1.

DIFFERENCE MARKET & MARKETING

The market is defined as a physical or virtual set up where the buyers and seller need to proceed exchange of goods
and services. Marketing is a set of activities that identifies, creates, communicates and supplies consumer needs. The
main difference between Market and Marketing is that a Market is a place where people go to purchase and trade
equipment, whereas Marketing is a process to generate standards for the consumer.

 Market is a place where buyers and sellers meet

 Marketing is an activity or set of activities to promote a product or service
 Marketer is involved with sales and payback, as well as production and distribution
 A marketer is directly involved with a product or service since it impacts their buyer’s (customer’s) decision
making
 In marketing, not all marketing strategies are effective in all areas of the world

A market is nothing but a place where potential buyers and sellers meet to exchange the goods and services. Here, both
the parties play a significant role in fixing the prices, where the buyers determine the demand and seller determines the
resources. Traditionally, the market is a confined place where you go physically (bazaar or a shopping mall) at a
particular time and make the purchases. But today, with the invention of E-commerce the definition of the market has
changed drastically, giving customers an array of items to choose from under one roof. Customers can buy things from
various online portals anytime and anywhere.

Marketing is a comprehensive term that involves all the activities, research, designing, pricing, promotion,
transportation and distribution. The term marketing is divided into 4Ps, product, place, price and promotion. These 4P’s
helps the marketer to determine a customers’ requirement, according to which they will fulfill their demand and satisfy
their need. The main aim of marketing is to create, build and maintain a relationship with the customers and deliver the
best customer experience.

Market Marketing

                                                                Definition

A place where buyers and sellers meet to exchange Marketing is a method that determines human nature, their demand and a need
goods and services to satisfy them

                                                        Type of Process

It is a process where the demand and supply fix the It is a process of researching, analyzing, creating and delivering the best to the
price of a commodity customer.

                                                          Scope of the concept

Market is a confined concept Marketing is a comparatively bigger concept that includes a wide range of
activities

                                                              Variation

The market varies by product, place, demand Marketing remains same irrespective of product

                                                        Target audience

Anyone Specific
Market vs. Marketing

The market is such a place where buyers and sellers meet and generate a connection with each other, whereas
marketing is a procedure to analyze the importance of customers. Market describes as an arrangement to see
purchasers and suppliers with each other to accomplish the operation, while marketing is an occupation that categorizes
social and public requirements and fulfills them. The market is a narrow conception, whereas marketing is an extensive
conception that contains varied activities. The market is the idea of collaboration between buyers and sellers, while
marketing is the standard progression by which human desires are recognizing and ultimately pleasing.

The market is a system or a point of particular dealings, whereas marketing is a process relating to different activities.
The market is assembling on the many types of equipment like goods trading, quantity trading, environmental locality,
etc. while marketing viewpoint usually is even for any kind of product or service. The market fluctuates by different
merchandises, habitation, features, and many more, whereas the marketing viewpoint remains the same, it has no
trouble to apply anywhere. The market is a business between the parties, while marketing is an extensive perception
that contains miscellaneous deeds; it has the relationship between customer and company.

Market fixes the value of a product by the handling of demand and supply, whereas marketing is delivering its best to its
consumers by exploring and considering. The object of the market is to mark anyone who is at the place, whereas the
objective of marketing is to mark specific viewers or audience.

What is Market?

A market is a place where people go for buying and selling things, and it is a particular place where sellers of specific
goods or services meet and exchange with buyers of those goods and services and generate the transaction between
them. The operation is proceeding directly or indirectly as well through representatives or associations. Several
customers and merchants in a market are performing an essential part in fixing the prices of goods and services. The
customers select the demands of products and suppliers to control the supply. It is an arrangement where transactions
are settling comfortably, and incomes are assigning between diverse participants of society. The market is dividing into
different markets, such as a wholesale market, retail market, and the financial market, and many more. It is a standard
that is simplifying these dealings for an economy. It permits to exchange goods, services, information under the
consideration of the law.

A market is not only a meeting place for buyers and sellers. It is representing a conventional of all the prospective buyers
in an atmosphere. Usually, the market is a small place where you go physically, just like a bazaar, or any shopping mall at
a particular time and make purchases. There are three main components of a market network; demand, supply, and
purchasing power. The market has to stable supply and demand. Money and buyers both play the most critical role in a
fair, and without both of them, it is hard to imagine the survival of a market.

What is marketing?

Marketing is the procedure for studying, classifying, and sustaining customer needs. It mentions the production of that
actions in which the company is involving in exploring, in producing, and in supplying the value to the consumers. The
primary purpose of marketing is to form and sustain a strong association with the clients so that the entire organization
can secure profits. The objective of marketing is to facilitate the customer with the best products and services.
Marketing builds a connection between companies to customers. Marketing is a collection of tools and accomplishments
which simplify business, and marketing is an extensive formation that covers various activities. The marketing practices a
combination of such events which intention is to promoting the company’s brand or product in the market. Marketing
activities are dividing into four components that are product, price, place, and promotion, and the four Ps equally
compose the vital combination of the need for a company to bring a product or service to the market. These four
elements help the dealer to control the demand of the customers and fulfill their request and satisfy according to their
needs because the most critical focus of all marketing activities is to consumer satisfaction.

The main aim of marketing is to make, construct, and preserve a relationship with the customers and to deliver the best
experience to the customer. Some activities of marketing start before the creation of activates. Marketing is a non-
figurative deed. Marketing does not vary according to the product and prices. Its philosophy remains the same and does
not change by any factor.

 Conclusion

Market and marketing both are significant for the business world; the market mentions to a particular place, but the
marketing represents an abstract action. Market match demand with supply and marketing creates demand. They both
impressions increasing extreme importance in the business.

2. DEFINE CUSTOMER NEEDS & WANTS & DEMAND

 Needs: Needs are the essential things to fulfill the states of deprivation for our survival. Needs can be basically
divided into Physical Needs, Social Needs, and Individual Needs.
 Wants: A want is a product desired by a customer that is not required for us to survive. So, want is the complete
opposite of need, which is essential for our survival.
 Demands: If a customer is willing and able to buy a need or a want, it means that they have a demand for that
need or want.

Needs

“Needs” is the basic human requirements like shelter, clothes, food, water, etc. which are essential for human beings to
survive. If we extend this further, other needs are education, healthcare or even a social thing, for example, belonging to
a certain society or self-expression. One can say that the products which fall under the needs category of products do
not require a push. Instead the customer buys it themselves. But it’s actually not true. In today’s world with thousands
of brands competing in the same categories with identical offerings satisfying the same needs, even the “needs category
product” has to be pushed in the consumers’ mind. Example of needs category products / sectors – Agriculture sector,
Real Estate, Healthcare etc.

