Marketing should not be a misunderstood ingredient. However, it is. In fact, many small businesses, or large businesses for that matter, seem to miss the mark when it comes to effective marketing. Some businesses misunderstand how to properly utilize marketing to their benefit. Any business without a productive marketing plan cannot expect to grow or become profitable. If the leadership team for a business does not invest the time and energy required for a well-developed marketing plan, that business should not expect to experience an increase in sales.
So, what should a business do to change the narrative about marketing from misunderstood to appreciation? Here are a few suggestions.
Marketing – Not Just Advertising
There’s a very common misconception that marketing equals advertising. That’s not the case at all. Advertising is one component of marketing. Marketing is much more than simply advertising the products and services for a business. Marketing accomplishes the following:
- Elevates a business.
- Boosts a need for a business’ products and services.
- Reaches a target audience.
- Motivates customers to connect, buy, and return to the business for additional purchases.
Therefore, advertising is a key component to marketing. However, there are other pieces to marketing which certainly includes direct advertising and various other components all working at the same time.
Marketing Elements
The elements comprising a marketing plan might include some of the following initiatives:
- Blog,
- Discount or rebate offers,
- Email strategies,
- Event sponsorships,
- Logo stamped products,
- Loyalty programs,
- Networking events,
- Newsletters,
- Referrals,
- Social media engagements,
- Tradeshow participation, and
- Website.
Marketing is Plural – Not Singular
Numerous initiatives, rather than one singular activity, comprise an effective and viable marketing plan. While discount offers might be worthwhile for one customer, social media engagements might be more important for another buyer. What is imperative is that an actual marketing program remains dynamic. A vibrant marketing plan contains several initiatives earmarked for promoting a business. A marketing plan is not just a Facebook page or quarterly newsletter.
Something to Think About
When it comes to developing an effective marketing program, small business owners and managers need to reflect upon the following questions:
- Who actually are our model customers?
- How do our customers find out about our business?
- What strategy has worked the best in reaching potential customers?
- What tactics do our competitors use to sell their products and services, and how do those strategies stack up against how we market ours?
- Are we utilizing all of the available marketing ingredients to successfully sell our products and services?
- Do we get the most out of our existing, reliable customers by capitalizing on their word-of-mouth recommendations?
What it takes for a Business to Succeed
Even though every business may use various marketing strategies to sell its products and/or services doesn’t necessarily mean the business will experience numerous sales and high profits. The business which truly understands why customers buy from them will top the competition each and every time. The highly successful and profitable business provides its customers with benefits along with solutions which satisfy the customers’ particular wants and needs.
Productive Marketing
So, productive marketing by a business encompasses a host of marketing initiatives. Those goals range from knowing your customers as well as understanding what they need and want. Without a productive marketing plan, the chances for business growth are “slim to none.”
Meanwhile, those small businesses which develop and implement productive and measurable market initiatives experience noticeable outcomes which help propel growth for those businesses. A successful small business knows that marketing should not be a misunderstood ingredient.
