The marketing function in business is so important yet often misunderstood. In this first series of blog posts, I want to go back to basics and help readers understand what marketing is, the difference between marketing and advertising, and the different marketing strategies available to brick-and-mortar businesses as well as online businesses.
Marketing is a term thrown around often; however, most people could probably not clearly define it if asked. So, let me do that for you now.
According to Investopedia, Marketing is defined as a division of a company, product line, individual, or entity that promotes its services. Marketing attempts to encourage market participants to buy their product and commit loyalty to a specific company. Advertising is defined as the paid distribution of a controlled marketing message found in print ads, radio or TV broadcasts, online, or via direct mail.
Marketing is all about acquiring the skills necessary to measure how many customers you can attract given a specific budget. This way, once you have a marketing strategy in place, you can start to see growth in your business! This means that as a business owner, you can start to calculate how much money you need to get more customers, increase staff, measure expenses, etc. Having a clear marketing strategy is essential for any business that wants to see success.
With that foundation set, your next questions should revolve around what marketing strategies are available and which ones would be best for your business. Gabriel Weinberg and Justin Mares, authors of “Traction”, have provided a great resource in defining 19 marketing channels that any business – whether online or brick-and-mortar – can use to promote growth. Even tho this book was intended for startups, every business is using at least one of these channels currently. That said, any business can explore these channels further in an attempt to find new ways to continue growing.
I will be focusing the next 19 blog posts on addressing each of these strategies while also including examples of when these marketing strategies can work best for certain industries! So stay tuned until next time to learn more about how you can take your marketing game to the next level.
Take Risks and Be Bold!
Val
