There are a lot of different and loose terms used now around marketing. There are also a lot of misconceptions about marketing and what it is - that it is just graphic design of a business logo or sales or doing a bit of social media for your business.
Marketing is about all of these activities plus much much more! With our digital world changing so fast and expediently growing, marketing now encompasses an abundance of new factors.
However the concept of marketing has not really changed, it is has just evolved and shifted with how we all now communicate.
So what actually is marketing?
In an academic definition1. (the text book I actually used at uni!) ‘today’s marketing is about creating customer value and building profitable customer relationships’.
It is about developing messages using different methods to communicate to your auidence about your business and services. Marketing is still about promoting your business to your target market, however there are just many more and different ways to do it now.
In simple terms marketing is how you let your customers know about your products or services that you sell in your business. Basically, as the saying goes you can build a castle but if you don’t let anyone know about the castle no one will find it or come.
Same goes with your business, you can have this fantastic product you sell or one of kind services you deliver however if you don’t tell your audience about it, how will they ever know about your great product or one of kind services?
Marketing previously encompassed 5 P’s. Most people have probably heard about the 5 P’s of marketing, but what does it mean?
The marketing P’s are the elements that you need to consider to promote your business and they help form your marketing mix for your marketing plan. The 5 marketing P’s are:
- Product /services – what your business offers/delivers
- Price – the costs of your products or services
- People – your customers
- Place/Position – what location/area do you cover/service
- Promotion – how are you going to sell/promote your products/services.
By the time I had finished uni, the 5 marketing P’s had grown to 7 and I have now seen a number of organisations use 9 P’s. The additional marketing P’s are:
- Process – business processes for your product or services you offer
- Physical environment – location of business or offices
- Physical evidence – customer testimonials
- Partners – strategic business partnerships, collaborative agreements.
So what does this all mean for your business?
It means you need to consider each of these elements to help get your business message across to your potential customers.
Marketing is the life blood of your business, it is about practicing effective communication. Therefore it is important to get your message and the value your business offers, out into the market place if you want your business to sell it’s products or services, be competitive and ultimately make a profit.
These days as the ‘environment’ is so busy it is becoming harder to get heard and harder to get your message across.
Marketing is evolving to try to capture a small piece of this ever-changing market share and to get a business’s message across to their target markets.
1. ‘Principles of Marketing’, S.Denize, G, Arnstrong P. Kotler and others; Pearson, 6th edition, 2014.
About the Author
Hillary is a proficient strategic marketing professional with over 20 years business and marketing management experience in both government and private enterprise.
Hillary’s extensive career is supported with way too many years studying business and marketing at Uni, including a MBA from the University of Queensland. Hillary is genuinely passionate about helping small to medium size businesses.
When she is not working on client projects you will find her out exercising with her beautiful dog, in the garden, or off on a camping adventure!