We all know about Maslow’s hierarchy of needs which categorizes needs into 5 levels starting from physiological needs
at the bottom and going up to self-actualization needs. But what’s important as a marketer to know which level of need
is your brand targeted to. Let’s look at some of the examples of brands which are targeting different levels of needs

 Physiological Needs – Food companies (Nestle, Pepsi, Coca Cola)

 Safety Needs – Insurance companies (ICICI Prudential, Tata AIG, HDFC Life)
 Social Needs – Social networking sites (Facebook, Twitter, Instagram)
 Esteem Needs – Luxury brands (iPhone, Mercedes, Estee Lauder)
 Self-actualization needs – Non-Profit organizations and NGOs (UNICEF, Teach for India)
In marketing, there is another way to categorize needs. There are basically five types of consumers’ needs:

1. Stated Needs – As the name suggests, in this case, the consumer explicitly states what he wants. For eg. “I need
a phone”.
2. Real needs – This is more specific. So when the consumer wants a phone to remain connected to his friends,
family and colleagues, the actual need be a phone with high battery backup and not high camera resolution.
3. Unstated needs – The consumer also expects warranty and other sorts of after sales service when buying a
phone which he might not say explicitly.  
4. Delight needs – The consumer would like the phone manufacturer or the dealer to give him some free gift or a
promotional item (phone case, tempered glass, free SIM etc.), but he doesn’t clearly express that he wants
something with the phone.
5. Secret Needs – These are the needs which the consumer feels reluctant to admit; for example the consumer
wants the phone for his status symbol but he feels uncomfortable to admit that status is important to him.
In the above example, responding to only stated need ie., “I need a phone” doesn’t help in arriving at a right product
proposition. As a marketer, it is important to dig deeper and uncover not only the real, but also his other needs:
unstated need, delight need and secret needs.

Wants

"Wants" are a step ahead of needs Wants aren’t essential for humans to survive, but it’s associated with needs. Simply
put, a want is a product desired by a customer that is not required for us to survive. So, want is the complete opposite of
need, which is essential for our survival. Wants aren’t permanent and it regularly changes. As time passes, people and
location change, wants change accordingly.

 Wants are directed by our surrounding towards reaching certain needs. Therefore, human’s wants can be varied
depending on each individual’s perception, environment, culture, and society. For example, an Indian needs food but he
may want a Dosa or Paratha while an American may want Burger or Sandwich. Example of wants category products /
sectors – Hospitality industry, Electronics, FMCG, Consumer Durables etc.

Demands

Wants turn to be Demands when a customer is willing and having the ability to buy that needs or wants. The basic
difference between wants and demands is desire. A customer may desire something but he may not be able to fulfill his
desire. Consequently, for people, who can afford a desirable product are transforming their wants into demands. In
other words, if a customer is willing and able to buy a need or a want, it means that they have a demand for that need
or a want. You might want a BMW for a car or an iPhone for a phone. But can you actually buy a BMW or an Iphone?
You can, provided you have the ability to buy them. Example of demands –Luxury cars, 5 star hotels etc.

Many people want a BMW, but only a few can buy one. So, it’s very crucial that one must measure not only how many
people want their product, but also how many are willing and have the ability to buy it.

Conclusion

First, you need to figure out the underlying need that your product will satisfy and who are the consumers who might
want your product. Depending on their external and internal environments, different people might want different
things. Marketing strategies should be based on your target market’s needs, wants, and demands. Before you develop a
marketing strategy for them, make sure to consider the underlying customer needs and demands.

3. WHAT ARE THE TYPES OF CUSTOMER NEEDS & WANT

3 MAIN TYPES OF CUSTOMER NEEDS

Customer needs can be broken out into many different varieties and categories. For example, a customer might need a
solution that has specific functionality, falls within a set budget, or provides a certain level of reliability.

Ultimately, all customer needs can be categorized into three main types: functional, social, and emotional needs.

1. Functional Needs

Functional needs are the most tangible and obvious of the three main types of customer needs. Customers typically
evaluate potential solutions based on whether they’ll help them achieve a particular task or function. The product or
service that best addresses their functional need is likely to be the one they purchase, or hire.

Functional needs can be broad or extremely specific, depending on the customer’s buying criteria.
For example, a customer who’s planting a garden for the first time might say, “I need a garden hose.” Meanwhile, an
experienced gardener might tailor their criteria by saying, “I need a hose that’s long enough to reach my vegetable
garden from my backyard spigot.” Another customer who’s dealt with the frustration of using a low-quality product
might tailor their need differently by saying, “I need a high-quality garden hose that won’t tear or kink from regular use.”

With this kind of insight into customers’ functional needs, a company that manufactures garden hoses might develop
new products, such as hoses that come in a range of lengths and don’t kink.

2. Social Needs

A social need is a customer need that relates to how a person wants to be perceived by others when using a product or
service. While social needs aren’t typically a customer’s primary concern when considering a purchase, they can
influence their final decision.

Social needs are often more difficult for a company to identify, and vary substantially from customer to customer. By
understanding various social needs, you can look for patterns among your users. If enough of your customers share a
particular need, consider how it can inform your product development, sales, and marketing processes.

Returning to the garden hose example, imagine the customer is a member of a gardening association. Members of this
association have an affinity for high-tech gardening tools and regularly discuss new products they’ve tried. The customer
may decide, either consciously or unconsciously, to purchase a hose with advanced features—for example, one that
connects to a smart water controller—to bond with other association members.

If, on the other hand, the customer is an environmentalist who’s active in various communities, they might be more
concerned about whether a hose is made from sustainable materials that their fellow environmentalists use.

3. Emotional Needs

Emotional needs are similar to social needs in that they’re typically secondary to functional needs. Whereas social needs
refer to how a customer wants to be perceived by others when using a product, emotional needs refer to how a
customer wants to feel.

Returning once more to the garden hose example, consider the reasons why the customer gardens. If they find
gardening to be a relaxing hobby, they may be more likely to choose a basic hose over a high-tech option. Alternatively,
if gardening triggers memories of the customer’s grandparents, they might opt for a brand that evokes that nostalgia.

While emotional needs can be difficult to pinpoint, companies that identify those of their customers can use the
information to tailor and optimize their product messaging.

16 Most Common Types of Customer Needs

Product Needs

1. Functionality - Customers need your product or service to function the way they need in order to solve their
problem or desire.
2. Price - Customers have unique budgets with which they can purchase a product or service.
3. Convenience - Your product or service needs to be a convenient solution to the function your customers are
trying to meet.
4. Experience - The experience using your product or service needs to be easy — or at least clear — so as not to
create more work for your customers.
5. Design - Along the lines of experience, the product or service needs a slick design to make it relatively easy and
intuitive to use.
6. Reliability - The product or service needs to reliably function as advertised every time the customer wants to use
it.
 7. Performance - The product or service needs to perform correctly so the customer can achieve their goals.
8. Efficiency - The product or service needs to be efficient for the customer by streamlining an otherwise time-
consuming process.
9. Compatibility - The product or service needs to be compatible with other products your customer is already
using.
 Service Needs
10. Empathy - When your customers get in touch with customer service, they want empathy and understanding
from the people assisting them.
11. Fairness - From pricing to terms of service to contract length, customers expect fairness from a company.
12. Transparency - Customers expect transparency from a company they're doing business with. Service outages,
pricing changes, and things breaking happen, and customers deserve openness from the businesses they give
money to.
13. Control - Customers need to feel like they're in control of the business interaction from start to finish and
beyond, and customer empowerment shouldn't end with the sale. Make it easy for them to return products,
change subscriptions, adjust terms, etc.
14. Options - Customers need options when they're getting ready to make a purchase from a company. Offer a
variety of product, subscription, and payment options to provide that freedom of choice.
15. Information - Customers need information, from the moment they start interacting with your brand to days and
months after making a purchase. Businesses should invest in educational blog content, instructional knowledge
base content, and regular communication so customers have the information they need to successfully use a
product or service.
16. Accessibility - Customers need to be able to access your service and support teams. This means providing
multiple channels for customer service. We'll talk a little more about these options later.

