Looking into a career in marketing? Marketing is about finding the right balance between meeting customer needs and fulfilling your company’s goals. It can be a tricky line to walk. But it’s also one of the most rewarding and exciting careers.
Marketing is an ever-changing industry. In today’s noisy world it’s important to spot trends that are popular on the market. Whether you track social media activity or study new advertising methods. That way, you’ll be able to create effective marketing strategies.
In this article, we’ll discuss:
- What is marketing
- The difference between marketing and advertising
- A brief history of marketing
What Is Marketing?
Marketing is the activity of promoting and selling products. It includes everything from market research and development to advertising. According to Forrester, global marketing spending will grow by 30% by 2025.
Marketing helps identify customer desires to create a unique offer. And share this offer on channels where the customers find it. Some of the most effective marketing channels include:
- Paid advertising
- Social media marketing
- Content marketing
- Search engine optimization
- Guerilla marketing
- Email marketing
Marketing vs. Advertising: What’s the Difference?
Marketing and advertising are not the same. These are often used interchangeably but refer to two different things.
The American Marketing Association defines marketing as developing a plan to add value to your customers. Marketing involves making a plan, conducting market research, designing ads, setting up a contact center, and more.
Advertising is a marketing tactic where you buy space to promote your product, its brand name, and its logo design. The promotional messages are called advertisements or ads. These ads share the value of the company’s product with the target audience. You can advertise through social media, blogs, email solo ads, TV commercials, billboards, sponsorships, etc.
Marketing aims to create a lasting impact on the target audience. From the FMOT to building a loyal customer base.
A great example of the power of branding is Nike. They built their brand around the tagline “Just Do It”. Nike’s brand creates an association in the mind of customers: with their products everything is possible.
Nike’s ads help to create an aspirational image for their brand. They feature the stories of famous athletes like LeBron James or Serena Williams. Nike also sponsors professional sports teams and hosts community-building events.
What Is the Power of Marketing?
Communicating with customers and building relationships with them. That’s what the power of marketing is. Without marketing the people interested in your product, can’t find your business.
It’s the engine that drives a company’s growth. It helps build interest in products, find new customers, create brand loyalty, and increase sales.
Marketing power becomes clear when you look at the largest companies in the world. People know Apple for innovative products, brand, and iconic ad campaigns. The company’s marketing strategy has been so successful that it created a cult-like following.
Coca-Cola is one of the most recognized brands in the world. Coca-Cola creates campaigns around nostalgia, family, and friends. This helps them create a deeper connection with their customers. Look at how they use subliminal advertising to promote their drinks.
A Short History of Power Marketing
The marketing industry has come a long way. Let’s look at how the power of marketing has changed over time.
Simple Trade Era
People exchanged goods and other essentials with each other. No need for any excessive trade shows and promotions. Everyone knew what their clients wanted and what they had to offer to make more money and be successful. Ancient Egypt is one of the earliest examples of marketing. Merchants hung signs to attract potential buyers or shouted their offers to passers-by.
Mass Production Era
This was a time of developing new technologies and production methods. The technological expansion led to mass production and the rise of big companies like Ford and Coca-Cola.
The best way to prosper during this time was to produce large quantities of goods and sell them at a low price. Businesses could sell almost anything they produced. This required new marketing strategies, like mass advertising, to reach many people.
Mass Customization Era
During the mass customization era, companies shifted their focus on customizing goods to the needs of individual consumers.
This required a new marketing approach to target specific groups of people. Companies started using more targeted marketing methods like niche marketing to reach them.
Digitalization has changed marketing. The internet allowed marketers to spread messages faster and reach global markets.
This was a game-changer for marketing. Digital marketing introduced new strategies and channels like SEO, video marketing, and email marketing.
Around 2004 social media sites started becoming popular. Facebook hit 1M users that year. Then Linkedin, Twitter, Flickr, and YouTube launched.
Businesses saw the massive opportunity in social media. And started posting on Facebook, Twitter, or Instagram.
Companies can track the performance of their social media campaigns. Technology like smartphones, tablets, and different software helps people connect 24/7. So, companies have more opportunities to reach their target audiences with their messages.
The world of marketing saw many changes and continues to evolve.
Tips for Making a Great Marketing Strategy
Here’s a list of tips to help you stand out from the competition.
Define your audience
Before you start, you need to think about your target audience. It’s important to know who you want to reach before creating campaigns and messages. Consider factors like age, gender, location, job titles, income, and interests. These will help specify your audience.
Set SMART goals
Your marketing campaign should have SMART goals: specific, measurable, attainable, relevant, and time-bound. This will help you track your progress and see how your campaigns perform. Don’t forget to set a budget so you know how much you can spend.
Analyze your competition
Take a look at what other businesses in your industry are doing. See what works for them and try to improve on it. You should also find out what doesn’t work for them so you can avoid making the same mistakes.
Use a marketing mix
This includes the four Ps of marketing: product, price, promotion, and place. Consider the type of product you’re selling, its cost, and ways to promote it.
Create great content
Your content must be engaging, informative, and shareable. You can create many types of content like blog articles, social posts, videos, infographics, ebooks, and much more. Create content that’s interesting for the target audience you defined. An easy and cost-effective way to create video content is using a free screen recorder. You can then post them on social media and use any social media tool to manage all your accounts in one place.
Optimize your website
Your website is one of the most critical tools in your digital marketing. When building your website make sure it’s responsive, easy to navigate, and fast. And that it’s easy for your audience to find your content.
Measure and test
Once you’ve launched your campaign, it’s essential to track its performance. This can include social media engagement, email KPIs, web traffic, conversion rates, and sales. What you track depends on the goal of your campaign.
Marketing has a profound impact on what we do in our lives. It shapes our thoughts, our emotions, and our actions.
Through understanding marketing, individuals can make more informed choices about their purchases. And businesses can reach their target audience and sell their product.