The World of Marketing – The questions you never dared to ask
Marketing is everywhere and whether you are into business or not, the application of marketing is visible everywhere. You may be conversing with other people without even realizing that you are actually applying the theories of marketing in your conversation just by trying to convince someone to believe your point. You may even need marketing homework help while going through this subject in school.
Why study marketing?
Marketing is an interesting course or subject. There are a wide range of topics under this area of study. Most of the marketing courses and subjects involve a mixture of business and psychology. In a marketing class, you get to learn how companies target their prospective clients and consumers and how they build relationships with them.
Through competitor analysis, students are also able to learn about the impact of marketing as well as external factors such as social, economic, political, and technological on a business. Marketing allows you to study consumer behavior. It makes you understand the attitudes and buying patterns of consumers and also look at the psychology behind marketing techniques.
Marketing allows people to develop both their personal and presentation skills which are an advantage when applying for jobs in the future. It is also a good foundation for working in any business in the future where people could implement their theoretical knowledge. It gives a lot of interesting career opportunities and a chance to land high paying jobs.
How are the principles of marketing applied in everyday life?
As mentioned earlier, marketing isn’t just for business-minded people. The principles of marketing can be applied to a lot of aspects in life such as social, political, economical, and even technological.
Marketing can be applied to our everyday lives. When applying for a job, you apply marketing strategies and techniques. You are aware that you are competing with other people for that job you are aiming for and so you do your best and try to sell or market yourself during the job interview.
Posting content on your social media is also another application of marketing. You post photos, a status, videos, or whatever content on your social media hoping to gain likes and comments from your friends and followers.
What kind of audience should you target?
Targeting audience is one of the important aspects in marketing. You need to be able to identify the kind of customers that you want to reach to sell your products and/or services to. To be able to do this, review the kind of customers that have bought your products and/or services in the past. Look for certain characteristics that can be found in your prospect customers. Match this profile to your target audience using various marketing tools that help you reach your target or ideal audience.
What is the best marketing strategy or technique?
The marketing sphere is changing rapidly and you need to be informed of these changes to be more accurate with your marketing strategy. There are a lot of different marketing strategies out there but you should always check the marketing trends before implementing a marketing strategy.
Marketing strategies don’t work all the time. You need to test these marketing strategies before implementing them to your business. Sometimes, a combination of different marketing strategies or techniques works best for businesses.
It’s important to check marketing trends from time to time to see what works best in majority of businesses but it doesn’t necessarily mean that the techniques found in these marketing trends would work for your own business. It’s just simply a guide of what works and for what type of audience.
What metrics should be used to check if your marketing strategies are working?
Just like marketing strategies or techniques, there is no standard metric that is used in checking the success of a marketing strategy. It really depends on the company or business goals.
There are various stages in marketing metrics and analyzing data that you can base on to see whether your marketing strategy is working or not:
- Awareness: website visits, reach, subscribers, followers, impressions, share of voice
- Engagement: comments, likes, website visits, shares, mentions, retweets, click-through rate
- Evaluation: time spent on website, click-through rate
- Acquisition: downloads, conversions, transactions that can be attributed to social content, time to close
- Loyalty: transactions, transaction value vs other channels
- Advocacy: shares through specific sources, positive feedback or sentiment
How will you know if a marketing strategy is working?
There are different tools that you can use to know whether a marketing strategy is working or not. There are various analytical tools that you can use to check certain metrics such as the number of views, engagements, conversions, etc.