So, I’m taking a global marketing course this semester and on the first day of class for the ice breaker my professor asked everyone, “What is marketing?” and everyone gave a different answer. If you’re in the marketing field like me then you probably find it hard to define what marketing actually is.
Dictionary.com defines marketing as, “the action or business of promoting and selling products or services, including market research and advertising.”
Defining it in my own words; marketing is the process of getting customers in front of your company’s product or service through understanding consumer needs and conducting good market research analysis.
Marketing is important in every area of your business; including building strong customer relationships, product development, selling products or services, distribution methods etc.
Types of Marketing
- Giving your business an online presence with a website is a major key in marketing today. Every business needs a website.
Social Media Marketing
- Create impressions and ad campaigns on social platforms like Facebook, Instagram, Twitter, and LinkedIn. Engage with your audience and also gain more insight into what they’re interested in, who they’re following and the type of images they are liking.
- Sending out a weekly or monthly email campaign can boost your companies sales and engagement depending on the details of your email. An email list is like gold for your business because you can put your message directly in front of your audience’s eyes and don’t have to worry whether or not an algorithm is going to hide your post.
- Blogs are a great way to keep your customers and audience coming back for more. By creating content around your product or service, you are not only proving your expertise, but you’re also earning the trust of your audience and prospective customers.
Search Engine Optimization
- SEO is the process of optimizing the content on a website so that it shows up in search engine results.
Search Engine Marketing
- The process of paying a search engine to place links on pages of its index that get high exposure to their audience.
- PRINT IS NOT DEAD!!! In fact, I think it is now one of the most underrated ways to market your business. In a world that is so digital, everyone is sending out emails, and ads on social media. These are still great tools to use but I also think that printing mailers and campaign postcards can make your business stand out even more since everyone is going digital.
- Video content is such a game-changer when it comes to marketing because people can view and listen to it while they’re doing other things. Not everyone likes to read and not everything is interesting to learn about by reading about it. Video content is a great way to entertain and engage your audience
The 4 P’s of Marketing
The 4 P’s of marketing also known as the marketing mix are product, price, place, and promotion. The 4P’s are essential in making decisions to launch a successful product or service.
- The product is what the company is trying to sell to consumers. The first step is to determine what product the company wants to sell that consumers will want to purchase. The product is a key part of the marketing mix because, without the product, there would be nothing to market.
- The price is how much the company should charge for the product. Many variables come into play when deciding on the price of an item. Pricing your product or service depends on how much it costs to make the item as well as how much it cost to advertise and distribute as well as overhead and competitor pricing.
- Knowing your target market can help you choose where to market and sell your product or service. Maybe your target market is millennials who have a strong online presence and so an online store is a better option than a physical retail location.
- Promotion includes; online and print advertisements, events, or discounts created by your company’s marketing team. Promotions are meant to increase awareness and sales in your product or service.
I hope my rundown of the 4 P’s was helpful, you can read more about them in this article here.
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