Cracking the code of marketing for success

ILLUSTRATION BY RUTH MACAPAGAL

In marketing, certain principles remain timeless, serving as the guiding light for businesses seeking success in a competitive market. Let’s examine these lessons and explore how they shape contemporary marketing strategies.

1. Have a clear vision and passion. To succeed in marketing, it’s crucial to have a clear vision. Be passionate about your goals and invest the necessary time.

2. Start with a strong value proposition. Before diving into complex plans, understand what makes your product relevant, unique and believable. This is your value proposition. It forms the starting point of your marketing mix strategy.

3. Product plus price is not enough. Defining your value proposition goes beyond just stating the product and its price. It’s about highlighting unique benefits that appeal to your target audience.

4. Learn from competition. Competitors are like mirrors; they show where you need to improve or innovate to stay ahead.

5. Navigate the product life cycle. Embrace innovation but plan its timing. Understanding its impact on existing products or services is essential to prevent unplanned obsolescence.

6. Understand the role of your product. Know how your product fits into consumers’ lives. This means focusing on what your target audience needs.

7. Communicate effectively. A great proposition is only as good as its communication. Make sure your audience understands what makes your product special.

8. Price and sampling drive trials. Offering strategic prices and samples can attract potential long-term customers by allowing them to experience your product.

9. Great product equals loyal customers. Delivering top-notch products or services builds customer loyalty and encourages repeat business, provided it remains affordable to them.

10. ATR (Awareness, Trial, Retention) matters. It’s not just about getting attention; you need to ensure that your product is available and displayed well for real success.

11. Remember the multiplicative impact of ATR. Awareness, trial and repeat purchases are all connected and impact your market share.

12. Identify problems first. Before solving anything, understand the marketing problems. This means taking a closer look and tailoring solutions to specific challenges.

13. Know your marketing strategies. Differentiate between growth and defense marketing. Understand if you’re driving the market or responding to it. Balance market-driven strategy for existing customers and market-driving strategy for noncategory customers.

14. Look at the big picture. Ground your marketing strategies by understanding the broader picture, including your business model and the external environment.

READ: 8 marketing principles for budding entrepreneurs

These marketing lessons are like interconnected pillars supporting successful ventures in the ever-changing landscape. By absorbing these basic lessons, you can tackle challenges, promote innovation, and establish lasting connections with your audience. —CONTRIBUTED

Author’s note: This was part of the presentation delivered by the author on Dec. 16, 2023, at the 20th MarkProf Annual Marketing Leadership Bootcamp, a free marketing and business training program. About 1,000 graduating college student leaders competed for 25 slots. Participants engaged with distinguished speakers, delved into topics not typically covered in academic settings and benefited from personalized mentoring. Knowledge partners included Mega Sardines, Nestle, Unilever, Lazada, Jollibee, L’Oreal, SM Retail, Generation Hope and Maya.

Josiah Go is the chair and chief innovation strategist of Mansmith and Fielders Inc., co-founder of the annual MarkProf Marketing Leadership Bootcamp. Email [email protected]. Registration for the 15th annual Mansmith Market Masters Conference is ongoing through www.marketmastersconference.com.