Welcome to the world of marketing. SaaS Marketing. This article entails the fundamental of the marketing world.
Make sure you pay attention and take notes if required because things discussed here form the core principle of marketing.
Being from a technical background we generally don’t understand how companies operate. I also come from a technical background. I knew nothing about the business world. In fact, I didn’t even know how the company is formed, or how it operates let alone know about marketing and other jargon. I was a happy technical guy who knew a thing or two about electronics and telecommunication.
But trust me once you get involved it’s an amazing world, altogether.
Let’s start from the very beginning. (If you want you can jump to any section as you please.
We are going to cover the following topics. So here is a TLDR index of this article 💪🏼
- The History of Marketing (Feel free to skip 😂)
- The Definition of Marketing 📘
- Marketing Objectives 🎯
- Marketing research 🧭
- Creating a marketing plan 🏒
- The 4 P’s of marketing 4️⃣
- Marketing strategies 🧮
- Implementing the marketing plan 🛴
- Product development 💻
- Pricing strategies 💲
- Promotion 📢
- Distribution 🚚
- Customer service 🎧
- Marketing Audit & Reports 📊
- The future of marketing 🥏
- Conclusion ✋🏼
The history of marketing
A lot of very very smart people over the year have tried to run their companies and have tried and tested numerous permutations and combinations to come up with the best practices for marketing
Their efforts have turned Marketing, from a sidelined activity to a very separate discipline and field of study
The history of marketing is the history of the process and activities involved in the creation, communication, and delivery of value to customers. The history of marketing is also the history of how marketing has evolved as a function and discipline within organizations.
If not very ancient, but at the least, we can start talking about modern marketing starting from the 1910s or 1920s
We will dive deep into it, in the updated version of this blog
The Definition of Marketing
Marketing is the process of creating value for a company through the creation and distribution of products or services.
It includes the entire process from the initial research and Product Development or service to its eventual sale to consumers.
Marketing is also responsible for the promotion and advertising of a company’s products or services.
The term marketing has been defined in many different ways over the years. In its simplest form, marketing is the process of getting people to buy your products or services.
However, there is much more to marketing than just selling things. Marketing is also about creating value for a company.
This can be done through the development of new products or services, or through the improvement of existing ones.
Marketing is also about creating a brand for a company. This is done through the use of advertising, public relations, and other marketing tools.
Ultimately, marketing is about creating value for a company. This value can be in the form of sales, or it can be in the form of customer loyalty. Marketing is a vital part of any business, and it is important to understand how it works in order to be successful.
Marketing Objectives
Any marketing activity begins with Objectives. You as a SaaS Founder need to set objectives for your marketing efforts before you start anything
The marketing objectives are the goals that a company hopes to achieve through its marketing activities. These objectives can be anything from increasing brand awareness to generating sales or even improving customer satisfaction. A company’s marketing objectives should be aligned with its overall business objectives in order to be effective.
As a founder, you need to be very clear on what you need to achieve
Marketing research
Boy, this is one of THE most important topics to discuss. One of my favorites. And of course the favorite of Rob Fitzpatrick
Go out and talk to people about your product, even before yous tart coding. This Mantra has been uttered umpteen times. And we can’t get enough of it.
Marketing research is the process of gathering data and analyzing it in order to make better marketing decisions. This can involve conducting market research surveys, analyzing customer data, and using other data-driven methods to understand the needs and wants of customers.
Creating a marketing plan
A marketing plan is a guide that businesses use to plan and execute their marketing activities. The plan outlines the company’s marketing goals and details the strategies and tactics that will be used to achieve them. Marketing plans are an essential part of any business’s overall strategy and should be updated regularly to reflect changing market conditions and objectives.
The 4 P’s of marketing
The 4 P’s of marketing are Product, Price, Place, and Promotion. These are the four elements that make up a marketing mix. They are used to market a product or service to customers.
Product
A product is anything that can be offered to a market to satisfy a want or need. It can be a physical object, a service, or even a person.
Price
Price is the amount of money that is charged for a product or service. It is often determined by the perceived value of the product or service.
Place
The place is the location where a product or service is offered. It can be a physical location, such as a store, or an online location, such as a website.
Promotion
Promotion is the process of marketing a product or service. It can involve advertising, public relations, and other marketing activities.
Marketing strategies
There are a variety of ways to market a product or service. The most common are advertising, public relations, and personal selling. Other strategies include direct marketing, e-marketing, and social media marketing.
