What is the purpose of marketing?
The purpose of marketing is about understanding the consumer journey, and by using this information to help brands grow. Marketing is the process of getting people or consumers interested in your brand’s product or service. It can impact a brand in a positive or negative way. Good Marketing practices can help build brands through great experience and support building strong brands.
How Does Marketing Create Value for your brand?
It is vital as a marketer to create value for your customers. Creating value is what differentiates your brand from your competitors and helps secure long-term relationships with your customers.
There are 3 types of value that enable marketing to have an effect on the success of a business:
- Business Value: Short and long term growth with greater efficiency and enhanced productivity which leads to earning revenue.
- Consumer Value: Consumer journey and behaviours that affect brand choice and loyalty. It helps to sell products and services.
- Cultural Value: Core beliefs and practices that create an environment in which people operate and influence
As a marketer, it is important to identify and prioritise key actions that can be taken to increase value. Thus, a marketing strategy plan with effective executions is needed to improve delivery and have an influence on value creation. A good marketing strategy plan not only add values to your consumers but also to your business and help build a culture. Values can be created from various methods and perspective. Building value helps you build brand trust and it is one of the key drivers of business success.
Why is it important to create value?
Creating value allows you to deliver more than what your customers are expecting. It is an empathetic approach to seek customer satisfaction by providing them more than what they pay or expect. It is a customer experience a brand is providing beyond making a purchase.
Some actions that can be taken are such as:
- Create educational content on social media such as how-to content or videos
- Holding workshops
- Expert advice and blog content
- Having a referral and Loyalty programme
- Product Sampling
No matter what method you choose to create value, the key is to make sure that your customers find it valuable and useful. It is an affordable way to capture and increase brand affinity and loyalty long term.
Here are a few key considerations to help create value for your brand:
- Discover the purpose behind your brand
- Understanding your target audience
- What is the consumer journey for your brand?
- How does your product or service help solve your customer’s pain points
- How can you integrate your product and service in the consumer journey?
- Build a brand story and messaging
Not sure where to start? Let us help you and be part of your journey!