Let’s understand what is marketing?
If you haven’t heard about marketing in the past you definitely live under a rock. Marketing has a different definition for everyone, but one thing it has in common with everyone’s definition; is that every business uses it.
- Marketing = strategy + creativity (science and art)/ what is marketing?
- Marketing is about identifying and meeting human needs.
- Marketing is “meeting needs profitably”o Marketing is defined by the American Marketing Association by “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”.
- Marketing is defined by the American Marketing Association by “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”.
Still not understanding what is marketing?
Marketing gives the reasons to the customer why they should buy from you.
However, Selling is not the most important part of marketing. It is knowing the customer so well that the product or service fits him and sells itself.
If your product or service is good, it would be sold by itself (Not Really)
I would like to say that yes that is true, but the reality is if you don’t market your product, individuals won’t know the value of what you offer and the reasons why they should buy from you.
There are a few details that need to be taken into consideration to grow any business:
#1 Target Market: Who is your target market, who are the people you want to reach, who are you planning to offer your service or good.
• As Millennials, we are interested in word of mouth, social media and the customer service. We are less interested in the brand; we care more about experiences.
• “Brands looking to attract millennials need to adjust their products and services for a generation that wants to share unique, playful, and socially conscious content.” (American Marketing Association)
Step #1 – Understanding your target Market and how can you reach them.
If you don’t have one create:
a Google Page
a Facebook Page
an Instagram Page
a YouTube Page
In my next Blog, I will be explaining more details on how to create them and make it more attractive.
If you are still thinking “Wait, but everybody comes to buy the product and I don’t invest any money in marketing remember”;
“Marketing success leads to financial success”
- Finance, operations, accounting, and other business functions won’t matter without sufficient demand for products and services so the firm can make the most revenue.
- Financial success often depends on marketing success. Marketing’s value extends to society.
- Successful marketing builds demand for product and services, which, in turn, creates jobs.