Five Main Types of Customers

In the retail industry, customers can be segmented into five main types:

1. Loyal customers: Customers that make up a minority of the customer base but generate a large
portion of sales.
2. Impulse customers: Customers that do not have a specific product in mind and purchase goods when
it seems good at the time.
3. Discount customers: Customers that shop frequently but base buying decisions primarily on
markdowns.
4. Need-based customers: Customers with the intention of buying a specific product.
5. Wandering customers: Customers that are not sure of what they want to buy.

 Loyal Customers - Loyal customers are the most important segment to appease and should be top-of-mind for any
company. This type of customers generally represents no more than 20% of a company’s customer base but
contributes the majority of sales revenue. Loyal customers, as the name implies, are loyal and value a product
heavily.
 In addition, loyal customers are likely to recommend the company’s products to other people. Therefore, it is
important to solicit their input and feedback and involve them in a company’s decision-making process. Heavy
emphasis should be placed on loyal customers if a company wants to grow.
 Impulse Customers - Impulse customers are the best customers to upsell to and are the second most attractive
segment (after loyal customers) to focus on. Impulse customers do not have a specific shopping list in mind and
purchase products spontaneously. In addition, impulse customers are typically receptive to recommendations on
 products. Impulse customers are second to loyal customers in the generation of sales revenue. Keeping these
customers in the loop on new product offerings goes a long way in improving a company’s profitability.
 Discount Customers - Discount customers play an important role in turning over a company’s inventory. Therefore,
discount customers are a key contributor to a company’s cash flow. This type of customer seldom purchases
products at full price and shops around for the best markdowns. Discount customers are resilient to upselling, are
usually the least loyal segment of customers, and generally move on when better markdowns are available
elsewhere.
 Need-Based Customers - Need-based customers are driven by a specific need. In other words, they enter the store
quickly, purchase what they need, and leave. These customers buy for a specific need or occasion and are hard to
upsell. It is important to note that need-based customers can be easily drawn to other businesses.
 Therefore, it is important to initiate positive personal interaction with this customer segment in order to retain
them. Converting need-based customers to loyal customers is attainable with proper positive personal interactions.
 Wandering Customers - Wandering customers draw the largest amount of traffic to the company while making up
the smallest percentage of sales revenue. They have no specific need or desire in mind and are attracted by the
location of the business more than anything else. These customers enjoy the social interaction of the shopping
experience.
 Therefore, spending too much time trying to appease this segment can draw away from the more profitable
segments. Although this segment generates the least amount of sales revenue, providing insightful information
about products to these customers can stimulate interest and ultimately result in a purchase.
4. MARKET TRENDS
Market trends are tendencies in markets, analyzed by companies, to better inform their business practices. Explore
examples of market trend analysis through customer needs, technology advancements, and market demographics.
A market trend is anything that alters the market your company operates in. A market trend is anything that alters the
market your company operates in. This could be something as far-reaching as artificial intelligence technology, as fickle
as consumer preferences, or as industry-specific as new regulations. In fact, it’s almost certain there are multiple market
trends affecting your business at the same time, right now.

Why is it important to keep up to date with industry trends and developments? Well, because that’s how you grow and
stay ahead of your competition. As author and motivational speaker John Maxwell once said, “Change is inevitable, but
growth is optional.” While you can’t stop the momentum of change like technology or regulations, you can take steps to
grow in tandem with those changes.

This trend-tracking doesn’t have to add up to hours of research every week. By understanding the types of market
trends, you can distinguish what makes sense for your business. This focused analysis helps you adapt and stay
competitive in any rapidly changing business environment.

Take a look around you today; there are smartphones, tablets, and even watches that allow you to make phone calls.
This change in the communication market is an excellent example of a market trend. A market trend is anything that
alters the market your company operates in.

In order to keep your company ahead of the competition, it is important to utilize market trend analysis, or the process
of evaluating changes to your market. Market trend analysis looks at how your industry started in the market, how it has
grown, and where it is expected to go. For example, how cell phones first come about, how their popularity changed,
and how manufacturers and retailers expect the market to change.

Common Trends

In market trend analysis you will want to look at several trends relevant to your organization. Consider the phone
industry. The market trends in technology, changes to customer needs, and communication trends are likely important
trends to analyze. Other market trends that may be important or influential to your business include changes to your
market demographics and changes in the economy

If you only look at technology, you might miss important information on customer needs and interests. Also, if you only
look at the economy, you might not be considering the trends that are relevant and important for your business. Each
trend will affect your organization in various ways so you want to be sure to look at the trends that are relevant, and
consider more than one trend. Let's look at three trends up close and see how they can affect your business.

Customer Needs and Interests

When you conduct a market trend analysis you want to consider the needs and interests of your consumers. For
example, as technology advanced, so did cell phones. As cell phones advanced, so did the needs and interests of the
customers. On the other hand, if you don't continue to meet the needs and interests of your customers, you will be left
in the dust as they move on to the products they desire.

Consider that the cell phone is now used for email, Facebook, Skype, and various other methods of communication.
Because of these market changes, the phone industry is constantly looking for new ways to meet the needs and
interests of their consumers. Phones are becoming smaller and easier to carry, they now have cameras, alarms, schedule
books, and some are even able to turn the lights off in your home.

Market analysis allows the phone industry to understand the psyche of their consumers, and thus, they are able to make
the phone fit the daily needs and interests of the people who want to buy the products. Leave the oven on at home? No
problem, your cell phone can turn it off! By analyzing the current and future needs and interests of your customers, you
can ensure your products and services are cutting edge.

Technological Advancements

Technology changes can be extremely important to any market you operate in. If you are in the phone business, the
development of glass technology, waterproof technology, Internet, and camera technology are all important to your
industry. However, even if you sell coffee, the harvesting, transportation, and roasting of the coffee can be influenced by
technology. In accounting, advanced computer systems via technology affect your daily operations. Even if you are a
chef, technology can influence how you cook your foods.

As you can tell, technological changes are extremely important when it comes to analyzing market trends. What is the
next big thing consumers are looking for, and how can technology meet that need? Take a look at your cell phone. What
did your first cell phone look like? How is this one different? Can you imagine what your next phone might look like?
Smaller? Wider? Better pictures? More sound? Faster?

What is an Example of a Market Trend?

If you try a simple Google search for “market trends,” you’re likely to get a lot of information about stocks, financials,
and investing. Today this term applies to many industries, but it does have its roots in finance. And though your industry
of operation might be B2B services, retail, energy, technology, healthcare, or many other sectors of the economy, you
can still learn from the three ways financial professionals think about a market trend.

1. Short-Term Market Trends

Short-term trends occur over a few hours or days. In marketing or business positioning, this would include news and
current events, social media trends, or sales events like Amazon Prime Day and Black Friday. For example, if a news story
breaks that is relevant to your business, you need to create content about that quickly to capture interest before it ebbs
away.

2. Intermediate Market Trends

Intermediate trends last anywhere from two to eight weeks. In finance, these are rallies and turnarounds that can
mystify analysts. In business, causes of intermediate trends can be easier to pinpoint, but not always. Events like the
holiday season, elections, tax time, or industry-specific compliance deadlines represent some factors that can drive
intermediate market trends. Maybe your competitors do something every year to mark some of these occasions, or your
customers are looking for unique products or services for a few months. Other times, social media influencers or
emerging research drives these trends in interest.

