The European market is one of the most successful markets in the world. Its success relies on industrial and marketing strategies. Over the years, the European market has undergone a considerable transformation to adapt to the current market trends. These days, the European market is entering into a more globalised economy.
The business industry is becoming more competitive, prompting companies to soar higher. The ability of companies to perform in this highly competitive environment depends on a wide range of factors. Factors such as trade, digitalisation, investment, and marketing.
Importance of Marketing
Planning a perfect marketing strategy is one way for your business to succeed. The majority of people’s perception of success is because of luck, which is incorrect. The success of a business depends on the marketing strategy of the marketers. Products are not sold randomly or by chance. Products are sold with the help of the marketing department, who thinks about how to sell the product.
They think about where the rightfully place the product and how to reach out to the customers. The more you advertise the product, the more customers become curious. Customers who buy the product because of the advertisement is a sign that your marketing strategy is working.
The 4 P’s and C’s in Marketing
We are familiar with the 4 P’s and 4 C’s of marketing if they are discussed individually. But how about a collaboration among them? Marketers in Europe value the basics of marketing because they are aware of how vital these marketing strategies are.
1. Product & Customer Needs
Most people perceive a product as a substance, an item, or services offered by the company. What most people do not know is that the product is the producer itself. That product is you, what you create. And the customers’ needs are the need of the people you need for your business’s success.
The product that you create must match the needs of the people. This is how to gain potential customers even when your product is not yet available. It would help if you thought of the people’s needs first before producing the product. Although not all of your products can meet the customer’s eye, there’s always room for improvement.
You cannot be a successful businessman overnight. Fails and disappointment will great you along the way. What matters here is your will to continue and figure out what the people need. The application of research and development is essential in this part of the job. This shows how dedicated a company is by innovating and improving its products to meet the customers’ needs.
2. Price & Cost
We see successful companies in Europe and all parts of the world nowadays. Their products are displayed in stores and malls. People tend to question how these companies could grow as big and successful as they are now. The answer to that is these companies went through a lot before getting to where they are now.
Success doesn’t come without a cost. There’s always a price to pay for anything. In this strategy, discussing a product’s price is simple. The tricky part is coming up with the ‘right’ price for your products. These companies spend years studying the actual cost of materials and products and the pricing strategy of their competitors.
3. Promotion & Communication
This is one of the most important marketing strategies in the business industry. Companies take special note on how to get people to know their product. Companies develop different marketing strategies to engage in a wide range of customers. They use various marketing strategies such as direct marketing, point-of-purchase, cause marketing, and most importantly, digital marketing.
These companies develop marketing strategies that attract their customer; they promote their products in many ways. Product promotion became a competition between companies. This is for the reason that the most advertised product gets sold the most. Creating the right marketing strategy for your product is a way to boost your purchase and success rate.
4. Place & Convenience
Many would not believe it when business marketers say that ‘the place where it’s more obvious to meet your costumers is not the place where they need you the most.’ This applies to product marketing in a place where there is a lot of competition. For instance, you are selling shoes in the shoe market. The success rate for your business will most likely decrease.
The oversupply of products with great competition equals less success. You need to place your products somewhere where it stood out from other products and garners people’s attention. Putting your product in the right place and at the right time contributes to your businesses’ growth.
The success you gain from these marketing strategies is not supported by luck. It is a result of a proper marketing strategy.