Marketing Your Products Or Services

What do you mean by marketing?

The process of marketing refers to the activities that a company undertakes to create awareness about the products that it has already launched or is about to launch in the market which would help them to increase the sales of the product. The process of marketing helps the company to buy and sell a product or a service that a company is offering to its consumers in a particular market. The process of marketing includes advertising, selling, and delivering products to other companies and businesses which are the clients of the company. The primary responsibility of the people working in the marketing department of a company is to draw the attention of the potential consumers towards the products they are selling by means of advertising. There are multiple methods that the advertising department carries out to market their products which include celebrity endorsements, slogans and phrases that are catchy by nature, packaging styles, and others. A company set aside a separate budget for the purpose of advertising which is treated as operating costs and is showcased in the books of the company before arriving at the operating profits. The relationships that are established between a company and the consumers by means of advertising are expected to remain for long periods of time by the company.

Types of marketing

Creating a world-class product or launching a prosperous business is only the first step. To attract customers, you need to engage in marketing. It's a common misconception that marketing and advertising are the same. Many small businesses are impacted by this misperception. There are two primary ways of marketing including; offline marketing and digital marketing. Offline marketing can be defined as the type of marketing which involves traditional methods like print media, exhibits, trade fairs, and other types of conferences. Word of mouth can also be called an offline method of marketing. Online marketing involves marketing using online mediums like social media, the internet, emails, and other sources. Companies in the modern world may use a combination of both methods in advertising a particular product or service. However, the method of online marketing is gaining prominence over the world due to the convenience and reach of the online mediums to even the remotest of places and people. Brand awareness is raised by content marketing which includes advertising using mediums like infographics, media posts, videos, and others. Optimizing search engines to place the product in the most visible sections of the internet is another way of marketing a product. Social media marketing includes marketing the products on various social media platforms like Facebook, Twitter, Instagram, and others due to the reach of the platforms.

Purpose of marketing

The purpose of marketing is to analyze the needs and demands of the consumers on a regular basis and research the changing market dynamics. Focus groups, sending out surveys, and study of online buying habits all are important aspects of defining the purpose of marketing. The process of marketing helps the company to remove the information asymmetry created between the market and the product which results in low sales for the company. Marketing also helps the customers in need of a product that would satisfy/her needs to get it accomplished by introducing the product to them. To establish a well-functioning market for a newly launched product the method of marketing is necessary as it removes the information asymmetry between customers and the products.

Steps to market products

Promoting the products effectively in the market is the most important part of devising the sales strategy of a firm as it determines the amount of revenue that the company is expected to generate over a period of time. There are multiple methods of promoting products some of them are discussed below:

1. Introductory offers 

2. Contests and giveaways

3. Events 

4. Email marketing 

5. Influencer marketing

Marketing product techniques with example

The following section highlights the marketing techniques used by multiple companies operating in the world with examples:

• One of the most important methods of marketing that is used by companies around the world includes social media marketing which essentially involves the promotion of products on social media platforms like Facebook, Instagram, and Twitter. For example, paying for an ad for the product would allow the company to create a post related to the product that is reached millions of users.
• The celebrity promotion method is also very prevalent in the current world where companies pay celebrities to promote the product of a particular company or brand. For example, a social media influencer with millions of followers can be given the responsibility of promoting a product through its posts in return for remuneration.
• Email marketing is also one of the important methods of promotion which includes promoting products through creative emails send to various customers. For example, the email IDs of consumers may be collected through surveys, and information about the product may be shared with them over emails.