What is marketing?
Marketing is a process of creating customer awareness, engaging with customers, motivating them to take action, and driving profitable customer behavior. It’s everything your business does to market and sell its products or services.
Marketing is an umbrella term for all the processes involved in making products or services available for use or consumption by target markets, including advertising, distribution, selling, etc.
Why do companies need it?
Beter said a company couldn’t survive without marketing – it’s the “bloodline” of any company. Marketing is what drives customers to your door, keeps them coming back, and encourages them to tell their friends about you. It’s what makes your business thrive.A company couldn't survive without marketing – it's the "bloodline" of any company. #marketing Click To Tweet
Without marketing, a company would have no way to connect with its customers or create awareness for its products or services. Marketing is essential for building customer loyalty and driving profits.
What is the Marketing mix?
The marketing mix combines the four controllable variables that a company uses to pursue its marketing objectives in the target market. These variables are commonly known as the four Ps: Product, Price, Place, and Promotion.
The marketing mix is often called “the tools of marketing” because it’s made up of all the resources available to your business to help you reach your target audience.The marketing mix is often called "the tools of marketing" because it's made up of all the resources available to your business to help you reach your target audience. #marketingmix Click To Tweet
The product is the actual good or service that the company makes. In some cases, a company may not actually make its products but provide a service instead. Price: The price is what you as the business owner set for your products and services – it’s the amount of money your customers pay when they purchase something from you.
The price is what you as the business owner set for your products and services – it’s the amount of money your customers pay when they purchase something from you.
The place is where you make your products available to customers. This could be through a physical store, online, or other distribution channels.
Promotion is how a company communicates its marketing message to its target market. This includes offline and online advertising channels, PR activities, social media campaigns, etc.
The marketing mix of famous companies.
Let’s look at some of the most famous companies and see how their marketing mix differs.
The marketing mix of Apple:
Apple’s products are cutting-edge, with features not found in most competitors’ products. They promote quality, innovation, and style.
Apple has tried to sell their products at a high premium which is reflected in the price they offer. This strategy has worked for them as an Apple product usually has a longer lifespan, and customers are more likely to upgrade to the latest iPhone than a competitor’s product.
Apple sells its products through its own branded stores and other retailers. They’ve also successfully gotten their products into other distribution channels such as schools, businesses, etc.
Apple has used its brand image to create awareness with the help of one of the most popular ad campaigns in history – “Get a Mac” (the PC vs. Mac ads). They’ve also used celebrity endorsements, social media campaigns, and PR activities.
The marketing mix of Red bull:
Red Bull’s product is an energy drink. They aim to provide a unique experience for their customers by offering something that not many other brands in the market offer – an energizing drink.
The price of one can of Red Bull is relatively high compared to other brands in the market. One could argue that the customers pay for the experience and not just for the product itself.
Red Bull is available in most convenience stores and other places where drinks are sold.
Red Bull has successfully promoted its brand through various marketing channels such as social media, sports sponsorships, and music sponsorships. Red Bull is also known for its wild and crazy marketing stunts, which have definitely helped them create a unique brand image. They’ve used tactics such as promotional events, stunts, and ambassador programs.
The marketing mix of Zara:
Zara’s products are stylish and trendy clothing at relatively affordable prices. The company keeps its inventory low and uses the latest fashion trends to design its products to shorten the time between identifying a trend and making it into its stores.
The prices of Zara’s products are affordable, especially when compared to other high-end fashion brands. They also offer discounts and promotions, which help their products become more accessible to the mainstream market.
Zara has its own stores and an online store where customers can order clothing. It’s also available online through other retailers.
Zara promotes its products through online and offline advertising channels, social media campaigns, PR activities, and collaborating with celebrities. It also uses Grassroots marketing to reach out to potential customers in specific markets.
Different types of marketing
There are plenty of different types of marketing. Some of the most common are:
Inbound marketing is a strategy that focuses on drawing customers in through exciting and valuable content. This type of marketing can include blog posts, eBooks, white papers, social media posts, etc.
This is the exact opposite of inbound marketing. Outbound marketing involves bombarding potential customers with ads and promotional materials. This type of marketing is mainly useful when people aren’t aware of your product or service.
Influencer marketing is a type of marketing where companies work with individuals who have a large following on social media or other areas to promote their product or service.
Viral marketing is the process of getting the word out about your product or service by having people spread the message for you. It’s essentially free advertising. This type of marketing is useful because it creates brand awareness at a lower cost. However, going viral is not always easy to achieve.
Email marketing is the process of sending promotional materials, such as eBooks, white papers, or coupons, to potential and current customers through email. This type of marketing is a great way to stay in touch with customers and keep them updated on your latest products or services.
Sponsorship marketing is the process of working with another company or individual to promote a product. For example, Red Bull often works with extreme sports athletes, musicians, and other celebrities to promote its brand.
Social media marketing
Social media marketing is the process of using social media platforms, such as Facebook, Twitter, and Instagram, to promote a product or service. This type of marketing is helpful because it allows you to reach many people quickly and at a low cost.
Direct marketing means marketing to potential and current customers through telemarketing, email marketing, or direct mail. This type of marketing is beneficial because it quickly targets specific customers. However, this is also more of an interruption type of marketing since some people can consider it intrusive.
