Marketing Best Practices

Marketing plays an integral role in the success of any business. In today’s competitive environment, it is extremely important for businesses to stay ahead of their competition and create strategies to help them stand out. However; staying ahead of the competition is becoming increasingly challenging as customers are becoming more demanding and competitors more strategic.

With the recent economic uncertainty, business owners face huge challenges. For many businesses, it's becoming harder and harder to compete; especially for those industries that are oversaturated with similar products and services. Here are three marketing best practices that will help businesses to succeed, even in tough times:

Create Value for Customers

What does it mean to create value for a customer? What a customer values most can differ from person to person. Companies try to create customer value by producing products and services that will benefit their customers. Due to the Internet and other emerging technologies, consumers are better able to educate themselves on products. People are conducting more product comparisons and research in an effort to maximize the return on their investment. They want the product that will deliver the most value for what they spend.

Profitable companies have one major thing in common—they are successful at growing their business. Providing value to their customers is top priority because they know that customer loyalty and satisfaction is the key to their company's performance. Yet due to our economic climate, growing customer value has become less of a priority for many companies as cutting costs and rebuilding balance sheets has moved to the top of the list. Now is a fantastic time for businesses to create new and improved customer-centered strategies. Companies should seek to provide higher customer satisfaction than their competitors.

Build a High Brand Equity

A former CEO of McDonald's™ once stated, "If every asset we own, every building, and every piece of equipment were destroyed in a terrible natural disaster, we would be able to borrow all of the money to replace it very quickly because of the value of our brand….The brand is more valuable than the totality of all these assets.” Brand equity is an intangible asset. Creating a strong brand is extremely important for businesses because brands have identities and they build confidence in customers.

Brands are also recognizable and they label a product. Customers are often willing to pay more for a brand that they are familiar with, and they believe delivers quality. Companies with strong brands, such as McDonald’s™, continue to attract customers and increase sales, even when "disaster" hits.

Utilize Smart Promotional Tactics

With the growth of technology, traditional methods of promotion may not be the most effective. A survey released by the Association of National Advertisers in 2006 showed that 78 percent of advertisers felt that advertising had become less effective.  There was also a separate study that showed that due to pre-recorded television shows more than 90 percent of commercials were skipped by viewers.

Internet marketing is no exception. Consumers often safeguard their computers with pop-up blockers and spam filters, making banner and pop up ads ineffective.

There are major factors that are altering the face of traditional marketing communications. It is important that businesses stay on top of trends and technological advancements. Companies that are successful are able to adapt and leverage these changes to their advantage. They are able to utilize tools such as, social media and the Internet to shape their promotional strategies.

If smart marketing tactics are implemented, businesses will not only capture customer value, but they will also attract, keep, and grow their customer base. They key is for companies to be strategic in their marketing approach.  While other companies are cutting back on their spending, a good best practice would be for a competing company to amplify their customer relationship management programs and activities; or increase their level of smart advertising and promotion. With sound marketing practices, businesses are more likely to rise above their competition and increase their market share.

Philip Kotler, G. A. (2010). Principles of Marketing. Upper Saddle River: Pearson.

Posted in Marketing

Related Content

This piece of ad content was created by Rasmussen College to support its educational programs. Rasmussen College may not prepare students for all positions featured within this content. Please visit for a list of programs offered. External links provided on are for reference only. Rasmussen College does not guarantee, approve, control, or specifically endorse the information or products available on websites linked to, and is not endorsed by website owners, authors and/or organizations referenced. Rasmussen College is a regionally accredited private college.

Add your comment


Please enter your name.


Please enter your email.


Please enter your comment.


chart-credential-laddering-rsd 0 Credits Start Here HIGH SCHOOL GRADS Start Here TRANSFER STUDENTS 91 Credits Start Here SECOND DEGREE PURSUERS End Here ASSOCIATE'S DEGREE 181 Credits End Here BACHELOR'S DEGREE icon-colored-advance icon-colored-build icon-colored-bulb-analytics icon-colored-certificate icon-colored-continual-developement icon-colored-folder-mortarboard icon-colored-globe-pen icon-colored-growth icon-colored-head-blocks icon-colored-laptop-webpage icon-colored-monitor-paper-scan icon-colored-national icon-colored-prep icon-colored-regional icon-colored-state icon-colored-student-centered icon-colored-support icon-colored-world-experience icon-general-connect icon-general-degree icon-general-discuss icon-general-email icon-general-find icon-general-laptop icon-general-leader icon-general-map icon-general-paperwork icon-general-phone icon-general-speak-out icon-camera icon-filter icon-info-circle icon-mail-forward icon-play-solid icon-quote-mark-left icon-quote-mark-right icon-share-square-o icon-spinner icon-tag logo-accreditation-acen logo-accreditation-ccne ras-logo-flame ras-logo-horizontal ras-logo-stacked icon-simple-chat icon-simple-desktop icon-simple-find icon-simple-hamburger icon-simple-phone icon-testimonial-quotes icon-util-checkbox-white icon-util-checkbox icon-util-checked-white icon-util-checked icon-util-chevron-down icon-util-chevron-left icon-util-chevron-right icon-util-chevron-up icon-util-language-switch icon-util-loading icon-util-open-window-button icon-util-open-window-link icon-util-pdf-button icon-util-pdf-link icon-util-refresh icon-util-x icon-social-facebook-square-colored icon-social-facebook-square icon-social-facebook icon-social-google-plus-square icon-social-google-plus icon-social-instagram icon-social-linkedin-square-colored icon-social-linkedin-square icon-social-linkedin icon-social-pinterest-p icon-social-twitter-square icon-social-twitter icon-social-youtube-play-colored icon-social-youtube-play