- Elon Musk, Investor & Entrepreneur
Marketing plays a key role in nearly all forms of business and essential to their operation. Utilizing tools and metrics from market research and general advertising, marketing can be defined as the actual action of promoting or selling products and services.
While marketing has taken many different shapes over the years, its role in business has fundamentally stayed the same. Not to be confused with advertising, marketing is the process in which you understand how to advertise correctly, to the correct audience.
The best way to think about marketing, is the developmental process of getting goods and services to a specific individual. Before you even advertise, you want to use whatever information you have available in order to plan your sales.
TYPES OF MARKETING
Thanks to technology, marketing has taken on several different forms, and is constantly changing with the landscape of how we purchase things. Here are a few different ways in which marketing is effectively utilized.
INTERNET BASED MARKETING
In the modern century, its nearly impossible to survive as a company or brand without a digital space. Even smaller brands flourish on line, where they can tailor their website to better market themselves to potential customers. This is considered one of the most fundamental versions of marketing in the more recent years.
Businesses capitalize on the most common form of marketing every day: social media. Instagram, Twitter, LinkedIn; They are able to build up a following in which they can leave impressions on consistently. From sales, to just customer interaction, social media is the most essential tool for marketing in today’s climate.
SEARCH ENGINE OPTIMIZATION (SEO)
SEO has grown to become one of the most important tools a company can use to increase its exposure online. Utilizing specific keywords and strings of keywords, they can tailor their digital content to appear based on a visitor’s word search string.
While SEO content has always been prevalent, it has become a crucial component for any company’s marketing, in order to increase overall exposure to their customers.
BLOGS FOR MARKETING
Formerly treated as more of a personal diary, blogs have evolved into an incredibly useful marketing tool. Most brands create blogs in order to foster deeper relationships with their current and potential clients. They help drive interest in a market, as well as the brand itself.
From TV commercials, to YouTube related video blogs, video marketing has only become more important. They help foster interest in a given field, and offer their service to those who tune in for the content.
Even with the ever-increasing force of the digital marketing landscape, print marketing remains a vital tool. Posters, billboards, flyers, they all represent the physical medium in which brands can tailor their exposure to better represent what it is they stand for. While printed, physical forms of marketing continue to be on the downtrend, its difficult to believe that it will ever go away completely.
THE 4 Ps OF MARKETING
When it comes to marketing, there are 4 well known areas known as “the 4 Ps of Marketing.” These can be defined as:
These four categories have long defined the marketing world, and are considered the firsts steps to knowing what it takes to do so effectively.
Product is more than just the thing you are producing. It also covers a lot of the essential questions that should be answered before you start selling it such as:
Who the target audience is
- Is there a demand for this product
- Necessary messaging for the product
- What do people think of the product
- Are there any hesitations about the product
Another fundamental piece of marketing is price. This is a crucial part, because its why marketing is done in the first place. If you price too high, you’ll have difficulty developing a customer base. However, if you don’t charge enough, you’ll never get the product off the ground.
Where are you going to sell this product? The goal is to tailor place to exactly your target audience, and no more. Some products are meant to be sold on a global scale, while others only need to be sold locally. The idea is to limit your place of selling to exactly as large as it will be effective.
Promotion is key to increasing awareness of your product. Any kind of advertisement or discount directly related to driving sales of your product can fit under the category of promotion.
Promotion is where you can expect to see most of your advertising and branding. It’s all about learning your market, and tailoring the sale experience to the right demographic in a way that’s profitable, and leads to more success.
WHY IS MARKETING SO IMPORTANT?
Marketing makes up most of the sales process. Without marketing, sales would be blind, and brands would often have difficulty reaching the people who would enjoy their product most. Without the ability to hyper focus on who the intended audience is, most products would fall flat as they wouldn’t be profitable enough to sell.
From packaging, to advertising, marketing is the lifeblood of sales. It fills your pipeline with potential customers, giving you the opportunity to qualify them for your product. It allows companies and brands alike to showcase what issue their product or service solves, getting their customers to take action.
Marketing itself is only as important as it’s effectiveness. A marketing campaign that isn’t properly tailored to its intended audience is just a bad as no marketing at all. Good, properly researched marketing plays a key role in everyday life, driving product sales, revenue increases, and overall company and brand growth.
Everything is marketing, whether there’s an exchange of services or not. From marketing ourselves on social media, to an ad that pops up during a video; Marketing plays a crucial role in everyday life, and will only continue to gain importance.
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Thought leaders & celebrities share their tactics for success on the Lisnic podcast by Lisa Teh & Nick Bell