What is Marketing?
As a small business owner, you hear a lot about marketing. You’ve heard of different terminologies like search engine optimization (SEO), return over investment (ROI), direct marketing, word of mouth (WOM), etc… It’s confusing. We understand that “marketing” can feel very generalized, containing multiple definitions. It creates a cloud of confusion for you, and that’s the last thing you need, especially when you want to find the best way to get the right customers. So, what is marketing? Let’s start with defining the term.
“Marketing encompasses every part of a plan to turn a prospective consumer into a happy and satisfied customer. It includes everything from market research to advertising. The goal of marketing is to convince a person that your product is worth investing in, establish brand loyalty and increase overall sales.”
According to What Is Marketing? Definition, Strategies & Best Practices by Kristy Snyder.
Marketing is like a race. It is how you earn a sale before your competitors with the person you are trying to reach. Every time you cross the finish line, you win with a sale. It can also be like a singing competition, where you must compete to your best ability and sing as your unique self, in your own way, to differentiate from the other competitors. It envelops the question of ‘How can I stand out?’ in other words, how can your business “cut through the clutter?” With the thousands of advertisements and social media posts we are spammed with today, it is easy for your business to get lost in the masses. So, how can your product/service stand out from the mess?
You might feel that marketing is just another wasted expense. At times, it can be. It can feel like nothing is working or making a difference in sales. That’s where patience comes in. It takes time when you are defining your business or rebranding yourself. That’s why you must understand competitors, your weaknesses and strengths, what your customers want to see, and how they will see it.
“According to studies, nearly 90% of small businesses invest in marketing. Marketing is an excellent tool for increasing awareness of your products as well as establishing yourself as a reliable and reputable brand in your chosen niche.”
According to Forbes, who next mentions the four P’s of marketing; Product, price, placement, and promotion.
The four P’s are critical for successfully marketing your service or product to your ideal customers.
- Product – As you guessed, it is what you are selling. What is your product, what does it do, and how does it help your ideal customer?
- Price – What are you charging for this service or product? How does it compete with your competitors and surpass their service?
- Placement – Where will this product or service be available for use or purchase? Is it an exclusively online product or is it only available in stores? Is this service only available through sales by business-to-business (B2B) marketing?
- Promotion – How is this service or product being promoted or marketed? Will this be an online marketed product? Is it through social media, email, and advertising? Will it be direct mail, like postcards, brochures, or newsletters?
You understand the basics of marketing but now have no clue where to go from here. We can help. As marketing professionals, we understand what you are missing and how you can expand. We will develop a brand voice for you, find your target market, and design your brand image to fit your voice. Contact us, and let’s create a plan together. As a marketing team, we will put care into marketing your brand and work with you on what you want to see.
Contact us today!
What Is Marketing? Definition, Strategies & Best Practices by Kristy Snyder