Learn the Foundation of Marketing with David Fradin
By Aditi Bhat
David Fradin is the man behind the success of several managers across the globe. He was also responsible for introducing the hard disk drive in personal computers. Fradin has been associated with product innovation giants like Apple and HP. So we knew he would be the perfect person to learn all about marketing from. In his first session of the four-part marketing webinar, Fradin uncovered the basics of marketing.
So what exactly is marketing? Mere selling and promoting goods and services? We could say that in the layman terms, but the definition has evolved along with the nature of the market and competition. The American Marketing Association has defined marketing as an activity, process, and a set of institutions which help with the creation, delivery, communication, and exchange of offerings. It should generate value not just for the end customers, but for everyone involved in the process – clients, partners and even the society.
Value creation with marketing
What makes an ideal marketing plan? In the simplest terms, an effective marketing plan is one that creates value. Increased revenues at a lower cost rate – you have heard of that requirement in almost every project brief, haven’t you? That’s what most clients want – to increase their profits without going overboard with their budget. Citing Michael Porter’s value chain model, Fradin explained how value creation is interrelated with continual learning. Together, these two make way for innovation, which is another aspect dear to customers.
Now that you know it is essential to create value with your offering to ensure that it generates the desired outcome, how do you bring it into effect? Fradin explained that the process involves a series of steps including:
• Understanding the customer’s needs
The first step involves studying your target audience and analysing their needs. It is essential for marketers to get into the heads of their customers and offer a product or service that matches their requirements.
• Create a hook
Your customers have several brands vying for their attention. So why should they choose you? To become the Godfather of the market, you just have to make them the offer they cannot resist. Take the recent example of Reliance Jio. The company launched an unbelievable product while customers were bearing the brunt of the rising internet and call charges with an unsatisfactory service. Most customers did not think twice about brand loyalty and made an instant switch. Why? Because Jio created that hook and gave its prospective customers every reason to believe in the offering.
• Seal the deal
The last, but vital step involves closing the deal with the right price, support, level of service, and delivery.
Every marketing plan differs based on the service/product being offered, the demographics, customer preferences, and culture to name a few aspects. Marketers need to study these factors before going full throttle with their marketing campaigns.
Check this space to learn more about marketing as David Fradin uncovers the process of planning a marketing campaign in the next webinar.