10 Most Effective Functions Of Marketing That Can Change Your Business Model
Yes, the fact is you need marketing to run a successful business in 2022. The scope of marketing includes a lot more than just a base for promoting your service or product – the faster you understand that, the better for your business. There are 15 functions of marketing that can prove to be effective for your business model in the long run.
So without wasting any more time, scroll down and find out about the most effective marketing functions for changing your business model.
10 Most Effective Functions Of Marketing That Can Change Your Business Model:
If you have a business model and it’s not working, it’s clearly time to find out what are the functions of marketing. This is perhaps one of the most effective ways to change your fate and business model. Keep reading to find out about the most effective functions of marketing for success.
1. Marketing Information Management:
Function marketing mostly depends on solid data. The marketing information management strategically obtains, regulates, and reports on several amounts of data relevant to the entire marketing process. This information usually includes
- determining the target market,
- understanding the target market,
- conducting SWOT (strength, weakness, opportunity, threat) analysis,
- analyzing competitors.
You can easily get hold of all this data through various alternatives such as,
- Surveys,
- Social media,
- Customer reviews,
- Internal data, and
- Competitive research.
Data is very important for your different functions of marketing to operate smoothly – from promotion to pricing and distribution.
2. Financing:
Every business venture out there needs secure financing for functioning. However, while your business will need basic funding to start functioning, your marketing team shall also need a budget – if you don’t financially support your marketing plans, then how can you expect any revenue in return?
The information you obtained initially will actually help you out in this stage of securing funds. You can also check out the information obtained from various past campaigns, specifically, the metrics which tie into your business goals as well as KPIs (key performance indicators).
For example, you will need to monitor impressions, shares, and reach to understand how a campaign meant to boost brand awareness performed.
3. Product Or Service Management:
It is your service or product that’s standing right in the middle of your marketing strategies. After all, without an excellent service or product, what does your marketing efforts even mean? So while it is your development and research teams usually involved in creating new products, it is also relevant for marketing teams to stay updated.
Marketing teams should determine whether the product will resonate with the brand’s target audience. Then, go back to your data and help your development teams understand the pain points of your brand’s target audience. This will help them create a product that stands out in the competitive landscape of your industry.
4. Pricing:
One of the most critical functions of a marketing department is pricing. This is because pricing technically determines how willing your audience is when it comes to purchasing the product you are trying to sell. Setting a price is usually a complex process where both customer perceptions and psychology are vital factors.
The factors that influence pricing are as follows,
- Product quality,
- Product benefits,
- Post-purchase support,
- Cause-driven decisions,
- Branding,
- Brand community,
- Exclusivity,
- Convenience, and
- Customer support.
5. Packaging & Labelling:
Packaging and labeling are more important than people usually understand. How your package your product or service can have a great impact on how your audience perceives your brand. When you are shipping your product, if it looks good, then you have accomplished the marketing practice of branding your product the right way.
If you are a service-based business, there are several ways to attractively package your services. For instance, if you offer a cleaning service, you can add an additional five minutes of cleaning time as a perk of shopping with you on a certain day of the week. Or you could give a discount to people on a particular day of the month.
6. Branding:
One of the core aspects of marketing is branding. It doesn’t matter what you are selling, be it a product or a service. You need to brand your product or even service so that it appeals to your target audience. Your target audience will get to see several alternatives to your brand – so how will you differentiate your offering from the competition?
Yes, you need an effective branding strategy for marketing your product right. There are various functions of marketing, but none can work out if you fail to brand your business. So find out what’s trending and what’s evergreen in your industry – come up with a strategy that blends both!
7. Promotion:
Promotion is one of those functions of marketing most people think about in the very beginning. After all, huge chunks of marketing focus on getting your product or service displayed in front of your target audience. And not just that. Communicating the value of your offering is also a part of the same logic.
The promotional stage includes the following,
- Setting up your website,
- Optimizing the website for various search engines,
- Running promotional and advertising campaigns,
- Communicating on social networking platforms,
- Publishing content that’s relevant,
- Collaborating with influencers,
- Generating word-of-mouth, and
- Hosting events.
8. Selling:
Although your sales team is ultimately responsible for closing the sale, selling remains one of the core functions of marketing management. You should come up with a marketing strategy for communicating with various customers at every step of the purchaser’s journey, helping them through the whole sales funnel.
This can be done pretty easily by crafting a content strategy that targets your audience at every stage of the buying process. For example, you can create blogs to make your audience aware of the solution you are selling, encouraging potential buyers to sign up on your email list. Then you can start sending emails with intense information, guiding your audience down the funnel.
9. Distribution:
Once you have managed to create a good product, communication strategy, and even a sales funnel, you will need to reach your buyers. This is where your distribution strategy steps in to save the day. Any distribution strategy includes where you actually sell your service or product and how you are delivering the same to your audience.
Distribution channels that you can check out are as follows,
- Ecommerce stores,
- In-person stores,
- Wholesalers,
- Warehouses,
- Stores, and
- Shipping methods.
10. Customer Support:
Communication between your business and your customer will not end once the sale is closed and the product or service has been delivered. Sometimes, you know what becomes more important than selling a product is the quality of the customer support service your business is offering.
Customer support is key to retaining your buyers in the long run. Good customer support can also incite potential buyers as well. You need to know whether your customers are happy with your product during its life cycle – find out whether your customers are facing any problems with your product.
Frequently Asked Questions:
Check out the most frequently asked questions related to the topic mentioned below.
The 12 functions of marketing are as follows,
• Identifying what the customer wants,
• Creating a marketing strategy,
• Product Development,
• Pricing,
• Standardization and grading,
• Packaging and Labeling,
• Branding,
• Distribution,
• Transportation,
• Warehousing,
• Promotion,
• Giving customer support.
The top 7 marketing functions are as follows,
• Promotion,
• Selling,
• Product management,
• Pricing,
• Marketing Information Management,
• Financing, and
• Distribution.
The top 9 marketing functions are as follows,
• Buying,
• Selling,
• Transportation,
• Storing,
• Standardization, Grading Branding,
• Market Financing,
• Pricing,
• Risk Assuming, and
• Advertising.
The ten marketing activities are as follows,
• Data collections,
• Content creation,
• Welcome programs,
• Remarketing,
• Collect reviews,
• Birthdays messages,
• Sales emails,
• Post-sales mails,
• Events, and
• Customer lifecycle.
And It’s A Wrap!
Now that you have a fair idea about the most effective functions of marketing for changing your business model, what are you even waiting for? Assign yourself the marketing task of finding out about your target audience and related data – you will need this data for most of your marketing tasks, from competitive analysis to pricing.
Meanwhile, let us know what you think about these functions of marketing, and don’t forget to share your experiences if you have any in the comments below.
More Resources:
- How To Create An Email Marketing Strategy
- A Guide To Video Ads – Things You Should Know
- 10 Best Types Of Google Ads You Must Know In 2022
