Table of Contents
- 1 What is Marketing?
- 2 The Process of Marketing
- 3 Stay focused on the right things…
- 4 Online Marketing
- 5 Latest developments for digital marketing?
- 6 What are the 4 P’s of Marketing?
- 7 Tactical Vs Strategic Marketing
- 8 What is the marketing/sales Funnel?
- 9 Why use a funnel?
- 10 New word – Conversion
What is Marketing?
The dictionary defines the word
“Marketing – as the selling of products or services – the business activity of presenting products or services in such a way as to make them desirable.”
So isnt this what we do?
We strive to present our products or services in such a way to make them desiarable to our customer and in doing so, at some point we will make a sale.
So it’s settled, by its very definition we are Marketers.
At the Business Blox, we take this one step further.
The Process of Marketing
The “Process of Marketing” is the education of your customers and prospects to understand, appreciate and desire the BENEFITS that your service or product gives them.
To be successful in business and marketing today requires a change in strategy, purpose and mindset.
To see your business through your customer’s eyes you must ask yourself this question,
“if i were a customer, would i buy from my business and why or why not?”
Things sure have changed over the decades.
Back in the 60’s, 70’s and 80’s a business’ competitive adavantage was new technology, geography, legislation, capital and cheap labour costs.
In the 90’s, it changed again to cheap technology, global competition, communication, privatisation, deregulation and open money markets.
In the new millennium the equation of our Competitive Advantage has become:
Distribution + Production Capability + Innovation + Marketing = Competitive Advantage
Distribution and production capability are simply automated systems that once set up give virtually no competitive advantage.
Innovation and Marketing are the only tools businesses have with which to separate themselves.
If you dont tackle innovation and marketing front on then you run the risk of your service or product becoming a commodity, that is, it will be based on price alone.
This is why most businesses fail.
The money is rarely an issue.
This is a very serious danger for many businesses in this millennium. We need to look to new thinking to establish, re-establish or retain our competitive advantage in business.
Some businesses and even industries have unwittingly entered into a price based service or product war.
Bummer, that can be hard to climb out of but it can be done.
Our whole philosophy and stance is one of competitive advantage – a distinct competitive advantage even.
Stay focused on the right things…
In you business, you provide either a good or a service, simple, and there are only three reasons for clients or customers to do business with you:
- To help identify or clarify their need for your product or service (so they’ll buy).
- To become more knowledgeable about your offering (so they’ll return again).
- To feel inspired by your service (so they will refer others).
That’s it, period.
If you focus on nothing else but these three key elements then you will be fine. Just think about Disneyland for a second…
The only thing that Disneyland employees have to think about is that…
Once our guests leave the park, they wont be able to resist telling others about the time they had here…
Now for over 60 years, the employees at Disneyland have been dazzling their guests and creating the “happiest place on earth”.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” ~ Peter F. Drucker
There are so many differing views about the definition of marketing and you can find some of them:
1. Here – Forbes – What is Marketing?
2. There – Business Dictionary – Definition of Marketing
3. Everywhere – AMA – Bland definition of Marketing
Now here is the definition from some of the people that i respect…
Seth Godin – “Marketing is the act of overcoming fear, telling stories, doing work that matters and engaging with a world that’s going through revolutionary change” – Seth Godin
Latest developments for digital marketing?
1. Segmentation: more focus has been placed on segmentation within digital marketing, in order to target specific markets in both business to business and business to consumer sectors.
2. Influencer marketing: Important nodes are identified within related communities, known as influencers. This is becoming an important concept in digital targeting. It is possible to reach influencers via paid advertising, such as Facebook Advertising or Google Adwords campaigns, or through sophisticated sCRM (social customer relationship management) software, such as SAP C4C, Microsoft Dynamics and Salesforce CRM. Many universities now focus, at Masters level, on engagement strategies for influencers.
To summarize, Pull digital marketing is characterized by consumers actively seeking marketing content while Push digital marketing occurs when marketers send messages without that content being actively sought by the recipients.
3. Online Behavioural Advertising: Online Behavioural Advertos refers to the practice of collecting information about a user’s online activity over time, “on a particular device and across different, unrelated websites, in order to deliver advertisements tailored to that user’s interests and preferences
4. Collaborative Environment: A collaborative environment can be set up between the organization, the technology service provider,and the digital agencies to optimize effort, resource sharing, reusability and communications.
What are the 4 P’s of Marketing?
Tactical Vs Strategic Marketing
What is the marketing/sales Funnel?
Unqualififed prospect to customer