The action or business of promoting and selling products or services, including advertising is the definition of marketing according to the dictionary.
This definition feels unhelpful.
When working in the marketing industry you know it’s different than that. This straightforward definition doesn’t grasp the real meaning of marketing.
However, marketing overlaps heavily with advertising and sales. It is present in all stages of the business from the beginning till the very end.
In fact, have you ever wondered why marketing is necessary in any product development? Or in sales pitch? That’s because marketers have the firmest finger on the pulse of any customer persona.
The whole purpose of marketing is to research and analyze the customers. Whether that was studying online shopping habits or conducting focus groups. The main question is “When, where, and how does the customer want to communicate with the business?” That’s what every marketer needs to answer.
This blog is for anyone who is trying to understand about marketing and what it is. If you are a beginner or you have worked for a while in the industry this ones is for you.
Purpose of Marketing
Purpose of Marketing
To get people interested in your product or service is the main purpose of marketing. That happens through market research, analysis, and understanding of the customer’s persona.
Besides product development, sales, and advertising, marketing covers every aspect of business.
Marketing as we know has started in the 1950s. When people started to endorse their product using more than just print media.
Marketers were able to conduct entire campaigns while utilizing many platforms. Once TV, and soon after, the internet, entered households the multi-platform campaigns have started.
In the last 70 years, the role of marketers became increasingly important. Mostly, they work on tuning how a business sells a product to the consumer.
The main goal behind marketing campaigns is to attract customers to a brand through messaging. For best results, the message must be helpful and educational to the target audience. This way they will be able to convert them into leads.
Marketing has progressed in a massive way as now you can find many different places to carry out a campaign.
So what are these different types of marketing in the 21st century?
Types of Marketing
Types of Marketing
Any marketing campaign should go live after an extensive research and analysis. Through market research, you can determine which type of marketing or mixture of tools and platforms to go for. In fact, with the right research you will know what’s best for building your brand.
Let’s talk about the relevant types of marketing some of which have stood the test of time.
Imagine with me. A potential customer have heard about the brand and starts looking it up online but can’t find anything? You lost a customer. Just having your business online is marketing by itself. Online presence is very important for the success of a brand.
Search Engine Optimization
Or as many people know it as SEO. It is the process of optimizing content on a website so it ranks high on search engine results. Marketers use this to attract people who search a keyword that sparks their interest.
In the old days, blogs were exclusive to the individual writer. Now, each brand uses blogs to solidify their online presence. The brand publishes blogs about topics that surround their industry. As well as topics that might spark an interest of the potential customers who browse the internet.
Social Media Marketing
Facebook, Twitter, Instagram, LinkedIn, and similar social networks are the main social channels. Businesses are using them to create a relationship and gain trust of their audience.
Newspapers and magazines are still in and have come a long way. Many brands sponsor articles, photography, and similar content in publications. However they don’t do it randomly. They search what might interest their targeted audience.
Search Engine Marketing
SEM is a bit different than SEO. Businesses pay to have their website placed on top the search engine results page. It gets the company a higher exposure. It’s a concept called “pay-per-click” or PPC. To understand more about it read our previous blog.
Commercials were once what everyone was talking about. That’s were video marketing comes from. Marketers now put money into creating videos to publish them. Their purpose is to educate and entertain their customers.
Marketing and Advertising
Marketing & Advertisement
Advertising is a spoke on the wheel of marketing.
Through marketing, you can identify your audience. Also, the brand can communicate with customers, and build brand loyalty over time.
But, advertising is just one component of marketing. Usually it’s paid to spread awareness of a product or service using a strategic effort.
To put it in simple words, advertisement is not the only thing that marketers use to sell products.
Now to understand the difference between them better, let me give you an example.
There is a business that has decided to sell a new product. They want to create a campaign around promoting a new product to its customers. The company chooses to post on Facebook, Instagram, Google, and the company’s website.
To get the product known to customers, they broadcast the news through a product guide on the website. Also, the brand uses Instagram to post a video demonstrating the new product. Finally, they paid for google ads to direct the traffic to the new product page.
Where do you think the advertisement has happened?
The advertising took place on Instagram and Google. Even though Instagram is not an advertising channel, it’s still beneficial to use every once in a while to put out a gentle product announcement. Google as many of us know is the main channel to advertise on. The company paid for space on Google, also known as pay-per-click, to drive traffic to the product’s page. A classic move made by marketers.
The second question is; where is the marketing in this scenario?
Marketing was the entire process. Yes, this was a trick question. The company ran a three-part marketing campaign.
By leveraging Instagram, Google, and its own website to target the right customers. They developed a tailored message,then delivered the message to the industry to maximize its effects.
The 4 P’s of Marketing
The 4 P’s of Marketing
In the 1960s, E Jerome Mcarthy proposed a new concept. And as simple as that, the 4 P’s were born: product, price, place, promotion. Even though it started ages ago, it is still valid until this day.
Basically, the 4 P’s explain how marketing relates to each stage of a business.
The product is what your company wants to sell.
But let’s assume the company has come up with a new product so what do they do? Just start selling it? They won’t succeed.
Instead, the marketing team has a lot of work to do. Market research is far the most important thing that needs to get done. Some critical questions are important to ask: Who is the targeted audience? Is there a market fit for this product? Advertisement should be on which platform? And what message needs to go with it? What changes should be made by the product developers to increase the chance of success? Did the focus groups like the product and what were they hesitant about?
Answers to these questions can help marketers understand the demand for a product. As well as improve product quality by mentioning concerns raised by focus groups or surveys.
Now it’s time to check out the competitors to know exactly how to price the new product. Or this could be estimated using focus groups and surveys. Through them, they can see how much customers are willing to pay for the product. The price you put is critical to the success. If the product was placed too high then the company will lose a solid customer base. If the price was too low then you might lose more money than the business can gain.
Marketers start doing an industry research to determine a good price range.
The marketers’ job isn’t done though. An analysis and understanding of your business’s consumers is needed. With the right analysis, they will be able to suggest the ideal place to sell your product.
Location, location, location.
Without the right location your product won’t sell. Any brand needs to pick a place where its customers at. Always go to them don’t let them come to you.
So this is where the analysis comes in handy. Any marketing team should suggest where they see brand flourishing the most. They can offer insight into which location would be most viable. That could be either nationally or internationally.
This is the P that you have most likely expected to here first.
Promotions are ads, event, or discount created by the marketing team. It increases recognition and interest in your product and ultimately increase sales.
Different methods are used for the promotion. Such as public relations campaigns, advertisements, and social media promotions.
Conclusion about Marketing
Now that you know what marketing is, you can beat out your competition with this information.
Masteradz want to see you succeed, believing that you can do whatever you put your mind to no matter how big or small your company is.
Most importantly, choose the right team for you as it will make or break your business.
Don’t hesitate to contact us for further consultation.