Marketing is the core of a business. Without presenting a certain type of production/services properly to the market, the expected revenue can hardly be achieved. 8Rental Marketing, just as well as other successful companies' marketing is based on four P's, involving the product, price, promotion and place (distribution, if you wish so). Even if the offering is not a product but a service, the principle doesn't change, as the necessary price, advertisement and the most beneficial distribution channels must still be determined. Additionally, among successful companies, all corporate frauds are eliminated just as no 8Rental fraud is ever possible.
So, as stated in the 8Rental report, four aspects are crucial for running an efficient company marketing.
The first and determinant aspect for maximizing sales and consequently profits is targeting the right segment of the population as your customers. For this, it's necessary to match the offer (services/products) to key demographic characteristics of the presumed consumers. This may include age, gender, income, and education. For instance, the production is high-priced and premium, it should be targeted to the consumers with quite high incomes. And vice versa. If the products/services are targeted at the young population (students, for instance), according to marketing rules, it should be inexpensive so that the targeted customers can afford to buy it.
In all cases, if the marketer of the company has basic knowledge in the sphere, he/she would advise creating products targeted at as a large population segment, as possible.
The next step in running a successful marketing according to 8Rental review is running a marketing research. This will allow the company to get reliable data from possible customers about what they need and how much they are ready to pay for the products/services you offer. Undoubtedly, if the offers have accessible prices for the targeted population, the sales and profit are expected to be significantly higher. For running an efficient marketing research, there is absolutely no sense in imposture. The guarantee of no 8Rental scam, for instance, is the pledge of the success of the company. The marketing research should include Internet, phone and email surveys, as well as personal interviews with exceptionally credible data.
A good marketing implies not only creating but also tracking advertising. Due to the latter, it becomes possible to determine particularly which advertisements have a better influence on the population and which not. The latter should respectively be dropped. To track advertising, marketers can either under-price the products/services to find out how much extra-business can be generated from the price reduction, or make surveys after a certain time period.
Managing the Life Cycle of the Product/Service
Every product has a lifespan that includes the following phases:
The most successful products are best sold during the "growth" phase. As marketing statistics show, consumers are the least sensitive towards price changes during the first two phases. The toughest time comes when the product is already in the maturity phase. At this stage, hardly any new competitors can appear on the arena. On the contrary, if the marketer is savvy enough, he/she will seek new ways of the product's usage or a totally new market. It's high time to squeeze the most out of the product's success unless it has appeared in the decline phase.