Marketing: A Practical Perspective For Field Units

'Business has only two basic functions marketing and innovation.'- Peter Drucker

- Nitin Negi

Peter Drucker in the above insightful statement has given a very powerful direction to businesses i.e. to focus on marketing and innovation.

Businesses must have observed that marketing act as a catalyst which improves brand awareness and zooms sales and profits figure.

Simple example can be Sensodyne. A market which was mainly captured by Colgate, was difficult to penetrate for a new brand like Sensodyne. Think for a moment if there was no advertisement of Sensodyne, how many of the consumers would have purchased it.

But, just putting advertisement is not enough, the way it is done is more important. Sensodyne focused on sensitivity issue and all its advertisements are targeted towards creating value in the minds of customers about solving sensitivity problem and therefore this toothpaste brand made its place in shop's shelf and also in consumer's home.

Marketing is all about creating value for the customers.

But to create value, we as a brand should know what our customers need, what they want & require. So that companies can develop and customize products and services and communicate their marketing messages in way to satisfy those needs and earn profits for the organization.

Therefore, marketing starts with understanding needs of our customer.

As a banker, in whatever position we are whether front staff, Branch Head, Regional Head or Vertical Heads, we need to ask ourselves, 'Do I understand my customer needs?'