3. Long-Term Market Trends

Long-term trends last years and even decades. These are big societal changes that affect your business, like mobile
devices and artificial intelligence, gaps or deficiencies in the talent pipeline, the COVID-19 pandemic, and culture shifts
like the #metoo movement or demands for racial equity and justice. While you might need to adapt to the new
environment as these long-term trends manifest, responses should be more thoughtful than reactionary. For instance,
just because you know consumers want a mobile-friendly experience doesn’t mean you should implement one without
strategy.

What Are Some Important Trends in Marketing?

Let’s explore two real-world recent trends in marketing with examples to further illustrate the point.

 Short and Sweet Video Marketing: While video watching hit an all-time high in 2020, forecasts estimate
that adults will spend approximately 80 minutes per day watching digital videos on mobile devices by 2023.
One of the best ways to get them to watch and engage with your videos is by keeping them short. Reddit
took this to an extreme during the 2021 Super Bowl, buying a five-second commercial slot as a part of a
brand awareness campaign. It worked, and the Tweet linked to the video has racked up over 464,000 views.
 Pillar-Based Marketing: Content still remains one of the most effective ways to get your audience’s
attention. Pillar-based marketing is a strategy that builds authority, pushing your content further up the
rankings on search engine results pages. Sharing our own win with pillar-based marketing, we published six
pieces of content per week for three weeks around the topic of SEO Keyword Research. The results? We
went from 10 to 59 first page rankings.

How to Determine Market Trends You Should Focus On

There are lots of trends that matter to different consumers at different times. But if your business tries to be everything
to everyone, your message won’t speak to your ideal customer over all the others. Focusing on short-term market
trends might be one way to make customers aware of you through social media or Google results, but it’s how you
speak to long-term trends and show your value that will take them from casual reader to dedicated customer.

There are a few ways you can find out about the market trends affecting your business. As you explore these trends, it’s
also important to be asking critical questions about how your values and service offerings align, fit in, or even run
counter to the trends.

Follow Types of Recent Trends in Marketing

One way to hone in on market trends unique to your industry is to read the publications that are reporting on the
current issues. For example, if you’re looking to stay up to date with recent trends in content marketing, you might
follow Search Engine Journal or Search Engine Land. If possible, sign up for newsletters to receive articles and insights
right to your inbox. If podcasts are more your thing, our own Page One or Bust talks SEO strategy with business leaders
and SEO experts alike.

Use Industry Trends Analytics

Digital analytics tools, like those we offer at DemandJump, for consumer behavior insights can help you get the bigger
picture on your market, your audience, what they are searching for, and how it relates to the greater economy.
Observe Your Competitors

If all your competitors are doing something, does that mean you should do it? Maybe yes, or maybe no. But observing
their marketing is a way to make more educated decisions.

But don’t forget, it’s not just about what your brand considers important. The whole reason for focusing on trends to
begin with is to appeal better to your customers. Your trends analysis should also be paired with market research to
inform your messaging strategy and content creation plan. With DemandJump, customers can dive into the exact
keywords and phrases their competitors are ranking for—giving them the knowledge they need to take over the market
share.

What are the 3 Main Types of Market Research?

Following along with trends just because they exist is never a great idea. To make sure your choices will result in more
business and more customer loyalty, you can’t skip market research. This process will help you understand the problems
customers are facing, and refine the way you present your solutions.

There are three main types of market research:

 Exploratory Research: This approach is used to better-define a problem and your organization's opportunity
to solve it. This research is usually conducted through in-depth customer interviews or discussions.
 Descriptive Research: This approach is used to determine if a product or service is a good fit for the market,
or to judge the general attitudes of customers toward a service or product. In addition to interviews, surveys
may also be used.
 Causal Research: This market research is used to test scenarios or determine cause-and-effect. This might be
conducted through focus groups or A-B testing to see if changing one aspect of the pitch or marketing
strategy changes the outcome with customers.

These market research tactics will help you understand what customers are looking for and what elements motivate
them toward a buying decision. How do their questions change along with their needs? What solutions are they
seeking? With these answers, you will be able to put current market trends in the context of your business and your
market.

What Are the Advantages of Trend Analysis?

There are several advantages of conducting market trend analysis, including establishing better relationships with
customers and driving your business’s sales. Let’s dive into each of these as well as some of the other benefits.

 Building Better Relationships With Customers: When you know who your customers are and what they are
searching for, you can create a marketing plan that will better attract them and keep them once they are
customers.
 Creating Competition: You want to keep up with the competition, and analyzing marketing trends allows you to
do so. What is your competition doing well? What could they be doing better? Look at those areas and
determine what your business can do to remain competitive.
 Supporting Business Growth: When you look at marketing trends, you can determine where your business can
develop new products and services to attract new customers.
 Identifying Areas for Improvement: What could your business do better? Look at marketing trends to determine
what those areas might be and improve upon them.
 Avoiding Crises: The unexpected happens all the time. When you look at marketing trends, you can start to
predict what might cause problems for your business before you actually face those problems.
 Driving Sales: Ultimately, all of these points lead to one big benefit for your business: an increase in sales. Once
you figure out what your customers want and how to give it to them, then hopefully you can improve the
financial well-being of your business via increased sales.

5. WHAT IS A CUSTOMER RELATIONS

Customer relations is the process by which companies promote customer satisfaction and, moreover, loyalty. At its most
basic, it involves managing communications with customers, particularly customer questions and complaints, and
resolving disputes amicably. The ultimate goal of most customer relations programs is to build long-term relationships—
those in which the customer keeps buying the product or service and recommending it to others—with customers. To
meet this goal, companies may go to great lengths to build a strong reputation for lavishing their customers with special
services, discounts, gifts, or other benefits.

Customer relations has become such an important paradigm in modern business that it is common to refer to relations
with a company's "internal" and "external" customers. The implication here is that functional units of a large
organization, e.g., the management information systems department, are expected to develop a service-oriented
rapport with the people inside the business who require that unit's assistance. In this sense customer relations is linked
to stakeholder theory, an approach to business that emphasizes meeting the needs of all interested parties in a business
relationship, including customers, outside vendors, shareholders, and others

Customer relations refers to the methods a company uses to engage with its customers and improve the customer
experience. This includes providing answers to short-term roadblocks as well as proactively creating long-term solutions
that are geared towards customer success.

Customer relationship - the way in which a business and its customers feel and behave towards each other over a period
of time, and the effect of this on the business

Customer relationship is a special type of relationship. It begins when a customer starts dealing with your company.
Every company is responsible for building customer satisfaction and loyalty. Every customer interaction with the
company has an impact on clients. The relationship includes sales support, technical support, and marketing
communications. Customer relationships can be measured by customer satisfaction.
Customer relationship is about managing interactions with previous, current, and potential customers. Companies that
manage their customer relations well develop a customer experience strategy that strengthens customer retention and
promotes customer acquisition.

Benefits of good customer relationships:

 Competitive  Customer loyalty  Brand awareness

advantage  Increased revenue  Customer satisfaction
 Customer retention  New customers

What are the principles of good customer relationships?

 Active listening  Personalized customer experience

 Showing empathy  Understanding/knowing your customers
– CRM system

How do you build customer relationships?

Automate processes

To retain the customers, your company needs to establish automation processes. 

