Marketing is one of the most important aspects of business. The purpose of marketing is to acquire new clients and convince them to purchase a product or service. Marketing refers to the whole process by which an organization undertakes, to engage its target client base, develop a strong relationship with these clients, to generate enough value to grab more value in return, for example as compensation for services rendered.
Importance Of Marketing
Marketing is a critical component of revenue generating processes. It is an instrument through which organizations develop and sustain customer relationships, drive customer loyalty and increase profitability. Marketing is primarily concerned with the creation of awareness, whereby a given product or service is made available to a targeted segment of the population. Advertising and promotion is used to raise awareness of products and services. For example, a water pump company may hire content creators as part of their digital marketing strategy, and ask them to write water pump reviews for them.
Marketing, by definition, is the science of discovering how people react to things that are in existence and have a potential for making a difference to their lives. Marketing is therefore not the art of making customers buy something that they might not need or want. Rather it is about understanding customer needs and desires, and then working actively to meet them. This is different from advertising, which is about conveying information about a product to prospects so that they will make a buying decision. The former is more strategic, while the latter is more emotional. Advertising has a clear objective – to sell a product or service.
Marketing Vs. Promotion
Promotion, on the other hand, has a longer-term perspective. It is about attracting new customers, enhancing brand awareness and building long-term customer relationships. A good promotion strategy will focus on creating a large customer base within the shortest time possible. It is about anticipating future needs and acting quickly to fill them. Marketing concepts like promotion and advertising are used to enhance this long-term strategy.
For example, consider a property business. A great lover of fine content marketing will pursue the search engine results to ensure that potential customers searching for property are led to his or her website. An advertising agency may help with this strategy by having relevant adverts appear in the search engine results for certain keywords. Alternatively, the owner could take on a freelance writer to produce content marketing material targeted at specific clients.
The Optimal Marketing Mix
A marketing mix that exploits all elements to produce maximum results is the only way to achieve success. A comprehensive marketing plan should cover all aspects of the business, including promotion and customer contact. Once a client has established that he or she wants to work with a particular person or company, a meeting should be set up to discuss the business and explore all possibilities. In most cases, the parties involved in the meeting will come from different departments within the company, depending on how far along the client has to go.
Promotions and advertising go hand-in-hand with customer relations because they build and maintain customer loyalty. If you want to foster customer loyalty, your marketing mix should be as wide and diverse as possible. However, one effective way to promote a brand is through social media, particularly the Twitter and Facebook networks. Many businesses have an official Facebook account that allows fans to comment on events, connect with other fans, and upload photos. Companies that use social media to promote their brand are likely to attract more clients who trust that the company has an official Facebook page.
Social Media Marketing
As social media becomes more popular, every business will have an official presence on the site. The goal of these sites is to connect the company to its customers in every way possible. Customers want to connect with businesses that are present in their community, and those who post positive comments are seen as role models. These businesses have the potential to gain a lot of positive social media mentions, which leads to more customers visiting their websites. A successful marketing mix should make sure that this happens every time a customer searches for the brand.