What is marketing?
Marketing is what companies do to make consumers aware of their products and services. Marketing is the act of promoting or selling something. It can be anything from market research to writing ad copy. Marketing even a single product or service can seem like an enormous challenge. You know you’ll be successful, but how do you make sure the consumers pay attention to your offers?
The four Ps of marketing
The “Marketing Mix,” developed by marketing thought leaders, is a set of concepts and tools that help companies achieve their objectives within a market. This model is based on the 4Ps:
- Product: What are you selling? I’ve got the widget you’re looking for! An authentic, hand-crafted product? Those are just some ideas you might turn into an actual product. Marketers should know and understand the features and specifications of the products they’re selling.
- Price: To figure out how much your product should cost, do some research. Do you know what your competitors charge for similar products and services? This helps you understand what consumers will pay for your offerings.
- Promotion: These days, marketers have many different channels through which to promote their products. Most businesses don’t have a problem deciding whether or not they should invest in radio ads or social media banners.
- Place: You need to make it easy for customers to find and buy your product. Do they need to visit a retail store or can they buy it online? Additionally, you’ll need to consider how much inventory to hold and where to keep it. Inbound marketing strategies rely on engagement and strong content to bring customers to you.
To create a marketing campaign that converts customers into lifetime fans, you should use the three marketing fundamentals.
- Marketing is about identifying and satisfying a market’s need:
Many marketers would like you to believe that your ideal audience is always on the platform that they happen to be best at ad buying on. That “Facebook has billions of users, so your ideal client is definitely on there. Facebook advertisements are largely ignored by people who are afraid of their data and privacy.
Finding a market in need involves:
- Knowing who the ideal customer is for your product or service can help you market to that person.
- Find out where they spend time and how they choose to spend their money.
- Directly marketing educational content to those who need it will allow you to be seen as a trusted resource.
Marketing is not advertising. If you assume that it will be a magic bullet for your business, you may end up spending more money than you need to. Look at the ads your competitors are using and analyze their performance. Check where your potential customers spend their time and how they spend money. Research how they make their buying decisions and base your marketing strategy on solid principles instead of guesswork.
2. Marketing is a tool for communicating with your customers:
Marketing is a process of understanding each other’s point of view, not telling the other party why you’re right. Many companies think marketing is about telling their customers why they should buy their products. It’s true, but there’s more to it than that. Asking your customers what they want, and learning about how you can serve them better – are at the heart of good customer service.
The more you can show your customers that you care about who they are and how they would like to be treated, the more you will earn their trust and word-of-mouth promotion. Communicate frequently with your customers to learn as much as possible about them. Remember that your customers are human beings who need empathy, not just dollar signs. They are people who are waiting to be seen, heard, and valued. Understand that and reach out to them with the right message.
3. Marketing is a process of shared education:
Many marketing agencies would have you believe that if you can just show your prospects the right offer, you’ll start to see an increase in leads. As entrepreneurs, we don’t usually sell a revolutionary product. Instead, we take an existing product and make it a little bit better. This is how entrepreneurs operate, but it can make finding a lucrative market harder than for people who are building genuinely revolutionary products. Once you’ve gained the attention of the right people, you can get them to trust you.
It’s better to show your prospects reasons for buying your product, rather than just showing them your offer. Marketing is a complex science that requires skill, persistence, and effort. It takes training and experience to be successful. So instead of forcing your product onto people, you must first understand their needs, and then give them what they want, in a way they will appreciate. If you use this in your next campaign, you will be able to see what new doors are opened up for your business.
Reaching your target audience is the key to success:
You might already have some idea about who your target customers are and what features will make them interested in buying your product. If you’re selling accounting software, then you know that people will not want to spend hours every week making calculations by hand. But you can only guess so far, 45% of businesses do not have a formal digital marketing strategy. These organizations toss digital content into the abyss of the internet without even tracking where it lands, let alone whether it performs better than what they were doing before. By using website analytics, you can identify which channels are best for marketing your offerings. Eventually, you should be able to tweak your strategy until it’s perfect.
Types of online marketing
Once you know who your target audience is, you’ll need to determine the best way to reach them. Integrated marketing strategies make a business more coherent and consistent. The most prominent channels include:
- Content marketing
- Email marketing
- Social media marketing
- Pay-per-click advertising
- Influencer affiliate marketing
While it’s necessary to have multiple marketing approaches, you still need to focus your efforts. It’s better to have one or two robust channels than to have five separate marketing campaigns.
Keep up-to-date with the latest trends in marketing:
A good marketer should not limit his learning to marketing. Despite the fact that the fundamentals of marketing may remain steady over time, the specific strategies businesses deploy are affected by a number of factors, such as:
- Consumer trends are always changing: Younger generations may respond differently to your appeals. Your customer’s feedback can drastically affect your content strategy.
- Emerging technology is a fast-developing field: The rise of mobile devices, voice search and other new technologies will give marketers a set of new tools to reach customers.
- Unpredictable market fluctuations: If the global economy is in constant flux, then a lot of products will be out of reach tomorrow.
- Cultural shifts: Social and political movements can shape the way consumers view companies and their offerings, and these movements can sometimes be bad for brands.
It can be difficult to predict precisely how these changes will play out, especially when it comes to technology adoption. Those looking to get in early on certain trends will have to use guesswork. Blogs are a great place to start. Those of us embedded in the world of marketing every day share our experiences, analyze reports and make educated predictions about the future of marketing.