What Is Marketing?
In the age of online influencers, many are misinformed about what it means to use marketing to grow your business. Because of that, the best way to start a conversation about marketing is to define it.
Marketing: the total of activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling.
Marketing vs. Advertising
When most people think of marketing, what comes to mind are TV Commercials, Billboards or Online Advertisements. While these promotional materials are part of the marketing process, they don’t represent the full scope. In fact, if promotion is the only aspect you’re considering, you’re almost certain to fail in your product launch.
The Marketing Mix
Promotion is just the last piece in a puzzle called the Marketing Mix. Also known as the 4 P’s. These are the four key considerations of any successful marketing strategy. They are:
Product – What are you bringing to the market?
Place – Your distribution channel and supply chain. How will you acquire the product, and how will you get it to your customers?
Price – What is your pricing strategy? Is it based on the cost of goods sold? Are you using high-ticket offers to imply value or attract a wealthier customer base? Or are you pricing to undercut others in the market?
And lastly, Promotion. How will you get the word out about your product? Will you use television advertising? The internet? Word of mouth?
Putting it All Together
As you can see, there is a lot to be considered when it comes to Marketing. To put it simply, the Marketing process is all about gathering data and using it to make informed decisions about your business. It is equal parts strategy and creativity. It can be incredibly fun and, when done correctly, lead to incredible profits.
In upcoming articles, we’ll go more in depth on each component of the marketing mix, and help you pull them all together into a comprehensive marketing plan. Be sure to join our e-mail list below so you can stay up to date!