Marketing - Part 1
January 06, 2015
Many times, marketing and advertising are assumed to mean the same; however, there is a difference. The various forms of advertising are just one part of a company's overall marketing campaign.
Goal of Marketing
The goal of marketing is to:
- Promote a business
- Build a demand for products or services
- Reach a specific target market
- Encourage customers to connect, buy, AND return
Marketing is an essential element in the long-term success of any small business. It is the entire "package" of a company, personifies it, and makes it "who it is."
Components of a Marketing Campaign
Various components of a marketing campaign might be:
- Advertising (TV, radio, direct mail, etc.)
- Website blogs
- Cold calling
- Discount coupons
- Email campaigns
- Event sponsorships
- Loyalty programs
- Public speaking
- Social media
Every business and industry will have different ways to market. These are not constants but will change due to variables such as the competition, economic climate, business' life cycle, acceptance of the company's products or services, and target audience.
Marketing works best when a company:
- Knows its core customers
- Has a strategy
- Pays attention to details
- Is consistent with quality products and services
- Is open to new ideas
- Follows through on promises
Any business can market, and any business can sell. The marketing advantage, however, goes to the company that understands why customers buy. They "sell" benefits and solutions to satisfy their customers' needs and desires.
Posted by Richard Weinberger, PhD, CPA
Chief Executive Officer
Association of Accredited Small Business Consultants