Marketing is a process that allows companies to create a sense of value and build a reputation. A marketplace is defined as the collection of buyer-seller relationships and interactions. In marketing, marketers create a need or a satisfaction for customers so that they will continue to purchase or do business with them. In essence, marketing is the process by which organizations create and establish a customer base that will keep them in business. Marketing also involves the process by which organizations develop and enhance their reputation in the marketplace.
A marketplace is made up of many interacting market players, each with their own objectives and characteristics. While there are many business opportunities within a marketplace, a particular market system is any interactive process allowing many such market players to provide and demand what is needed: providing buyers and/or sellers with a range of options and services that help them make buying or doing business more convenient and efficient. There are numerous types of marketing systems, each with their own strengths and limitations. The following list outlines the most common types of marketing systems:
o Sales: Sales represents the most direct and most profitable form of marketing used by business owners. This type of marketing system provides the opportunity for business owners to earn revenues directly from a primary customer. The earning potential of this type of system is relatively high, making it a good investment for both the buyer and the seller. The key benefits to using sales revenue to generate revenues include the ability to lock in a customer’s attention and loyalty, as well as the ability to leverage the purchasing power of the customer. An excellent sales revenue strategy will increase the speed of customer return on investment and the profitability of a business.
o Customer Service: This marketing strategy enables small business owners to provide personalized service to clients. For example, when an individual enters a store to buy a pair of jeans, they expect to be greeted with helpful employees who are ready to help them locate the right size, choose a style, look smart and help find their best fit. These employees are likely to convert from just shoppers to long-term customers if they are comfortable with the personal touch that surrounds their shopping experience. Salespeople represent the face of the company and the reason customers buy. Successful sales and service strategy will build a strong customer base while creating strong earnings growth.
o E-marketing: An e-marketing system creates and disseminates advertising information to targeted consumers via the Internet. This strategy significantly reduces the expenses associated with print, television and other traditional advertisements and is a great investment for small business owners looking to increase revenues. Internet advertising consultants can customize a robust e-marketing system to meet the needs of a specific client and can also offer small business owners assistance in incorporating e-marketing into their current marketing strategies.
o Lead Generation Marketing System: Lead generation marketing system is a comprehensive marketing system that targets a specific consumer niche and increases the company’s profitability through customer loyalty. The primary goal of this marketing system is to acquire new clients and retain current clients through personalized customer care. The various techniques used to generate leads include email marketing, telemarketing, lead capture systems and various forms of event marketing. Affiliates, or representatives who are hired by the company to generate new clients on their behalf are known as lead brokers. An effective lead generation marketing system greatly enhances the profitability of the small business owners’ overall marketing strategy and is the core of any successful advertising and lead generation efforts.
o Branding Strategy: A branding strategy refers to a consistent and steadfast visual identity that allows a product, service or an idea to penetrate the target market and create a positive recall. This concept is a must in today’s consumer-driven market and is usually developed and implemented by marketing systems. Some of the most prominent brand names in the world are Apple, Toyota, Proctor & Gamble, Coca-Cola, and McDonald’s. A successful branding strategy not only creates trust between potential clients but also builds loyalty among existing customers. Branding is one of the most important aspects of e-business and implementing effective brand strategies is a top priority for companies.
o Lead Generation System: In every business, there is a requirement to generate leads and hold them for later conversion into actual sales. It is imperative for small business owners to hire professional lead generation systems to get desired results. Many companies provide customized marketing systems and help marketers select the right kind of lead for each type of business. Marketing professionals use various techniques like internet advertising, telemarketing, and traditional techniques to hold conversations with potential clients. With the advent of the global economy and tougher competition, marketing professionals are finding it more difficult to sustain their leads and keep them in a state of constant engagement.