Market in these Six Markets to build a successful business
Today marketing has made a transition from a limited functional role to a cross-functional role. There is a shift towards marketing activities for customer retention in addition to the conventional customer acquisition. Here are the six markets you must be marketing in, to create an all-round development. Businesses must focus on creating and delivering several campaigns and activities in each of these areas and measure performance.
A brand’s success is measured in the following six markets:
Customer markets – This consists of existing and prospective customers as well as intermediaries.
Referral markets – existing customers who recommend to other prospects. This also includes referral sources such as medical practitioners who refer patients to a hospital or a consultant who recommends a specific IT solution
Influence markets – This involves government, consumer groups, PR, business press and financial analysts.
Recruitment markets – To attract the right employees to the organization
Supplier markets – suppliers of raw materials, components, services, etc., and
Internal markets – the organization by itself, including internal all departments and staff.
Most often, organizations focus only on the first and the second and tend to overlook the other four. A relative fact to this: Total stability of an object is attained, only if all the legs are firm and equal.