What is Marketing?
What is marketing?
Marketing is a set of rules that you use to guide everything you do in your business. Traditionally marketing was the four “P”s, Product, Price, Position and Promotion.
This is the traditional form of thinking about marketing and it is still true as a starting point. But you need to break these down into subcategories and look at each subcategory to get a greater understanding of marketing and marketing strategy. So answering the question, What is Marketing isn’t that simple.
These four topics interact with each other influencing each other and forming your marketing. If you have a premium product, then you can charge a premium price. You can only charge a premium price if you have positioned your product as the premium option in the market place. To position your product as the premium product you will have to find customers that are willing to spend more. Therefore you have to put your product in more expensive shops and put advertising in the right publications, this is your promotion. Each one influences the other. You can start with any of the marketing topics and then build a strategy for the other three.
The one thing that this marketing definition lacks is the concept of message. Marketing is all about the message and how you craft the marketing message. When I say marketing message I am not talking about clever words in a particular advertisement. I am talking about the single concept that all your marketing will be framed around. The marketing message has to be as simple as possible. You don’t want to make your customers think about what your message means. People will see your marketing message for about three seconds; it must be obvious.
There are some classics that haven’t changed in decades:
BMW The ultimate driving machine.
Coca Cola Enjoy
Walmart Save Money – Live Better
These companies have got their entire marketing message into a single concept. From here they can build on the rest of the story. BMW has identified that the people that could afford a BMW want the ultimate in something. Rolls Royce has the ultra high end market, Mercedes Benz has the prestige market. So BMW focused their marketing on the market segment that contained people that loved to drive. People that want a car that said I am serious about this car and I really know how to drive, I own “the ultimate driving machine”.
Once they had their customer in mind they knew the product to build. Once they had the product and the customers, they knew what to charge. Once they had the price and the customer, this gave them the market position. Based on all this information they knew how to promote it.
Marketing starts with you knowing what you want to say because you know your customers. So we can add an additional “P” into that mix. People, people could be the additional “P” in your marketing. People cross all the topics and this is who the marketing is aimed at attracting. If you don’t have your customer as your focus your marketing will fail.
So what is your next step?
You should start collecting as much information as you can about all five topics. From here you can start coming up with messages and other marketing initiatives. If you want to do this fast and effectively you should contact Griffiths Creative. We will develop a marketing strategy that will set your marketing direction for years, freeing you up to do what you do best.