Marketing is defined as the art of selling a product or service. To the critics, it’s manipulation. To the practitioners, it’s a service to consumers. In reality, it can be both. But as more and more consumers are achieving higher education and becoming smart shoppers, the marketing game is evolving, with consumers dictating truth and honesty more than ever. This parameter being set by the public can make it more difficult for creative and tactical sales gains for marketers and retailers. But by looking it is a change that can do both sellers and buyers good. Here are some reasons why.
Due to past disappointments from overpromises, shoppers are more savvy and resilient to promises. With the technology allowing them access to more information and do background check on a company’s reputation and product offers, one is forced to deliver what they promise. If one takes this responsibility seriously, the rewards are so huge in terms of long-term gains and savings.
Harping on true product offers and real promises gains consumer trust, which is the first hurdle that marketers have to break to close sales. If this favor is given to a product, or even more important to a service, then the company is one step closer to converting interest to purchase. At this stage, only a little more prodding is required to overcome other barriers such as price, competition, or other circumstances.
Once a shopper is convinced to finish transaction, consumer satisfaction is the next battle that needs to be won. A company that sticks to marketing only what it can deliver manages the expectations, and sets the bar on the level of approval one should be mindful of with the purchase. If expectations and needs are met accordingly, this opens the opportunity for repeat purchase, making the company’s marketing effort worth it as sales conversion does not stop at trial, thus increasing the chances of sustainability for the product to stay in the market.
The advancement of a trialist to a regular buyer makes it less difficult to market a product. A targeted approach, which is usually cheaper, can now be an option to sustain interest or increase purchase per transaction.
As retailers continue to keep consumers happy and enjoy their loyalty, they also get in return more than sales but additional marketing mileage as well. A person with high regards and continued satisfaction for a brand being used shares this experience to at least 5 of their circle of friends. A viral word-of-mouth marketing is then set by loyal users themselves, and a company gains free “promoters” who are more convincing than the paid push-girls, which new buyers do not trust. Whereas overpromising and dissatisfaction leads consumers to tell at least 10 friends in their circle, anyone who would listen to their disappointment. This can put a largely supported marketing campaign to waste if bad feedback spreads out.
Responsible marketing requires companies to be more careful and strategic in their selling propositions, but this extra work will ensure them secured sales even when their budget for advertising runs out.
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How true, how true.
Good to see another Responsible Marketing advocate out there.
Keep up the good work.
Patrick Byers
The Responsible Marketing Blog
http://responsiblemarketing.com
Comment by Patrick Byers — October 13, 2008 @ 11:53 pm