Let’s divide them into categories to explain this. There can be “internal automation” and “external automation”. Internal
automation is to make the internal processes work smoothly. For example, for different departments/agents, you can
set Automated ticket distribution in LiveAgent. This helps your agents work efficiently. 

Tickets are automatically assigned to departments

 On the other hand, creating “external automation”, such as email marketing, can help you keep in touch with your
customers. Both automation processes have one thing in common, which is that they help you retain your customers in
different ways.

Share customer data with different departments

To share customer data safely, you can use customer service software. This software will help you create SLAs, Rules,
and more. Thus, the customer information will be only shared with employees/departments that are allowed to view
this.

Personalize each customer experience

Here are few ways to create a personal customer experience:

 Call the customer by their first name

 Use the customer data for better customer experience
 Keep it positive
 Self-service option/experience

Communicate

Communication is key in any relationship. So, it should not surprise you that it is no different from customer
relationships. To establish these, you need to communicate with customers on many platforms. For
instance: Facebook, Twitter, Email, or in real life. Everywhere you get a chance! This is where your customer service
usually comes in.

6. DEFINE IMPLEMENTATION, IMPLEMENTATION PLAN , IT'S PURPOSE AND IMPORTANT

Implementation is the carrying out of planned, intentional activities that aim to turn evidence and ideas into policies
and practices that work for people in the real world. It is about putting a plan into action; the 'how' as well as the
'what'.

Service standards are important for customers, potential customers, employees and management of a business.
They help to define what a customer can expect and to remind management and employees of the challenge and
obligations that they face.

Use this word to describe the process of turning formal plans — often very detailed conceptual plans that will affect
many — into reality. For example, the implementation of new parking fees means everyone has to put more money in
the parking meters.

An implementation plan—also known as a strategic plan—outlines the steps your team should take when
accomplishing a shared goal or objective. This plan combines strategy, process, and action and will include all parts of
the project from scope to budget and beyond. The purpose of the implementation plan is to provide a format in which
to: Define the tasks/actions required to implement each selected best practice. Develop a communication/training and
implementation plan. Set a timeframe and target dates for the completion of tasks/actions and communication/training.

An implementation plan is a document that outlines the steps your team should take to accomplish a shared goal or
initiative. Implementation planning is the counterpart to a strategic plan. If the strategic plan details what strategies you
will use to hit a specific goal, the implementation plan is the step-by-step guide for how those goals will be achieved.

The purpose of an implementation plan is to ensure that your team can answer the who, what, when, how, and why of a
project before moving into the execution phase. In simple terms, it's the action plan that turns your strategy into specific
tasks. A good way to know whether your implementation plan is effective is to hand it to someone outside of your team
and see if they can understand the project in its entirety. Your implementation plan should leave no questions
unanswered.

An implementation plan is a detailed outline that lists all of the steps necessary to complete a project, including due
dates and responsible parties. The implementation plan generally serves as a supplemental document to the project's
strategic plan. A strategic plan for a project is the plan that determines and outlines the strategies that the project team
utilizes for the completion of a project. The implementation plan divides the strategic plan into individual tasks that the
project manager distributes to the project team members.

7. DIFFERENTIATE CUSTOMER AND CONSUMER AS TO MEANING,

PURPOSE, PURCHASE & TYPE
A customer always purchases a product or service, but might not be the end user. A consumer is always the end user of
a product or service, but might not have purchased it. A customer becomes a consumer if they make a purchase and use
the product or service themselves. A customer always purchases a product or service, but might not be the end user. A
consumer is always the end user of a product or service, but might not have purchased it. A customer becomes a
consumer if they make a purchase and use the product or service themselves.
Customers can give consumers a product as a gift, resell it in original form or as something new, or designate a product
or service for use by a specific group of consumers. For example, a library purchases computers (customer) for library
patrons to use (consumer).

The point at which a customer can become a consumer can be challenging to follow, so let’s go over an example. Say a
coffee shop purchases coffee beans that it will later resell to people who come into the store. The coffee shop is the
customer.

Someone who comes into the store to buy the coffee is a customer at point of purchase, but becomes a consumer if
they drink the coffee themself. If the person who bought the coffee purchased it for someone else, they remain a
customer and the consumer is whoever drinks it.

Customer vs. Consumer Key Differences

Remembering the difference between a customer and consumer is based on three key things: who, motivation and
payment.
A customer is an organization or individual who purchases a product or service with the motivation to resell, gift, or use
it. A customer always makes a payment.

A consumer is anyone that uses a product or service, but they don’t always pay for it.

Customer vs. Consumer Support

All businesses have customers, but not all businesses have consumers. The difference between the two is important
because it helps you have the correct support practices for your specific clientele.

For example, as mentioned above, a textile wholesaler sells to other businesses (customers) that make clothing from the
textiles that are used by consumers. The wholesaler needs customer service for the businesses that buy those textiles,
not a support team that answers consumer questions about delivery delays.

A business that has both customers and consumers needs support practices that are specific to both audiences. For
example, an enterprise business that buys software for its employees’ day-to-day job activities is both a customer and
consumer. That business may have a customer success manager that deals with the enterprise side of support, like
payment issues, and a regular support team that answers employee (consumer) questions about how to use your
products.

Customer vs. Consumer Examples

Let’s go over some example scenarios involving customers and consumers.

Customer Examples

 A business that purchases textiles to make clothing to resell is a customer.

 A manufacturing company buys parts to build a car. The manufacturing company is a customer.
 A chef who buys produce at the grocery store to cook at their restaurant is a customer.
  A customer purchases a bed for their dog at a pet store.

Consumer Examples

 A consumer goes to a library to use the free wifi.

 A consumer receives a birthday gift from a friend.
 An employee that uses software at their job to complete day-to-day duties is a consumer.
 Someone who gets a free sample when visiting a store is a consumer.

Customer to Consumer Examples

 A customer that buys groceries from the store to cook for themselves and their family is also a consumer.
 A customer that buys new furniture for their home is also a consumer.
 A customer who purchases a movie ticket and then watches a movie is also a consumer.
 A customer that purchases software for themselves to use at work is also a consumer.

Who is a Consumer?

The definition of a consumer could get subjective as well as tricky sometimes. In any given business, the one who
consumes the service or uses the goods is said to be a consumer. Note that a customer could be a consumer at certain
times, but not always.

Simply put, any entity who does not have the choice to resell the product or service and use that for its purpose is a
consumer. Or in even simpler terms, every end-user in the chain of buying or using services of products is a consumer.

Let’s take an example here. Say, you are the head of the family and you purchase some milk packets from the retailer.
Till the time you buy those packets, you are a customer. But when that is consumed by you and your family that is where
they are the consumers.

This is when you are entitled to discern the genuine nature and quality of the product. Hence, surveys and consumer
reports have a huge demand for businesses. To truly sustain in the business world, the quality of your services and the
impact it leaves on the consumers makes or breaks the deal.

Types of Consumers

 The Extrovert Type: The kind of consumers who fall in this category are the ones who have a thing for branded
items. They will most likely stick around to them and will strive to become a loyal ones. If met with high-quality
products and services, they have a good chance to convert into brand advocates.
 The Inferior Goods Type: They are the ones who face a considerable dearth of money and are a part of the low-
income status. Hence, they are bound to purchase only those products that are needed for mere survival.
 The Commercial Type: No matter their actual requirement of purchasing items, this category of consumers will buy
goods and products in a bulk. This may or may not be used for commercial purposes.
 The Discrete Type: As the name suggests, these kinds of consumers will opt for a discrete mode of buying habits.
Simply put, they will consider spending a handsome amount on some of the specific items only, say, cosmetics,
jewelry, or apparel. And will mostly steer away from thrifting on the other categories.

