The Simple 5-Step Marketing Process To Follow and Win Customers Every Time

The marketing process consists of five steps, from identifying what the customer wants, to capturing value from the customer. To grow revenue, these steps help every size of business.

Whenever a business creates a product or service, it has to sell it to earn revenue. But before even selling, marketing is necessary. 

Much research goes into developing the product before it is even positioned in the market. The product has to, first, cater to the wants and demands of the customer who belongs in a specific milieu. For that, marketers must devise a plan to attract the right audience. Once they buy it, it is time to nurture the relationship so that they remain existing customers. This is the marketing process in brief. 

There are five steps in the marketing process that you will know today. Click on the links below. 

1. Marketing Process Meaning
2. Marketing Process in 5 Simple Steps

• Analysing the Target Market
• Crafting a Workable Marketing Strategy 
• Creating a Marketing Plan
• Nurturing Customer Relationship
• Capturing Value From Customer

Marketing Process Meaning

The marketing process refers to the chain of activities such as determining what the customer values, how they return the value you provide, devising a marketing strategy, nurturing long-term customer relationships, etc. 

Paraphrasing Philip Kotler from his book, Principles of Marketing, 1999, the marketing process roughly involves the analysis of opportunities for marketing, identifying the target markets, creating the marketing mix, and monitoring the efforts. 

Also, read the top 10 digital marketing books.

Marketing Process in 5 Simple Steps

The marketing process comprises five main steps. Many other industry experts include six to seven steps in this process, covering the creation of vision and mission statement, as well. 

Analysing the Target Market – What the Customer Wants and Demands

When it comes to marketing in any industry nowadays, it is about being as customer-centric as possible. The marketing process ideally starts with determining the target market, what are customers looking for, their purchasing power, etc. 

Crafting an Outline of Marketing Strategy

Suppose you develop an innovative product that ultimately solves the pain points of the customer/target market. They still may not be able to purchase it if there is no thought given to the pricing strategy. The customer in the target market you choose should also be able to buy the product you sell. 

Know that customer segmentation is crucial here, as your product or service will not cater to all consumers in the target market. There will only be a specific niche of target market that your business will appeal to. Focussing on providing value to the right group will benefit you in streamlining your marketing strategy. 

Apart from that, you also need to have a strong value proposition. This helps you differentiate your brand from the competitors. For that, you can look at Kotler’s marketing concept. 

The marketing concept provides varying frameworks that help companies create a winning marketing strategy for different kinds of audiences. 

• Product Concept – The best quality available in the market with unique features, which is also expensive, but customers are willing to pay
• Selling Concept – Aggressive selling to the customer like insurance companies do
• Marketing Concept – Satisfying the customer by creating products and services they prefer
• Production Concept – Mass production leading to budget products in the market
• Societal Marketing Concept – Products or services that benefit the customer and society together

Another way to develop an outline for your strategy is conducting a SWOT or PESTEL analysis. These are helpful in positioning your brand and let you know more about your competitors and your internal (company’s) strengths.

Creating the Marketing Plan

After having an outline, the next step is to create and follow a marketing plan. This can be implemented using the marketing mix, that covers your budget, USP, the types of digital marketing channels you will need to promote your brand, utilisation of modern technology, etc.

These will be necessary to achieve your main objectives. And it will provide customers the value. Setting up KPIs and regularly monitoring them will help at this stage. 

Nurturing Customer Relationship

The marketing process does not end after the consumer purchases the product. Customer relationship management (CRM) is needed so that more value can be provided to the customer. This can be done by asking them to provide feedback on the product or providing after-sales services. 

Do learn about the relationship manager roles and responsibilities.

Capturing Value From Customer 

This process is for building customer loyalty, meaning that the customer buys from the brand over and over again. The more loyal customers are, there is more opportunity for revenue and market growth for the brand. 

Parting Thoughts

Knowing what the customers want or demand, having a good marketing strategy, implementing a workable plan, and maintaining a strong bond with the customer so that they become brand loyalists is the entire marketing process. If you have come up with a small business, these steps will help. 

Also explore the top marketing courses online.