Marketing is not well understood. Mention ‘marketing’ to businesspeople and the usual response is “Oh, we advertise but I’m not sure we get value for money”.
Advertising is only a small subset of Marketing.
Marketing evolved as communities expanded and people specialised in their pursuits such as farming, tailoring, cobbling, woodwork, etc. Rather than being totally self-sufficient, people realised it was best to do one thing well and trade their offerings with others who produced other items that they needed. They would take their offerings to the village and barter, exchanging goods that provided mutual value. The bartering places became known as ‘Markets’. The producers soon realized that they got better results in some markets and not others. They chose which markets to offer their products based on how lucrative the returns were at those markets. ‘Marketing’ was born.
Marketing relies on 4 fundamental areas: Product, Price, Place, Promotion. Fail to address these four areas and the business will most likely perish.
What is your product? Is it competitive, and how is it different from the competition offering? Offering a product that is ‘just another offering’ that does not capture customer interest is a futile exercise. Inventing and offering a product that no one wants, or needs is a road to disaster.
Is the product able to offer a suitable profit at a competitive price? Selling a high volume of a product at a low price is futile if there is no profit after taking all overheads into account. Having a price that is too high and uncompetitive means there is low sales volume and hence no profit. Price/Profit is a key factor for success
Where are you offering your product/service? Is the location appropriate? Shops come and go, often based on the fact they were opened in a location where the demographic did not want or need the offering or there simply was not enough ‘foot/click traffic’ to support the business. Are you specialising to attract a well-defined customer segment/demographic? Is the location (physical, virtual, or both) optimal for your chosen customer segment?
How are you promoting your offering? If it is a consumer offering, are you advertising in the right media? If it is a complex offering, do you have the best salespeople who can consult with your customers and devise solutions to their requirements? Are you effectively using the appropriate media such as print, social media, free to air broadcasting, web, direct marketing, trade shows, podcasts, seminars, etc. and a combination of all of these?
Observe the successful profitable businesses of all sizes and study their marketing strategies. Gain ideas for your business from them, then innovate, develop your marketing approach, and relentlessly market your offerings.
If you want to have a sustainable, healthy business: Study and practice marketing!