Who is a Customer?

Again, the definition of a customer is similar to that of a consumer, but not in its entirety. He is the one who purchases a
product or service followed by a monetary transaction. Note that a customer is not exactly a consumer at all times.
This can be better elaborated on with this example. Say, a mother bought some candies for her kids. In this case, the
mother is the customer, while her kids are the consumers. 

The common thread that unites every business is wooing the customer.

Once a customer is enticed enough and lured to buy a product, then only it can move next to the consumer in the chain.
Over and above, a good marketer always tries to influence the customers first. This induces them to purchase and revert
for some more. As they know that once they motivate the customers to frequent and purchase, thereby
triggering sales and revenue.

Types of Customers

 Resell Customers: They are the ones who initially buy a product with a motive of reselling it to draw a profit.
Wholesalers, manufacturers, trade customers, and retailers fall in this category. Here, they are not the end-
user of the purchased goods.
 Final Customers: These types of customers are the end-users of the product that they buy. They purchase an
item for their personal ingestion and do not resell it for generating profit.

Relationship between consumers and customers

A customer is one who pays for the product or service. They may not be the end consumer. So, a consumer is one who
consumes the service or product. A customer has a direct relationship with the vendor. Though both terms may be used
interchangeably, they are very different. A customer might also be a consumer. For example- If one buys groceries, they
are both the consumer and customer. A customer may be buying something for his friend or family. They may not be the
end-user of the product.

For example- If a user is buying software, it may or may not be for personal or professional use.  The Chief customer
officer may purchase customer success software. The use of the product is by the consumers who are customer success
managers.

BASIS FOR
CUSTOMER CONSUMER
COMPARISON

Meaning The purchaser of goods or services is The end user of goods or services is known as a
known as the Customer. Consumer.

Resell A customer can be a business entity, who No

can purchase it for the purpose of resale.

Purchase of goods Yes Not necessary

Purpose Resale or Consumption Consumption

Price of product or Paid by the customer May not be paid by the consumer
service
 BASIS FOR
CUSTOMER CONSUMER
COMPARISON

Person Individual or Organization Individual, Family or Group of people

Definition of Customer

By Customer, we mean a person who buys the goods or services and pays the price thereof. The word customer is
derived from the term ‘custom’ which means ‘practice’, so the word customer means the individual or entity who
purchases product or services from a seller at regular intervals. It can also be known as client or buyer. They are divided
into two categories:

 Trade Customers: The customers who purchase goods in order to add value and resell them. These include
Manufacturers, Wholesalers, Distributors, Retailers etc.
 Final Customer: They are the customers who purchase it either for their own use or to hand over it to the
final user.

The customers are regarded as the king, in every business because they help in earning revenue. The businesses focus
on converting shoppers into buyers. They also try to maintain a good relationship with the customers in order to keep
the business going. Below given are the three kinds of customers:

 Former customers or ex-customers

 Existing customers
 Prospective customers

Definition of Consumer

We define consumer, as a person who is the end user of the product. The word consumer is made from the word
‘consume’ which means ‘to use’. In this way, the word consumer means a person who purchases the product or service
for his own use or consumption.

As per the Consumer Protection Act, 1986, it does not include the person who purchases the commodity for the purpose
of adding value or resale for any commercial purpose. However, a person can use those goods or services to earn
livelihood or self-employment. Any type of user, other than the buyer who purchases goods, consumes the goods by
taking permission of the buyer will also come under the category of Consumer. It includes the person who avails the
services for any consideration. Moreover, the beneficiary of such services will also be regarded as the consumer. There
are three Consumer protection council in India:

 At national level: Central Protection Council

 At state level: State Protection Council
 At district level: District Protection Council

Key Differences Between Customer and Consumer

The fundamental differences between customer and consumer, in marketing are described below:
1. The person who buys the goods or services from a seller is known as the Customer. The person who uses the goods
or services is known as a Consumer.
2. The customer is also known as buyer or client whereas the Consumer is the ultimate user of the goods.
3. The customer can be an individual or a business entity while a Consumer can be an individual or a family or a group
of people.
4. Customer pays the price of the product or service however he may recover it from the other party, in case if he had
purchased it on behalf of any person. Conversely, Consumer not necessarily pays the price of the product, like in
case the goods are gifted or if they are purchased by the parents of a child.
5. The customer purchases the goods for the purpose of resale or to add value or for his personal use or on behalf of
another person. In contrast to Consumer, who purchases the goods for the purpose of consumption only.
8. CUSTOMER RELATION VS CUSTOMER SERVICE
Customer relations refers to methodologies, and customer service refers to reactive interactions—both are crucial and
work together to create a good customer experience.

The customer service team plays a key role in growing customer relationships, as they are usually the first point of
contact for customers. In customer service, agents help customers in real time to solve issues and deliver a positive
journey through the sales funnel. This presents opportunities to gather feedback and information about customer
issues and behavior that can be communicated across teams.

Companies can use the valuable data gathered from customer service interactions to foster customer relations, and
proactively strive to improve the customer experience and address problems before they impact customers.

Customer Service vs. Customer Relations

You may think they're one and the same, but customer service and customer relations are two very similar concepts
with one distinct difference. Customer service is what your company provides to ensure customer success. It is
an inbound function that's now expected by customers at the first point of interaction with your business. Companies
can provide proactive customer service features, but most customer service functions are delivered in response to
customer action.

Customer relations differs because it consists of both the inbound and outbound measures taken by your company. It
considers your organization's ability to react to present issues as well as your approach to bettering future experiences.
Customer relations focuses on the proactive steps you're taking to engage customers and improve the customer
experience.

Customer relations encompasses all of the important functions that customer service performs, but also includes the
efforts made before and after customer interactions. While responding to immediate customer needs is a great way to
provide excellent customer service, searching for solutions to future roadblocks is how your company can build positive
customer relations.

Examples of customer relations activities

What are customer relations examples? Here are some specific activities of a customer relations team:

 Providing consistently great customer service

 Analyzing customer feedback through surveys and customer service interactions
 Setting marketing strategies
 Working with IT and technical teams to streamline customer interactions and decrease wait times
 Building and maintaining brand credibility
 Ensuring the customer service experience is consistent across customer touchpoints
 Proposing solutions to frequent issues, bottlenecks, and customer holdups (including researching and proposing the
right sales and marketing software)

What is customer relations?

Customer relations is the process a company uses to improve customer experience via interactions and encourage those
customers to engage with what the brand offers. Common customer relations techniques include:
  Offering consistently effective products
 Ensuring effective services 
 Creating customer support options

Implementing these techniques can keep customers happy and loyal to the brand. This may allow a company to gain
support and achieve sales goals.

What is customer service?

Customer service is the support and assistance a business provides to customers when they have an issue or inquiry.
Individuals who work in customer service typically focus on making current customers happy rather than connecting
with new consumers. Examples of customer service tasks include:

 Showing customers where to find a certain customer in a store

 Answering questions about products and services
 Facilitating the customer check-out process
 Listening to customer complaints and helping find solutions
 Helping customers return purchases
 Using kind language to assist customers with their needs

Effective customer service is important because it can leave a positive lasting impression on customers that may
encourage them to continue shopping with the brand.

