Understanding Marketing Influences
There is an increased degree of cooperation between buyers and suppliers. These trends are expected to continue. The following five marketing influences affect companies today. This article discusses these five forces in more detail. This article will explore product quality, product improvement, price, persuasion and image advertising, and social media branding. The information is presented in an easy-to-understand manner.
External marketing environment
When we speak of the external environment, we talk about external factors influencing a company’s marketing strategies. These factors range from domestic and global to economic, social, and technological factors. These factors may affect the price of goods and services, the cost of conducting business, and the behavior of the market. However, these factors are generally beyond the control of the marketing manager. To understand the importance of the external marketing environment, we should first define what it is and how it affects a business regarding marketing influences.
The external marketing environment includes external factors that affect a business, including customers, suppliers, competitors, and vendors. This external environment is dynamic and static and is not always easy to predict. However, some significant trends can influence a business’s marketing strategies. First, people of all ages define broader interests and defy traditional consumer profiles. In addition, the number of men and women who can purchase products is growing.
Secondly, a brand’s external marketing efforts should be focused on the internet. This is done through social media and other methods of spreading the word. Creating and maintaining social media accounts and keeping updated with relevant news is another way to engage customers. For a company to have an effective external marketing strategy, it must use these channels. A comprehensive practice management system can help you organize all the different ways customers hear about your brand. If you don’t want to rely on these methods, consider hiring a digital marketing agency.
Moreover, it is necessary to analyze your competitive environment to ensure your business’s success. For example, if you sell carpets, you may have to compete with wood flooring. Wood flooring, on the other hand, is a cheaper alternative to carpeting. And since customers tend to save money in these tough economic times, companies must always be aware of changing trends. And, if you don’t, you’ll be left behind!
There are several marketing influences on product quality. Quality refers to a product’s satisfaction and functionality, not just appearance. A high-quality product is a great selling point and is essential for maintaining a positive reputation in customer markets. High-quality products are cheaper to produce and deliver, improving ROI and generating repeat business. A high-quality product is also a better investment, as it will save the company money and boost its revenues.
This includes product design and manufacturing. While engineers design a product, manufacturing and the finance department price it, and marketing sells it. If the product is not of high enough quality, the manufacturer will experience a demand reduction. Quality is the foundation of customer satisfaction.
There are many marketing influences on product quality. Quality studies have grappled with questions of what constitutes high quality, how to measure it, and what makes it timeless and socially determined. Empirical research has focused on quality correlations, such as price, advertising, marketing, and market share. The value of product improvement has been shown to increase profits. Therefore, product quality and improvement are important marketing influences.
What is product improvement, and why does it matter? It matters because, in this competitive environment, products in the market continuously evolve, putting pressure on us to improve faster. The question is, what improvements need to occur?
This is where we leverage customer communication channels. Communicating with our customer base can receive feedback from those who matter most. We often assume we know what the customer wants and find that after the investment of time and resources, we truly did not understand. It is through communicating with our customers that we can identify pain points.
Customer surveys are another powerful tool for collecting feedback. Surveys are data-driven and allow customers to rank features that are most valuable to them. Marketing departments can then communicate these findings with developers and implement the most requested features.
It is also important to gather competitor information. If they announce a new product improvement that your customers will love, it is important to adopt the same feature quickly. We witness this in technology, where devices implement competitor upgrades within a new product model or two.
Monitoring societal attitudes are equally important for improving a product’s quality. Companies need to monitor customer attitudes and gather internal and public data to help them improve their products. Internal data is usually obtained through customer surveys, interviews with potential customers, and reports from salespeople. General information comes from pollsters, independent research organizations, and news media.
The pricing of a product has a significant impact on sales and profitability. In many industries, a reasonable price is key to gaining market share and attracting customers. The cost of a product determines the marketability and future of a product and serves as a weapon against competitors. Pricing decisions are crucial because they impact a company’s remaining activities. Increasing a product’s price by 1% can boost profits by eight percent. Therefore, companies must carefully consider the pricing of their products and services to ensure they meet their goals.
