The goal of marketing is to sell goods and services to make money for a company. This is done in several ways. Some of them include: Shortening the sales cycle, Improving customer loyalty, and Creating a good image of the company. Others aim to create a need in the consumer’s mind.
Improving customer loyalty
One way to improve customer loyalty is to provide a reason to refer friends and family to your business. This can be done through referrals and incentives. Customers who have bought from you in the past are more likely to recommend your product and services to others, and will make similar purchases in the future. Ultimately, this will result in more sales and better business performance.
In order to achieve customer loyalty, you must develop a system that helps you measure it. One good metric is the customer lifetime value, which measures the amount of revenue a customer spends over the life of the relationship. The higher this number is, the more loyal a customer is likely to be.
Shortening the sales cycle
Shortening the sales cycle has many benefits for a business. It results in more revenue and fewer missed opportunities, since deals are closed faster. In addition, fewer customers need time to think about their decision, which means fewer deals fall apart at the last minute.
Shortening the sales cycle involves personalizing your messaging and focusing on the right parts of the sales process. By personalizing your messaging, you can ensure that you’re delivering the right information at the right time. This can help you increase customer service and speed up the sales process.
Creating a market share objective
A market share objective is a marketing strategy goal that defines the percentage of the market that an organisation aims to capture. It is one of the most important business objectives. Market share is less influenced by macro-environmental factors, and thus is the most important target to achieve for any company. Marketing plans should be based on this objective, and should track a company’s rate of new customer acquisition.
Marketing objectives should also be linked to overall business objectives. For example, it should be linked to the company’s growth plan and KPIs. It should also be linked to time constraints, equipment and software needs, and employee training and experience.