Customer relations vs. customer service

Here are some key differences between customer relations versus customer service:

Purpose

While both processes can help improve customer experience, their specific purposes differ slightly. The purpose of
customer relations is to build relationships with customers. You may improve customer relations by looking at every part
of your customers' interactions with a company. 

Customer service focuses on answering customer questions and helping them find solutions to challenges. You may
improve customer service by implementing better ways to solve your customers' problems.

Scope

While the scope of a customer relations professional's job duties might vary depending on their work environment, this
scope is often broader than that of a customer service professional. This means that these individuals might work on
large-scale projects like forming relationships with new potential clients, including other major brand and businesses. 

Customer service professionals are more likely to assist everyday store visitors or callers with their needs. They're less
likely to work on large-scope projects like customer recruiting. 

Proactive and reactive

Customer relations is a proactive approach. This means that you can come up with ways to improve your customers'
experience from the very moment they show interest in the brand. You may do this by building a helpful website or
writing interesting content. 
Customer service is more reactive. This means you're helping customers after they interact with a brand. It's a service a
company can provide to customers to ensure they enjoy their brand interaction and that they experience success with
the brand's products or services.

Benefits of positive customer relations and customer service

Finding ways to improve both customer relations and customer service can help a company build a happier client base.
Here are some specific benefits of positive customer relations and customer service that might make this possible:

Increased satisfaction

When a company shows customers they care, the customers may feel happier about the brand. Everything from
marketing to a friendly follow-up is can help. For example, if a customer talks with a friendly support professional who
asks about their product experience and takes their answers seriously, they may decide that the company values their
time and opinions. This might encourage them to continue shopping with the brand. 

Higher retention rates

While finding new customers is an important part of a company's success, so is keeping the business of existing
customers. Building customer relationships and providing those customers with the services they need can help them
feel good about their purchase decisions. This can allow a company to get repeat customers who might even
recommend the brand to their friends and family members.

Improved loyalty

If your customers know they can rely on a brand to deliver excellent customer service and care, they may feel more
loyalty to that brand. This loyalty can help a business exceed its sales goals and competition. Loyal customers can also
offer a business a reliable group of people who are eager to purchase the latest offerings.

How to improve customer relations and customer service

Use these steps to improve both customer relations and customer service:

1. Build a great team

Team members who interact and engage with customers daily are vital to customer success. Building a great team who
are likely to implement the best practices to improve customer experience is the first step to achieving this goal. This
may involve:

 Hiring the best talent

 Creating extensive training and onboarding programs
 Establishing clear company goals and expectations

While proper training is crucial, so is building a positive company culture. Treating team members with fairness and
kindness may help them feel more loyal to the company. This can lead to better customer service and customer
relations. Customers can also often tell if the team is happy, making it extra important to provide that team with the
following:

 Fair compensation
 Positive feedback
 Excellent treatment
 A sense of camaraderie

2. Review processes and procedures

Individuals in leadership positions may review the brand's processes and procedures regularly to find areas that might
benefit from improvement. To make effective changes, consider learning about what elements are important to the
customers and working to improve those experiences. Examples of procedures to improve include:

 Customer call rate 

 In-person assistance availability
 Customer support software

3. Be available to customers

Customers often appreciate it when they can get a timely response to their inquires. If your team has the capacity,
consider implementing features like:

 Email
 Phone calls
 Live chat

The easier it's for customers to reach a live person, the more satisfied they may be with the company. This means that
when a customer sends a support request, it can be beneficial to try to resolve the situation immediately.

4. Get customer feedback

Sending out surveys can be a great way to learn how a company is doing. If you notice customers keep giving feedback
about a certain aspect of a brand, it may be time to make some meaningful changes. While a customer relations or
service team sending out a survey shows they value customer opinions, actually making changes can show their
commitment to improving the customer experience.

5. Practice social listening

Social listening is when you monitor various social channels to learn how people view a brand. Consider paying attention
to what people are saying in the following places:

 On social media
 In comment sections
 In the news

This can help customer relations and service teams learn how to better serve their clients. You can also use social
listening to see what's important for your target audience. By monitoring their behavior and public conversations, you
can better understand their needs.

6. Provide important information

Including easy-to-find information about products and services can help improve a customer's experience. Consider
sharing:

 How-to guides  Blog posts

 Video tutorials  Answers to frequently asked questions 
 Help forums
Likewise, consider implementing a live chat feature where customers can get immediate responses to some of their
biggest questions.

7. Show your gratitude

Expressing brand gratitude is an excellent way to retain customers and build loyalty. This means clarifying that
appreciation for the business and support of the customers. Showing gratitude can incentivize customers to continue to
shop. Here are some ways to do so:

 Create a reward system 

 Offer sales and promotions for loyal customers
 Share an announcement of gratitude on the company website and social media

8. Be empathetic to customer needs

When training a customer relations or service team, it's useful to remind them that the customers they work with are
people too. If someone sounds upset on the phone, remember that they might have many challenges in their life. Being
kind and patient with customers can help you provide them with better customer service and support.

9. RULE OF MARKETING
Rule 1 -- Marketing is a measurable business discipline

Marketing is a business discipline founded in creative ideas applied for profitable growth. In its simplest and best form,
marketing aligns to and partners with sales to connect a business with customers who want to buy what the business
offers. The marketing / sales partnership identifies the best customers and researches what they need.  The
marketing/sales partnership then provides product management/engineering/manufacturing functions specifics on
customer needs and desires. The rest of the business uses this information to develop aligned products and services that
meet needs and deliver value. Marketing then develops the messaging and media that informs about the value
delivered.

Rule 2 – Marketing starts with clear strategic goals  

Regarding measurability, marketing and sales have the simplest metric there is — profitable revenues that are
increasing. Any marketing strategy needs to deliver this result. Marketing undirected will waste great creativity.
Leverage creativity with focus. Ensure that the ROI on marketing is positive. Whenever the ROI dips below expectations,
revisit the strategies and redirect the creativity. 

Rule 3 – Success requires uniqueness

Customers are bombarded by choices. The ability to make clear distinctions between choices helps customers make
decisions. A company’s ability to be unique in the mind of the customer makes the life of the customer a little simpler.
They can clearly say that something is or is not for them. Either way, the marketer has direct feedback as to the fit of
their product or service.  

Rule 4 -- The customer defines your success (the most important rule) 

Customers define success through the simple act of giving their money in exchange for a product or service. If they give
their money, the company is successful. If they do not, then the company is not successful (at least with that customer).
For marketers, success is finding more and more of the people who will give their money. Marketers only mission is to
find these people, connect with them through their marketing tactics and messaging, and spur them to action. The
action is a sale. Which takes us full circle — marketing is all about sales; about helping more and more people to buy our
products and services.  

One final caveat about marketing — we can’t live without it. Marketing is essential, and it is most essential when the
cost of it can be least afforded. If times are tight and cash flow is lean, it’s marketing that will spur the revenue line.
Clearly focused marketing unearths profitable sales. Profitable sales improve cash flow.

A business leader who astutely manages the assets of the company recognizes that marketing starts the process of
selling, and as the old adage goes, nothing happens until someone sells something. The astute business leader invests in
marketing. An astute marketer produces a return on that investment, measured in increased profitable sales.

