Marketing is an effort to give benefits profitably.
Marketer gives benefit to the customer. Then customer gives money or profit to the marketer.
To make that transaction happened, it is not easy. Producer produce product and expense some cost always have resulted. But marketer, they promote and create marketing activities, they do not always get a result. Cost of marketing can be unpredictable.
But marketing is a necessary function of a business. Imagine you create the product that cannot sell. No profit. Then producer didn’t get money or profit.
Marketing Ideas that Reduce Many Costs
Important but unpredictable cost. That is marketing. Fortunately, thinker of marketing has the idea to create efficiency in marketing activities.
1. Efficiency through target market decision. Serving everyone It will spend exhausted energy. It is better to determine the target market and focus to serve that target market. Serving the target market is more cost-efficient than serving everyone. Serving everyone is very expensive and inefficient because it means preparing products, distribution channels, promotions, and prices for several buying power.
2. Efficiency through Brand and customer satisfaction. Persuade new and uninitiated consumers to your product is much more costly than inviting consumers who are familiar with and satisfied with your products and services. Efficient because it will encourage repeat purchase. Enterprises make a target market considering your business, your product.
3. Efficiency through checks and improvements with information technology support. With checks and risk improvements occur, the inaccuracy between product/promotion with the needs/want/expectation of customers can be minimized.
Information technology not only plays a role in communication between companies and customers but with digital track record also provides data on market behavior. This digital track record signals their response to advertisements and products as well as signals about what the market likes and dislikes. Such information is indispensable for achieving the marketing objectives efficiently.
That way the cost of error can be reduced.