Pricing is often determined at the top management level and the lower-level staff. The pricing policy must match the marketing mix; otherwise, customers will not be attracted to the price. Pricing policy should be decisive and adhere to a standard. In some industries, a price cut is the best way to create deal-prone customers. In other industries, a price cut is an effective means to boost sales.
Setting a price for a product requires knowledge of the utility and demand for the product. High utility products can sell for a high price, while low utility products can’t. Likewise, price settings must consider whether the demand is elastic or inelastic. Elastic demand can support a lower price, while inelastic demand can justify a higher price. Pricing must also consider competitive factors such as product differentiation, salesman effectiveness, and customer service.
Pricing is crucial for any business. Pricing helps you create a favorable image of your product and enhance its perceived value. The price you charge is the value customers are willing to pay for a product. Your strategy should consider the cost of production, target market, supply-demand, and more. In short, price is one of the five marketing influences. Considering your position in the marketplace and the profits you need to meet your target would be best.
Persuasive and Image advertising
When creating an ad, the main objective is to convey the message; an attractive picture is not always the best way to achieve this. On the other hand, the absence of an attractive picture can improve the effectiveness of a verbal claim.
As the name suggests, persuasive advertising strategies use emotive ideas to motivate consumers to make a purchase. These advertisements appeal to a consumer’s desire and need by using “you” language, creating personal benefits for the consumer, and establishing credibility. To be persuasive, advertisers use images, famous faces, and powerful words to create a favorable impression of the product or service. This technique encourages consumers to make repeated purchases and higher quantities of the product or service.
Another way to engage consumers is by using testimonials, preferably from actual customers. Even recognizable figures like the president and actresses use brand testimonials. These testimonials can be promoted in various ways, including on social media. By promoting the products of companies with patriotic values, companies can demonstrate their local manufacturing or sourcing efforts. They can also show their commitment to the communities in which they operate.
In some cases, persuasive advertising can be helpful if the product or service has instructions the consumer can follow. In addition to informative advertising, persuasive advertisements often build an emotional connection with the audience, which is crucial in converting potential customers to loyal ones. They are also vital in marketing a product.
The Importance of Consistent Visual Identity and Data Visualization in Social Media Branding
A consistent visual identity is one of the most critical aspects of social media branding. The logo and color scheme are crucial visual branding elements since they connect content and brand in consumers’ minds. Other visual identity aspects include brand guidelines, illustrations, and bespoke, high-quality photography. The more consistent your visual identity, the more likely consumers will remember your brand in the future. Similarly, consistency in content marketing is essential to get a wider audience.
Social media branding aims to attract a massive audience while boosting your brand’s reputation. To be successful, you must blend innovation and reliability. The right mix will draw in new customers and build brand loyalty.
Inconsistent brand identities are detrimental to brand marketing. Social media integration tools allow marketing and branding companies to quickly and effectively implement their services. This helps you to develop a consistent and authentic brand voice and reach your target audience. It also helps to boost your social presence. A flourishing social media brand can help build a loyal customer base.
With social media becoming more, brands are increasingly reaching their audience and making their brand even more robust. Before you get started with your social media branding campaign, make sure you update your brand’s profiles on all platforms. Remember, your customers want to buy from brands they recognize and trust. Creating an impression of an authentic brand that reflects your personality will attract more attention from customers. Therefore, developing a solid social media branding strategy that can grow with consumer habits and trends is critical.
Marketing influences reach the customer directly and may be the first impression of your brand. Influences should reach the potential customer on multiple platforms during the customer journey. We have covered five marketing influences that we believe are important to consider when creating your marketing campaign.
Edward Pinela III, MBA, is the Founder and CEO of Lightray Solutions, a global service agency providing digital marketing, graphic design, websites, internet design and mobile app development services.
Questions on marketing influences? What would you have added to this article? Share below in the comments — I’d love to hear them!