Market connection

Market connection informs about level of acceptance of the brand or company on the market. Companies strive for high market connection. It can be improved thanks to working with customers and business partners. The process is based on marketing efforts related to chosen brand or company names.

Connection with the market informs about the level of acceptance of the brand or company on the market. Each company should constantly monitor what is happening in its environment so that it can function efficiently. The combination helps you to meet the needs of the environment, gain support for your activities, build trust and ultimately achieve the company's goals and mission.

Forms

Most common forms of improving market connection are:

• sponsorship of events

John L. Crompton say: "Sponsorship investment by companies have grown exponentially in the past decade, so that by 1992 it was estimated that 4500 companies spent $3.3 billion on event sponsorship."

There are always two sides in sponsorship: a sponsor - it is usually an entrepreneur or a private person interested in promoting themselves or their products and incurring certain costs, and sponsored - a person or institution that benefits from the service.

Sponsored events are a form of promotion. The sponsor's sign most often accompanies the events or operation of sponsored institutions. An important argument for the use of sponsoring is also the growing interest in mass entertainment and the increase of social awareness.

• contribution to culture

Cultural activities include: museums, libraries, art, including film, cultural tourism and kosides. Cultural activities do not, however, include: sport and gambling. Regeneration is the transformation of a residential place or an open one which manifested symptoms of social or economic environmental degradation. This process has been described as: vitality in a sick community and breathing new life. It brings long-term and lasting improvements to the local quality of life.

• Sports and athletic events

A central part of an emerging global culture are Sports and athletic events. Famous people wear clothes with the logo of the company organizing the events.

• offering activities when people can meet

During company events, it is possible to meet clients and suppliers. Customers can get to know the form of doing business, suppliers can make contact with potential recipients.The organizers of the meeting can get to know the clients' needs. Such meetings are a pleasant form of warming the company's image.

• advertisement

Advertising is the basic form of market communication with the environment. It can be used in the form of:

1. radio advertisement
2. TV advertisement
3. internet advertisement
4. advertisement baners and posters
5. leaflets

Other forms of improving market connection are:

• offering business networking
• lectures on universities or colleges
• inviting certain groups of people to visit the company

The method should be chosen in accordance with objectives of market connection improvement program. If the aim is finding new employees, cooperation with universities or inviting students can be a good idea. If the aim is finding new business partners, choose offering business events.

Examples of Market connection

• Building relationships with customers: Companies need to build a connection with their customers in order to increase their market connection. This can be done by engaging with customers through surveys and feedback forms, responding to customer service inquiries, and providing rewards for customer loyalty.
• Developing a strong brand identity: Companies need to create a strong brand identity in order to establish a market connection. This includes creating a unique logo and slogan that represent the brand, developing a recognizable color scheme, and creating content that is tailored to the target audience.
• Launching successful marketing campaigns: Companies need to launch successful marketing campaigns in order to increase their market connection. This includes creating ads that are tailored to the target audience, using social media platforms to reach potential customers, and hosting events to draw in customers.
• Investing in customer service: Companies need to invest in customer service in order to increase their market connection. This can be done by providing quality customer service, responding to customer inquiries in a timely manner, and offering incentives for customer loyalty.

Advantages of Market connection

A good market connection can bring many advantages for a brand or company, including:

• Increased brand awareness amongst potential customers, which can lead to increased sales.
• Improved customer loyalty and satisfaction, as customers are more likely to choose a brand they are familiar with.
• Enhanced credibility, as customers will be more likely to trust a brand they have heard of.
• Improved market share, as customers may be more likely to choose a brand they know and are familiar with.
• Increased opportunities for collaboration with other businesses, as customers may be more likely to work with a brand they know and are familiar with.
• Increased opportunities for expansion and growth, as customers may be more likely to purchase products or services from a company they know and are familiar with.

Limitations of Market connection

• Market connection can be difficult to achieve if the brand or company is relatively new and unknown in the market.
• Market connection can be difficult to maintain if the brand or company fails to deliver on its promises or fails to keep up with the changing demands of the market.
• Market connection can be difficult to maintain if the brand or company does not have a clear vision and strategy for how to remain competitive in the market.
• Market connection can be difficult to maintain if the brand or company does not invest in marketing or customer service initiatives.
• Market connection can be difficult to maintain if the brand or company does not have a strong online presence and fails to reach a broad customer base.

Other approaches related to Market connection

To improve market connection, companies must focus on a few key approaches:

• Public Relations: Companies should strive for positive public relations that will create a positive image of the brand or company. This can be achieved through media campaigns and press releases that showcase the company’s products, services and successes.
• Social Media Marketing: Companies should have an active presence on major social media networks and use them to engage with customers, build relationships, and promote their brand.
• Content Marketing: Content marketing is a powerful way to engage customers. Companies should create content that is relevant, informative and entertaining.
• Influencer Marketing: Companies should partner with influencers who are respected in their industry and can help promote their products or services.

Overall, companies should focus on creating a positive image and engaging with customers to build relationships and increase market connection.

Market connection — recommended articles

Marketing in local government — Areas of marketing — Promotion mix — Incentive marketing — B2B social media marketing — Public relations in marketing — Customer benefits — Goals of marketing — Marketing advantage

References

• Graeme Evans and Phyllida Shaw, (2004) The Contribution of Culture to Regeneration in the UK: a reviev of evidence, 2004 The Contribution of Culture to Regeneration in the UK: a reviev of evidence
• Slater, S. F., Mohr, J. J., & Sengupta, S. (2010). Market orientation Wiley International Encyclopedia of Marketing.
• Spence L. Wise and Morgan P. Miles Georgia Southern University, Statesboro, Georgia, USA, Corporate sponsorship of events and tax implications: is there an opportunity for global co-ordination? Corporate sponsorship of events and tax implications: is there an opportunity for global co-ordination?.

Footnotes

Author: Magdalena Pawłowska