===========================================

Rule #1: Make Yourself Known

People are only going to do business with people they trust. For that reason, any business that is trying to market itself
to the public needs to make itself known. The marketer will have to present the business’ most genuine side in an effort
to find a common ground with their audience.

The individuals that are being marketed to will not need to know everything about the business — they will need to
know enough to determine whether it can be trusted.

Rule #2: Taking The Competition Seriously

It’s tempting for a marketer to believe that their product or service is the best in the world. The reality of the situation is
that the public has many different options for the same product.

Your customers have the option to go wherever they want — and as a marketer, you must respect their freedom. The
competition has to be taken seriously, and the marketer must always make an effort to stand out.

Rule #3: Relate To Your Audience

Not everyone will have the same level of expertise as you. To overcome this obstacle, the marketer needs to find a way
to get their message across to people of any experience level. This means that all forms of jargon should be eliminated.

All marketing messages should be presented in a language that’s universally understandable. Catering to one segment of
an audience will limit the marketer’s chance to turn their product or service into a success.

Rule #4: Progress At The Speed Of The Audience

Since the professional life of the marketer is so fast moving, they tend to apply this hectic way of doing business to their
interactions with their audience. It’s crucial for the marketer to understand the speed of their audience and operate at
that level. Moving too quickly through the process has the potential to be off-putting.

The relationships that businesses have with their clients are more important than anything else. They have to be
maintained at all costs.

Rule #5: Making Your Customers Happy

We have all heard the old saying, “The customer is always right.” Some marketers write off this concept, but that’s the
worst possible thing to do. The marketer must strive to exceed the expectations of their audience at all times.
You need to make your customers so happy that they will stay loyal — and ideally, spread the word about your business’
excellence.

10. DEFINE CUSTOMER RELATIONSHIP MANAGEMENT

Customer relationship management (CRM) is a technology for managing all your company’s relationships and
interactions with customers and potential customers. The goal is simple: Improve business relationships. A CRM system
helps companies stay connected to customers, streamline processes, and improve profitability.

When people talk about CRM, they usually refer to a CRM system or platform, a tool that helps with contact
management, sales management, productivity, and more.

CRM software helps you focus on your organisation’s relationships with individual people — including customers, service
users, colleagues, or suppliers — throughout your lifecycle with them, including finding new customers, winning their
business, and providing support and additional services throughout the relationship.

With a CRM solution, the sales and marketing team can track and follow a customer’s interaction journey with your
business. This can enhance the customer journey and experience by refining each customer touchpoint.

Customer relationship management (CRM) is the combination of practices, strategies and technologies that companies
use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal is to improve
customer service relationships and assist in customer retention and drive sales growth. CRM systems compile customer
data across different channels, or points of contact, between the customer and the company, which could include the
company's website, telephone, live chat, direct mail, marketing materials and social networks. CRM systems can also
give customer-facing staff members detailed information on customers' personal information, purchase history, buying
preferences and concerns.

Who is CRM software for?

A CRM system gives everyone — from sales, customer service, business development, recruiting, marketing, or any
other line of business — a better way to manage the external interactions and relationships that drive success. CRM
software lets you store customer and prospect contact information, identify sales opportunities, record service issues,
and manage marketing campaigns, all in one central location — and make information about every customer interaction
available to anyone at your company who might need it.

With visibility and easy access to data, it's easier to collaborate and increase productivity. Everyone in your company can
see how customers have been communicated with, what they’ve bought, when they last purchased, what they paid, and
so much more. CRM solutions can help companies of all sizes drive business growth, and it can be especially beneficial to
a small business, where teams often need to find ways to do more with less. Our CRM Handbook explains how and why
small to medium-sized businesses should consider utilising CRM software, plus advice and the first steps for getting
started.

The importance of CRM for your business

CRM software is increasing in importance as it is the largest and fastest-growing enterprise application software
category. Worldwide spending on CRM is expected to reach USD $114.4 billion by 2027. If your business is going to last,
you need a strategy for the future that’s centred around your customers and enabled by the right technology. You have
targets for sales, business objectives, and profitability. But getting up-to-date, reliable information on your progress can
be tricky. How do you translate the many streams of data coming in from sales, customer service, marketing, and social
media monitoring into useful business information?

A CRM system can give you a clear overview of your customers. You can see everything in one place — a simple,
customisable dashboard that can tell you a customer’s previous history with you, the status of their orders, any
outstanding customer service issues, and more. You can even choose to include information from their public social
media activity — their likes and dislikes, what they are saying and sharing about you or your competitors. Marketers can
use a CRM solution to manage and optimise campaigns and lead journeys with a data-driven approach, and better
understand the pipeline of sales or prospects coming in, making forecasting simpler and more accurate. You’ll have clear
visibility of every opportunity or lead, showing you a clear path from inquiries to sales. Some of the biggest gains in
productivity and in making a whole-company shift to customer-centricity can come from moving beyond CRM as just a
sales and marketing tool and embedding it in your business — from finance to customer services and supply chain
management. This helps to ensure that customer needs are at the forefront of business processes and innovation cycles.

Running a business without CRM software can cost you.

More administration means less time for everything else. An active sales team can generate a flood of data. Reps are out
on the road talking to customers, meeting prospects, and finding out valuable information – but all too often this
information gets stored in handwritten notes, laptops, or inside the heads of your salespeople. 

Don’t make tracking and managing customer information harder than it needs to be. CRM ensures your data is in one
place and can easily be updated by anyone, anytime.

Details can get lost, meetings are not followed up on promptly, and prioritising customers can be a matter of guesswork
rather than a rigorous exercise based on fact. And it can all be compounded if a key salesperson moves on. But it's not
just sales that suffers without CRM.

Your customers may be contacting you on a range of different platforms including phone, email, or social media —
asking questions, following up on orders, or contacting you about an issue. Without a common platform for customer
interactions, communications can be missed or lost in the flood of information — leading to a slow or unsatisfactory
response.

Even if you do successfully collect all this data, you’re faced with the challenge of making sense of it. It can be difficult to
extract intelligence. Reports can be hard to create and they can waste valuable selling time. Managers can lose sight of
what their teams are up to, which means that they can’t offer the right support at the right time – while a lack of
oversight can also result in a lack of accountability from the team.

What does a CRM system do?

A customer relationship management (CRM) solution helps you find new customers, win their business, and keep them
happy by organising customer and prospect information in a way that helps you build stronger relationships with them
and grow your business faster. CRM systems start by collecting a customer's website, email, telephone, social media
data, and more, across multiple sources and channels. It may also automatically pull in other information, such as recent
news about the company's activity, and it can store personal details, such as a client's personal preferences on
communications. The CRM tool organises this information to give you a complete record of individuals and companies
overall, so you can better understand your relationship over time.

A CRM platform can also connect to other business apps that help you to develop customer relationships. CRM solutions
today are more open and can integrate with your favourite business tools, such as document signing, accounting and
billing, and surveys, so that information flows both ways to give you a true 360-degree view of your customer.
And a new generation of CRM goes one step further: Built-in intelligence automates administrative tasks, like data entry
and lead or service case routing, so you can free up time for more valuable activities. Automatically generated insights
help you understand your customers better, even predicting how they will feel and act so that you can prepare the right
outreach.