We live in a world where one always has an option available. Market factors create these options, and one of the major market factors is the competition or tussle between the players in the market for a particular product.
As a result, companies launch new products in the same market segment where a major player already dominates.
This creates competition, which leads to the development of new products by the companies to remain in the market and give a tough fight to their competitors. But one cannot win by introducing new products; one has to make them visible to the customer’s eye. This is what advertising or marketing a product means.
Therefore, certain segments of marketing must be prioritized. The majority of these segments are the three marketing dials.
What is marketing?
The technique by which a company is able to advertise, sell, and deliver its products to its consumers or other companies is what we call marketing. In a nutshell, it is a marketing strategy in which one company makes its products visible to every consumer and competitor in the market.
When a company launches a product in the market, it should do its best advertising if it knows the product has a certain potential to gain confidence in the market. The companies need to reach their key markets and customers by way of different things, like:
- Companies often introduce their new products by showing the benefits a consumer can enjoy.
- Companies hire celebrities to appear in television commercials so that their product reaches every corner of the globe. People try it because they have seen their celebrities use the products.
- Companies also use large banners on city streets to advertise their products.
- Companies ensure that all the supermarkets are selling their products in their shops, as consumers’ psychology often leads them to try a new product.
- Companies must also ensure they are on the right path to compete with their competitors’ products.
- To increase customer acquisition, they should provide a distinct quality in their product that no other company in the market provides.
- Companies have to also focus on social media marketing to attract the youth.
The 3 dials and the growth provided by marketing to the companies: –
The three controlling factors, or dials, of marketing are as follows:
SOV (share of voice)
Share of voice is a measure of a company’s advertising or market share that it owns compared to its competitors. It gives a detailed analysis of how a company works on its marketing and details about its market share. In addition, it gives information regarding how much a company has spent on advertising compared to the market.
Companies scrutinize this information and analyze where they could be improved or what has boosted their product’s market share compared to their competitors.
IQ (impact quotient)
The advertisement of companies’ products is not meant to be funny or professional, though it can be creative sometimes. Instead, a company’s focus should remain on ensuring that the advertisement is catchy and convincing to reach a large audience.
This will make consumers aware of the company’s product and help it grow and become more popular daily. This can be done by hiring marketing strategists with a lot of experience and ad writers who provide creative, catchy, and convincing advertisements for companies’ products.
PEF (personal experience factor)
The companies have to take into account their personal experience in the market. The companies must monitor how much popularity they have gained in the past year or two. They have to keep a check on whether the employees are giving their best or if the product is gaining constant popularity in the market among consumers. It is all about a company thinking from the consumer’s perspective. This can be done by taking reviews on social media.
Marketing has become the most crucial factor in the growth of a particular business. Its distinct analytics has assisted many companies in reaching their target markets. In addition, marketing has also helped boost a company’s product growth, as there has been a boom in sales if the marketing strategy is correctly applied.
Companies have amassed massive customer bases by employing the proper marketing strategy. It creates knowledge about a particular product, spreads awareness for it, and helps people know how to use that particular commodity. The importance of marketing in today’s world is to spread awareness, introduce new products, and improve people’s living standards.