Many of us here are business owners or have a responsibility and a desire to reach out to many people regarding our products and services or our work for the Lord. It can be a very challenging assignment as many of us today are striving for the same goals. The amount of work that we do to that end as well as the way that we conduct ourselves in business can make or break us. One of the reasons why businesses fail is because of a failure to market the products or the lack of knowledge in properly marketing our products and services. Marketing must take place on a regular basis in order to make the profits that we need in order to be financially secure. Some people will have to work harder than others because of the nature of their products or the competition.
Marketing involves all of the activities involved in creating, developing, and delivering satisfaction from the creator of the product to the target market for the target market’s satisfaction. In our case, we are looking at the point at which we deliver the product to the target market of the consumer. It also involves offering the product at a competitive price and delivering or shipping the product as inexpensively as possible.
In order for the business to be successful, business owners have adopted a consumer orient approach in marketing their products and services. This approach guarantees long term success and leads to customer satisfaction. Today, the Internet has made it possible for consumers to shop with many customers and gain knowledge about the product and services they are interested in purchasing. Since they are more knowledgeable, there is competition in the marketplace for these consumers.
Many new business owners make their mistakes, initially in their marketing efforts, because of a lack of knowledge in how to effectively market their products. There are three approaches to marketing which will lead to failure. One approach is an emphasis on production, if there is more of a demand for the product than the supply of the product. In this case, the business owner focuses all of his efforts on producing a sufficient supply of the product to meet the demands of the consumers. However, this alone is not enough to achieve the sales of the product.
Another approach is to concentrate on the production of the product because there is a lack of the skills necessary to market the products. In this instance, the business owner is ignorant of the value that marketing the product can bring to the sale of his product. He has not invested time in acquiring the knowledge to properly introduce his product to the consumer. Therefore, he does what he believes is the right way to attract customers to his business. This is especially true for the brick and mortar businesses that tend not to study marketing because they rely on their storefront to attract the customers they need.
The last approach is to be too focused on the present. Business owners take a sales approach in order to reap the immediate benefits in a direct sales relationship. If they are engaging in high pressure selling, the customer is often dissatisfied with the salesman or the product, leading to refunds or cancellations. The best approach is a consumer oriented approach, which I will discuss in the next posting.