Implementing the marketing plan & What is STPD
The Marketing STPD Model is a tool that can be used to help develop marketing plans. It is based on the idea that there are four key elements to any successful marketing strategy: Segmentation, Targeting, Positioning, and Differentiation. By understanding and applying these four elements, businesses can create a marketing strategy that is tailored to their specific needs and goals.
Segmentation
Segmentation is the process of dividing a market into smaller groups with similar characteristics
Targeting
Targeting is the process of selecting which of these groups to market to
Differentiation
Differentiation is the process of making your product or service unique and appealing to your target market
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Positioning
In marketing, positioning refers to the place that a brand occupies in the minds of the customers and how it is distinguished from the competition
Now as we are here at this point talking about Positioning. let’s also touch base on the topic of Branding.
Again one of my favorite as I am a design enthusiast
A lot will be spoken about in this section in the upcoming version of the app
Branding
Branding is the use of a name, term, design, symbol, or other feature to identify a product or service and distinguish it from those of other producers.
Know about the SaaS Wisdom branding story here
Product development
Well well well, we are here finally, the area of your expertise 😆
Product development is the process of designing, creating, and bringing to market a new product or service. It can involve improving an existing product or service, developing a new one, or creating a completely new product or service to meet customer needs. The product development process typically includes market research, product design, prototyping, testing, and manufacturing.
Pricing strategies
We are going to be spending a lot of time here on SaaS Wisdom exploring this topic.
Pricing strategies are the methods that businesses use to determine how much to charge for their products and services. There are many different pricing strategies that businesses can use, and the right strategy depends on the products or services being offered, the market conditions, and the goals of the business. Some common pricing strategies include cost-plus pricing, competitive pricing, value-based pricing, and subscription pricing.
Promotion
Promotion is the process of increasing the visibility, awareness, and perception of a product, brand, or company. It is the proactive marketing of a company or its products and services to create and maintain demand amongst its target audience.
There are many different ways to promote a product, brand, or company. Some common promotional tools include advertising, public relations, events, and discounts. Promotion is often a key element of a company’s marketing mix, as it can help to increase sales and brand awareness
In the SaaS Industry, the Launch phase will come under this section.
Read this article to learn more about the Product Hunt Launch Checklist
Distribution
Distribution is the process of making a product or service available to consumers.
This can be done through various channels, such as retailers, wholesalers (If you have a physical product), or online.(In our case)
Distribution is a key part of the marketing mix and needs to be carefully planned to ensure that the product or service is available to the target market.
Customer service
Customer service is the provision of service to customers before, during, and after a purchase. The customer service provided by a business can include customer service by telephone, chat, web, or in person. The purpose of customer service is to ensure that the customer is satisfied with the product or service they have purchased. Businesses that provide excellent customer service often have higher customer satisfaction rates and lower customer churn rates.
Marketing Audit
A marketing audit is a comprehensive, systematic, independent, and periodic examination of a company’s marketing environment, objectives, strategies, and activities, with a view to determining problem areas and opportunities.
Evaluating your marketing efforts (MROI)
ROI, or return on investment, is a metric used to evaluate the performance of a marketing campaign or individual marketing activities. The ROI metric is calculated by dividing the benefits (revenue or other gains) of marketing activity by the costs of that activity. A high ROI indicates that marketing activity is generating a good return for the investment of time and/or money.
The future of marketing (Arguably)
The future of marketing could be talked about in terms of data-driven marketing. Data-driven marketing is a form of marketing that uses data to improve marketing decisions and strategies. Data-driven marketing is based on the idea that marketing should be based on data, rather than intuition or guesswork.
Data-driven marketing is becoming increasingly important as more and more companies are collecting data on their customers. With the right data, companies can better understand their customers’ needs and wants and can tailor their marketing campaigns to be more effective. Additionally, data-driven marketing can help companies save money by reducing wastage in marketing campaigns.
There are a few challenges that data-driven marketing faces. One challenge is that data can be difficult to collect and analyze. Additionally, data-driven marketing requires a change in mindset for many marketing professionals, who may be more used to traditional, intuition-based marketing. Finally, data-driven marketing may require companies to invest in new technologies and data analytics tools.
Despite these challenges, data-driven marketing is likely to become more important in the future, as companies increasingly seek to use data to improve their marketing efforts.
To wrap it up: The Fundamentals of SaaS Marketing
In conclusion, marketing is the process of creating value for a company through the creation and distribution of products or services. It is the art of identifying, anticipating, and satisfying customer needs and wants. Marketing is a key function in any business and is essential to the success of a company. Marketing must be strategic and must align with the overall business strategy. Marketing must also be constantly evolving and adapting to the ever-changing landscape. Marketing is an essential function in any business and should be given the attention it deserves.
