The purpose of marketing | Maribyrnong Bay and Hobsons
What is Marketing?
Nowadays the term gets confused with public relations, digital marketing, social media, etc. It is therefore not uncommon for many companies to believe that marketing means a flashy website and / or a social media presence on one or more platforms such as Facebook, LinkedIn or Instagram to name a few. .
While these mechanisms certainly all have a place, there really is no one-size-fits-all solution here and to be effective it is important to understand four key elements:
1- What do I want to achieve through my marketing?
2- What message should I send?
3- What are the most appropriate channels for me to spread the message?
4- What is my budget and the expected return on investment?
Let’s deal with them in order.
For most businesses, the Wikipedia definition of marketing generally applies, that is, “the action or business of promoting and selling a product or service, including market research and marketing. advertising”.
The majority of business owners will use marketing to enable more sales and therefore income, but there may be other reasons for undertaking this, such as promoting an event, creating a presence on the site. market or improving the brand image for example.
Whatever the reason, it is important to quantify the expected result in measurable terms so that you can determine whether the marketing initiative (s) are successful or not and thus see if the technique would be useful to continue to be used in the future. .
Knowing what specific message you want to send is actually the most important part of the process and not as easy to do as it seems.
A basic concept in marketing is “the hook,” which is the piece that will grab attention in the first place.
Since the average consumer attention span has increased from 12 to around eight seconds, it’s critical that your message is succinct and engaging. Once you’ve made a commitment, then you look for the recipient to take some action leading to the purchase of your product or service.
The next time you watch the commercials on TV, ask yourself if it’s clear whether the next action they’re asking you to take is clear or not. Otherwise, there’s a good chance the ad won’t be as effective as it should be.
Where you place your (effective) marketing message has a huge impact on the results you can expect, much like sowing good seed on poor soil.
That’s why it’s worth thinking about where your target audience is most likely to show up and be active. Mom and Dad businesses may well gain traction by posting on social media platforms like Facebook and Instagram, while large businesses are more likely to be active on LinkedIn or more public forums like radio and TV. .
Of course, posting advertisements online or in print through the Star Newspaper Group should also allow wide visibility for anything you want to promote.
Some may disagree with me, but for me, marketing should be viewed as an investment, not an expense.
So if the intention of your marketing is to increase sales, then unless your ROI is greater than your marketing spend, why the hell would you do it?
This is where setting a marketing budget and the ability to track the financial impact of the marketing initiative itself really matters.
There is no fixed percentage return to be achieved, but you should define what you need at the start of the process.
Ian Ash ACC, AInstIB
Managing Director OrgMent Business Solutions – www.ombs.com.au