expensive.
The underlying dynamic of increased sales is loyalty . If you have loyal customers, you will have recurring sales and an established customer base.
3. Build a loyal clientele
A loyal customer base will allow you to stay in business and grow as your customer base grows. Satisfied customers are also a great asset to promote your products . However, this requires that you keep your promises and that you are able to maintain the trust you have built .
Your biggest reward for having a satisfied customer base (and for almost negligible costs) is word of mouth promotion . There is no more effective way to promote a product or service than to have someone you trust suggest you try it .
Measure and repeat
When it is well implemented, the virtuous circle allows you to grow your business and reduce your promotional costs .
However, you need to understand the mechanisms and what part of the cycle has the most or the least impact. Once you have measured the impact of your sales promotions as well as the amount of recurring sales from your loyal customer base, then you can reinvest in the aspects that can most support your growth .
These 3 steps actually reveal 3 essential business dynamics that should be part of the main business objectives of any company or organization:
1. Build trust
If your service or product does not work or does not deliver the desired results, you will lose the trust of your customers. If your sales force or customer service is inefficient and not up to scratch, you will also lose the trust of your customers.
Building trust means offering a guaranteed, professional and reliable customer experience when using your products and services . Not offering this will have a negative impact on your success or the growth rate of your business.
2. Build loyalty
It is often said that it is more expensive to acquire a new customer than to keep one and continue to satisfy it. A loyal customer is more likely to buy your products or services again and talk to his friends and family about his satisfaction with your brand.
3. Develop word of mouth
You should try at all costs to develop word of mouth. This is the most effective and least expensive marketing tactic that exists. There are many ways to create incentives to encourage your customers to promote by word of mouth (this will be the subject of a future blog post).
In 2009, Nielsen surveyed 25,000 Internet consumers in 50 countries to gauge their level of confidence in a range of advertising tactics, and Nielsen found that word of mouth is by far the most effective promotional tool . These results have been confirmed year by year by Nielsen through this recurring survey.