A Marketing Principles Round Up: 6 Key Things for a Successful Marketing Strategy
I have been working in the B2B Marketing world for just over a year now and I have already learned so much during my time at Napier as a Marketing Specialist. As well as working within my role at Napier, I have been completing the CIM Marketing Principles Foundation module with Chichester College. The module has just finished, and with my first exam completed I thought it would be great to cover the 6 key things I learnt during this module. Although it will be a back to basics for several B2B marketers, sometimes it can be good to be reminded of the marketing principles we already know to ensure a successful B2B marketing strategy.
The 4 and 7 Ps
The Marketing Mix also known as ‘the 4Ps’ is the framework of activity from which marketers build their strategy. This includes the following – Product, Price, Promotion and Place.
Product – The starting point and key part of any Marketing Mix
Price – Price is simple, it refers to how much you charge for your product or service
Place – As they say in marketing, it is all about the… location, location, location
Promotion – Once you have optimised the previous 3 Ps, it is time to promote your offer
Each of the 4Ps plays a vital role in determining how the marketing strategy will be implemented and how marketing activities will play out to fit a company’s objectives. Getting the right blend and balance of the different elements of the mix will help make your marketing strategy most effective.
Extended Marketing Mix
An expanded framework to the Marketing Mix that adds 3 further components making the 7Ps and is also known as the ‘Service Mix’. This includes the following – People, Process and Physical Evidence
People – The people who make contact with customers in delivering the product
Process – Systems and processes that deliver a product to a customer
Physical Evidence – The elements of the physical environment the customer experiences
The Extended Marketing Mix has become more common with businesses to enable them to meet the needs and expectations of customers as well as connect the marketing function much closer to both human resource management and operations.
Difference between Customer Needs and Wants
Understanding the differences between a customer’s needs and wants is not as easy as you might think. When I first came to this subject in the module, I did not realise the difficulty to distinguishing the two. Examples of the differences below:
Customer Needs (Necessity) – The customer lacks something and then realises that he/she needs it. For example, having a drink of water if your thirsty after a long day at work.
Customer Wants (Luxury) – A need that is qualified by choice. For example, needing a new handbag but wanting a designer one.
If marketers are to understand the differences between needs and wants, you must view the world in the same way as your customers. If you do not view the needs and wants from your customers perspective, then these could easily be confused causing issues in your marketing strategy.
Macro and Micro Environment
All organisations operate in a context that includes both internal and external environments. These environmental factors are beyond the control of marketers, but they still influence the decisions made when creating a strategic marketing plan.
Macro Environment – The broad environmental factors that are external to an organisation’s market and industry. For example, laws, regulations, changes to the economy and new technologies.
Micro Environment – The organisations close external environment, including its competitors, customers, distribution channels, suppliers, complementors and other relevant stakeholders.
Considering the following Macro and Micro environmental factors will improve the success of your organisation’s marketing campaign and the reputation of the brand in the long term.
Functional and Emotional Benefits
When a customer is looking to purchase a product or service, they will almost always consider how it will benefit them in some sort of functional or emotional way.
Functional Benefits – The tangible benefits delivered by a product or service. For example, buying a new business suit will help you appear smart in the workplace as well as fulfilling the basic human requirement of wearing clothes.
Emotional Benefits – An individual is aware that a particular brand/product/service gives them positive emotions about themselves when using it. For example, wearing a new suit is likely to make a person feel good about themselves and give them a feeling of confidence.
Getting the functional and emotional benefits of a product/service for your customers can be a very effective part of any marketing strategy so taking your time to get this right can be the key to success.
Internal and External Methods
Various types of data are very useful for marketing reports and it can help you identify any improvements that can be made to your marketing strategy or even to your internal environment. See the different data sources below:
Internal Sources – Customer Data, Financial Statements, Product Data and Human Resources Data
External Sources – Government Data, Media, Commercial Data, and the Internet (Search Engine Results)
Both kinds of data sources are helpful. Internal data helps you run your business and optimise your operations. External data helps you better understand your customer base and the competitive landscape.
Stay tuned for my next blog as I will be starting the next module, Digital Fundamentals at the start of 2021.
DFA Media Welcomes Andy Pye as Consultant Editor
Congratulations to Andy Pye who has joined the DFA Media team as Consultant Editor for Drives & Controls, Smart Machines & Factories, and Plant & Works Engineering.
Andy joins the team with four decades worth of experience in leading design and manufacturing titles; with his most recent assignment including the launch of Controls, Drives and Automation, where he has worked for the past eight years.
Andy is a graduate material engineer and spent five years in engineering consultancy prior to joining the technical publishing industry in 1980 as deputy editor of Design Engineering.
We wish Andy the best of luck as he moves forward in his new role!
The Life of a Marketing Specialist at Napier
Hayden, Marketing Specialist at Napier, is the latest to take part in our ‘Life at Napier’ series. In this blog, Hayden shares how he has progressed in his role over the last 6 months.
Why did you join Napier?
I have now been with Napier for a total of six months, and it has gone by so quickly with the great support offered from everyone on the team.
Prior to joining Napier, I worked as a Trading Support Manager in retail, so I understood what it was like working with customers and within a team to hit targets, but I had little knowledge of marketing and wasn’t sure what to expect from the role.
Napier seemed like the perfect fit for me, as they were open and extremely supportive about providing training, and I’ve already learned a significant amount about marketing and the B2B technology industry. Although I was nervous to start, my colleagues knew that it was a new environment for me and all respected that it would take time for me to settle in. In the end, it was easy to acclimatize, as I was given great training from my director, Suzy Kenyon as well as support from everyone in the office.
Since I have joined, I’ve learned so much from becoming a Marketing Specialist and the background of how a B2B business works within the technology industry.
Tell us a bit about your role. Is it challenging, interesting?
As a Marketing Specialist, I love being able to work with a variety of people and clients to produce interesting content as well as learn new skills. In the past, I’ve found previous work goals and projects to be very repetitive but being a Marketing Specialist will always keep you on your toes with new tasks.
What is a typical day like?
On a day to day basis, I work with different clients and Account Managers at Napier (E.g. Microchip, Smart Modular Technologies and more) with a variety of tasks. The day will start off with checking my morning emails so I can catch-up with any requested material or questions from clients, customers or the Napier team.
In the afternoon after lunch, I will have a quick check of my emails again to see if any new or urgent tasks have been sent to me while I have been away from my PC. I will usually continue a task that I started in the morning or focus on a new project. My afternoon can sometimes be broken up by meetings and calls with clients, so I try to be more organised with my time, so I can complete tasks within a smaller time frame if necessary. As it comes to the end of the day, I will finalise any small jobs or tasks that can free up space for me to focus on a larger project for the next morning.
Have you experienced any opportunity for growth at Napier?
Joining Napier with little to no experience in marketing was a worrying thought when I first applied for the role. But Napier has offered me several opportunities to grow my skills and knowledge as I develop within the position as Marketing Specialist. Whilst I work at Napier, I will be completing a Digital Marketing degree with Chichester College, which begins in September. I couldn’t have asked for a better experience and introduction into the industry and I would highly recommend the role to any young and eager people looking to start their path in B2B Marketing.