Thursday, March 28, 2013
Marketing Mayhem Is Not The Only Way
Marketing is much more than a Web site, advertisement, tradeshow or e-mail. These are just a few of the components of marketing. These are only the tactical actions that support the high-level, strategic nature of marketing. Perhaps the reason that much of marketing fails is that the tactical actions are taken without the necessary strategic plan.
Marketing is a high-level business function that is strategic and long-term. Marketing has more in common with a company’s business plan than it does with its monthly sales goals. In fact, much of a company’s business plan is the marketing plan. Deciding what products to offer, at what price and to which market segments are functions of marketing.
You have probably heard of the four "Ps" of marketing: product, place, price and promotion. When empowered, marketing defines the products offered and the market that they will serve (product). Marketing creates the distribution channels through which products are offered (place). Marketing determines the cost to the consumer that yields the largest profit (price). Finally, marketing creates awareness and interest in the product to initiate consumer action (promotion). Above it all, marketing creates the identity of the company that serves as the umbrella under which all products fall.
With three of the "Ps" covered, marketing can be clarified by focusing on the fourth. For small companies, the critical business issue is successful and profitable promotion. In the context of promotion, the definition of marketing is: a business function that creates, facilitates and supports a selling environment.
Marketing creates the opportunities for selling. Marketing builds awareness and understanding of products and services. Marketing provides the tools used to move toward the close of the deal. Awareness, interest, desire and action are the goals of marketing promotion.
The final point to consider is that marketing is not sales, and sales is not marketing. While these functions are closely aligned and tightly coupled, they are quite different. Marketing is 70 percent strategic and 30 percent tactical. Sales is 70 percent tactical.
Marketing actions speak to many. Sales actions are one-on-one. Marketing’s impact is measured throughout the year. Sales performance is measured by the month. Marketing plans and actions take months to take root. Sales can achieve results with a single phone call.
Marketing is strategic. Marketing is a long-term process. Marketing is an investment in a company’s financial future. For the small business, marketing builds awareness, interest and desire to facilitate sales transactions.
While you may not be able to hire the Top of the Line advertising team for your next set of ads and promotions you can work with MI Printing to work on your business printing needs. Give us a call at 623.582.1302 and let’s talk.