Internal marketing is the process of marketing to your employees. This is important because if your employees are invested in their success, they are more likely to work harder and better. Employee benefits packages are often a part of internal marketing strategies.
Content marketing is when a company uses its blog, eBooks, white papers, or other content pieces for marketing its product or service. This is helpful because it allows companies to build up backlinks that can help SEO efforts in the future, which will increase the chances that people will find your site when they are searching for similar products in the future.
Guerilla Marketing is a type of marketing in which companies use subversive methods, such as taking over an entire subway stop or dressing up as characters from the movie Psycho, to promote their product. Guerilla Marketing is different than traditional marketing because it uses more surprise and creativity for its promotional activities.
Search engine marketing (SEM)
SEM or search engine marketing is marketing a product or service via ads on search engines such as Google. These ads can be found when people type in certain keywords and phrases, and they can appear above or next to the organic search results.
Relationship marketing is the process of building long-term relationships with customers. You can do this through things such as providing excellent customer service or by offering loyalty programs. Relationship marketing is beneficial because it helps keep customers coming back to your business, leading to increased sales in the future.
These are the most common types of marketing. All businesses should consider how they can incorporate them into their overall marketing strategy.
How to create a marketing strategy?
Now that you know what marketing types are, it’s time to go beyond just knowing these facts and put your knowledge into practice. To do this, you will first need to create a marketing strategy for your business.
A marketing strategy is an overall plan of what you want to accomplish with your marketing efforts. It should include all of the things that you hope to achieve via your marketing. For example, you might have a goal of increasing website traffic by 25% over the next year.
Step 1: Create a mission statement
The first step to creating your marketing strategy is to develop an overarching company mission statement. To use as the foundation for determining your goals will be. A good mission statement should state what your business does, who you serve, and your values.
Step 2: Determine your target market.
Once you have a mission statement in place, you need to determine your target market. This is the group of people you are trying to reach with your marketing efforts. You can do this by figuring out your ideal customer and then targeting them specifically.
Step 3: Set your goals
After you know your target market, it’s time to set some goals. Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART goals). For example, “I want to increase website traffic by 25% over the next year” would be an excellent SMART goal.
Step 4: Create a budget
Now that you have all of your goals and target market figured out, you need to figure out how much money and time you’re willing to invest in your marketing efforts. This will be the foundation for creating an actual marketing plan.
Step 5: determine your marketing channels.
Next, it’s time to decide which types of marketing strategies you will use and which you will involve specific activities. For instance, if you want to increase website traffic via SEO services, you might try creating an article on your business blog every week. If you want to increase brand awareness through advertising, you could start placing ads in local newspapers or magazines. Whatever marketing channels and campaigns you decide to go with, be sure to tie them all into your overarching company mission statement.
Step 6: Create a timeline
The last step to creating a marketing strategy is to create a realistic timeline of when you want to accomplish your goals. This should include all stages of the process, such as when you’ll complete each task, what tasks will occur at certain milestones in the project, and when you expect to achieve specific goals.
Now that you have all of the steps in place, it’s time to get to work on putting your marketing strategy into action!
Common marketing mistakes you need to avoid.
Even when you have a well-thought-out marketing strategy, there are still some mistakes that you need to avoid. Here are some of the most common ones:
Mistake 1: Not tracking results:
A common mistake many businesses make is not tracking the results of your marketing efforts. This makes it difficult to determine which campaigns are working and which ones must be tweaked or scrapped altogether. Be sure to track everything from website traffic to leads generated to conversion rates so you can constantly improve your marketing strategy.
Mistake 2: Focusing on the wrong metrics:
Another common mistake is focusing on the wrong metrics when it comes to measuring the marketing efforts. For instance, they might focus on website traffic instead of leads generated or conversion rates. Make sure you focus on the right metrics that directly impact your bottom line.
Mistake 3: Not aligning marketing with business goals:
Not aligning their marketing goals with their overall business goals is also a common mistake many business owners make. This can lead to campaigns that are not effective or even counterproductive. Make sure your marketing goals are aligned with your overall business strategy to achieve the most success.
Mistake 4: Not budgeting enough money:
One of the biggest mistakes businesses make is not allocating enough money for their marketing efforts. Without a proper budget, it’s challenging to execute a successful marketing plan. Make sure you have enough money set aside to cover all of your marketing costs, both short-term and long-term.
Mistake 5: Not having a clear strategy:
Another mistake businesses make is not having a clear strategy for their marketing efforts. This can lead to campaigns that are uncoordinated and ineffective. Make sure you have a solid plan before starting any marketing activities.
By avoiding these common mistakes, you can help ensure that your marketing efforts are successful and achieve the desired results.
Mistake 6: Not keeping up with changes:
The marketing landscape is constantly changing, and if you’re not keeping up with the latest changes, you’re going to fall behind. Make sure you’re continually educating yourself on the latest trends and technologies so you can stay ahead of the curve.
Marketing is an ever-evolving field, and if you don’t keep up with all of the latest trends and strategies, you’re going to get left behind.
There’s a lot that goes into creating a successful marketing strategy. From defining your target audience to aligning your company’s vision and values, there are several steps you need to take to create an effective plan. By following the six steps above, you can create a successful marketing strategy that takes all of the different pieces into account.
Now that you have all the steps in place, it’s time to put your marketing strategy into action! Now go forth and market!