When people think about marketing they assume that it solely relates to the advertisement of products or services. Though it’s a major part of marketing, it’s just the tip of the iceberg. Some of the leading marketing experts explain marketing as an activity, in which there is a set of institutions that are prone to create, communicate, develop and exchange offerings that provide value for the clients and society as a whole. For instance, if we take the example of Financial translation services, their aim is to deliver an impeccable translation service that can satisfy the needs of the organization that is planning to penetrate foreign markets.
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Market Offering
All in all, we can proclaim that marketing offering aims to combine both products and services so that the needs of the consumers can be fulfilled. But in order to achieve that organizations must be able to differentiate between needs and wants.
Needs can be further divided into two segments; a) Physical needs and b) Social needs.
Differentiating Needs And Wants
Physical needs are the most important needs for any individual. It relates to food, water, and the air that we breathe in. These are the things that a person cannot live without. If an organization wants to create a product or service that only caters to the physical needs of the people, they may do that by producing mineral water, as Nestle does.
Moreover, if we talk about social needs, they include safety, security, self-esteem, and self-actualization. Such needs are mostly fulfilled by services rather than products.
On the contrary, if an organization aims to cater to the wants of people, something that they do not actually need but certainly desire, they can create almost any product or service that adds value to the life of a customer. For instance, a small firm may want important legal documents to be translated into their target audience’s native language. They can avail the assistance of legal document translation services. Moreover, if an organization wants to advertise its product or service in a foreign market, it can take assistance from marketing translation services. These services can help firms to create marketing campaigns specific to the cultural and linguistic preferences of the target audience.
Market Myopia
One important aspect to discuss in this article is the concept of Market myopia. A lot of organizations sometimes do not consider the customer’s perspective while creating a product or service. Rather they only think to take their short-term needs into consideration. This is an example of market myopia, where a firm depicts short-sightedness.
Let’s discuss an example to expound upon the concept of Market Myopia;
Nokia
Back in the early 2000s, Nokia occupied over 50% of the mobile phone market share. But with the advent of smartphones, Nokia’s market share started to decrease. The reason behind this decrease was the fact that Nokia did not change its phone technology with time. Rather they kept with the same phone technology and disregarded the android applications. Unfortunately, with time, Nokia was nowhere to be found, meanwhile, Samsung along with Apple occupied the majority of the market share.
This example is a teaching point for every other industry.
If you belong to Professional translation services, your aim should be to enhance your services with time and technology. Do not make the mistake of sticking to old narratives and ideas. Rather keep on improving, innovating, and ameliorating your business processes and customer service.
Marketing Management In Translation Services
One may ask how organizations can manage their marketing strategies. The rule is simple and universal. If we specifically take the example of Financial Translation services, they can follow a couple of steps to efficiently manage their marketing procedure;
- First, they need to identify their target market. And then choose it. If it’s specifically aiming to provide financial translations, then its marketing strategies should be confined within that only.
- The second step would be to search for customers who are looking for financial translations. But ensure to make it clear to people that that is the only service you are offering. Hence, if someone is looking for legal document translation services, then be honest with them.
- The last step would be to provide value to the customers that you have acquired and then proceed to expand your customer base. This may mean that you can add more services to your translation catalog.
Conclusion
In conclusion, we can proclaim that marketing is not just advertising your product or service. It’s a completely different ball game. A lot of research goes into the marketing processes. Where you first aim to understand the needs and wants of the people. Then create a product that can cater to that need. After creating a product you create a marketing strategy, with the help of marketing translation services, that will attract customers to your brand. Then you can expand your business from there. But all in all, marketing is more research than any other activity.