After, speaking with many business owners, it becomes apparent that the biggest challenge people face today is not knowing who their customer is, and how to approach these people.
What are marketing concepts? Marketing concepts are ideas that are used to guide a business towards their goals. They provide insight in how you can approach a difficult task task in a different way. With the result of increasing ROI and profits for your business.
In this article, we will discuss marketing concepts in more detail…
1. What Are Marketing Concepts?
Marketing concepts are ideas that have been generated to tackle a specific problem overtime. Marketing concepts can guide us to a more successful outcome, by informing our decision making. This is because they inform us by asserting attention to the needs of customers, situations, market and industries.
Maybe you want to create a new product, increase brand awareness or just create new leads to your website.
Due to the many complex situations, concepts can come in many forms (be it, graphs, process charts, and a matrix diagram). Some provide a framework, other try to adopt a new way of thinking. There are many concepts out there (further down the page I show you some useful ones ), which we can use to understand anything from the human psyche whilst providing the solution to our business objectives.
Many concepts start as theory, but through implementation, shape the theoretical principle into a proven factual strategy over time. For the most part, marketing concepts bridge the gap between the consumer and your business.
2. Why are Marketing Concepts Important?
In a global study conducted by KPMG International shows that: 70% of CEOs strive to represent the best interests of their customers and 67% want to focus on building trust. Accordingly, Forbes (2018) states: just having a great product is not enough and we know we need to continue to sharpen our focus on the customer.
Marketing concepts are important as together they provide a framework to deliver the needs of your customers and do it better than the competition. I apply concepts to all of my strategies as it broadens my thinking process. I always try to include every minute detail and leave nothing to chance.
As Steve jobs once famously said: “Creativity is having enough dots to connect”
We need to know what those dots are, and through leveraging concepts we are able to come to rational conclusions consistently. They are the glue that holds together any business strategy and without it, you can’t possibly be reaching your potential.
3. Building Your Own Marketing Concepts
Whenever, new innovations, new experiences and new competitors therein are continuously resetting customer expectation latter. Accordingly, this can only mean your business has to either adapt to the new landscape or innovate a totally new landscape altogether.
William Gibson once observed: “the future is all around us, it just isn’t evenly distributed yet”.
With this becoming ever so complex firms are finding the mind of the consumer more difficult to fathom. As things are changing so rapidly, past behaviour no longer being a reliable indicator of future behaviour. This means the drivers for purchasing intent are becoming exponentially more complex. Furthermore, macro environmental and micro environmental factors, demographic and economic shifts are shaping the need for new technologies and new opportunities at a rapid pase.
In such a versatile environment, as well as there being so many influencing factors, further demonstrates the complexities of trying to stick to a fixed plan. Transnational data, traditional market research and demographic profiles alone are not enough to explain why customers are behaving the way they do. The effective marketers are now building concepts to understand the marketing environment and the world around us. We build concepts, trial, error, and analyse to model our strategies against them.
4. User Experience
User experience is the idea that a person can feel a certain way when they interact with your business or use your product. This feeling can be both positive and negative, and this concept leaves us to believe that we can change a person believe system, by changing altering these interactions.
5. Value In Marketing
Value is the idea that there are different benefits your product can bring to your customer. This concept is interesting as it highlights whilst some values are universal across customer segments, other values are only important to specific customers.
Being able to provide the right value to your customers can make it possible to beat competition on a micro level.
5. Wants And Needs
Wants and needs is the idea that people do not necessarily want what they need. For example, you do not want air but you need air to survive.
Furthermore, this can be applied in reverse. In the 21st century, you most likely need a phone. However, you may want an iPhone.
What is it that makes you want and iPhone over a Nokia?
If Nokia are able to get the answers to these questions may result in them leading the market once again.
6. Niche Marketing
A niche is a very small segment of people in an industry. Niche marketing is the idea that you position your business to this very specific group of people.
The niche marketing concept suggests that by basing your business around this customer, you are able to serve them better than the competition.
7. Customer Journey
Everyday everyone is moving towards or away from something. Maybe they are moving towards a new promotion or moving away from their old job.
Customer journey is a concept that describes the process people go through when they purchase from your business.
This includes the questions people have at different stages of the purchasing process.
8. Marketing Funnels
Marketing funnels is the process you go through to filter customer and who they are in purchasing cycle.
For example, are they new leads, opportunities or repeat customers in your business?
Funnels are good to discover how customers the flow during the purchasing cycle, and which parts are the cycle need improving.
9. Product Market Fit
Product market fit a concept that explains how well your business delivers its products to the customers. It basically, tells you if it is viable or not.
A customer persona is a depiction of your idea customer in grave detail. This includes who they are and what they look like.
11. Neuro Marketing
Neuro marketing is the psychological process people go through when thinking and purchasing from a brand.
12. Polarising Effect
Polarising effect is a concept that highlights how you should aim to understand how to position your business and the effects it may have.
13. Brand Association
Brand association is the idea that you associate your business with a life style and corresponding brand image to build an opinion in order to be influential.
14. Brand Equity
Brand equity is a concept that highlights how you can measure the effectiveness of your brand.
15. Brand Awareness
Brand awareness is a concept that highlights the density of people that understand your business and everything you can offer potential customers in the market.
There are thousands of marketing concepts and each one provides insights into different scenarios and countermeasures to adopt. Furthermore, people have different expectations, which are changing rapidly over time. For the survival of any business, it is critical to understand marketing concepts and the ability to develop these concepts into your business. Understanding how people think, and behave can leverage our marketing activities for greater business rewards.
To understand how people react the way they do can be somewhat puzzling. Marketing concepts capture the behaviours of people through diagrams and other means. Ingrained in every effective marketing strategy, as it is the only reasoning we have that attempts to outline the best options within our decision-making process. If you do not apply any kind of concept you cannot possibly know who your customer is and why they behave the way they do.