The world of marketing is complex and vast. Which is why we decided to create this post, 5 things you need to know about marketing, where we share with you some marketing basics for beginners.
As a smaller business owner or entrepreneur who is currently trying to manage your marketing on your own, you might be getting overwhelmed with understanding marketing and understanding social media marketing.
Luckily for you, we care about your business and we want to see you succeed with marketing. Ready to learn what we think you should know about marketing? Let’s dive in and hopefully by the end of this post you will have a better understanding of marketing.
5 Things You Need To Know About Marketing
1. What is marketing?
Let’s start with the basics. What is marketing? The marketing definition, according to American Marketing Association is:
“…the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
A simple definition of marketing is the word to describe the activities that a company uses to promote their ideas, products and brand to their customers and society.
There are different forms of marketing, some are:
2. What is branding?
Branding is a very important concept that marketing basics for beginners. Often the branding process is the first step to any marketing strategy. Branding is “ a marketing practice in which a company creates a name, symbol or design that is easily identifiable as belonging to the company.” (Definition from Branding Magazine.)
However, branding includes more than just a name and logo. It also consists of creating a full persona for your company that includes a mission/vision statement, values, target audience, story and more.
3. Companies sell experiences, not products and services.
Another of our 5 important things in marketing that you need to understand, especially in 2021, is that successful companies do not sell products and services, they sell experiences.
Any successful marketing strategy focuses on selling the experience that their products/services can bring their audience not the actual product itself.
For example, every Christmas season Coca Cola runs a commercial with the family of polar bears sharing a coke. These commercials aren’t designed to sell the coke, they are designed to sell the experience of families coming together and spending time together celebrating the holidays while drink a coke. That happy, warm family experience is what drives people to buy the coke.
Think about some of the companies that you shop from. Take a look at their marketing and see if you can see how they are selling an experience over their product. Take note of what experiences are they selling and how the experiences make you feel.
4. What is marketing research?
Marketing Research as define by The American Marketing Associate is:
“…the function that links the consumer, customer, and public to the marketer through information—information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.”
In other words, it is the research that is done so the marketer can better understand the market, it’s audience etc.
Market research plays an important role in marketing. The more research one does, the more targeted their marketing campaigns can be which can lead to more success.
5. What is a target audience?
A target audience is the audience that you market your company to. A target audience is a defined demographic that a company will use to base their marketing campaigns off of.
Having a target audience is the key to a successful marketing campaign. If you know what your target audience wants and needs, you are going to be able to create strong campaigns that they are going to be interested in.
The last thing that you need to know about marketing, is that it is easier with a team. If you are stressed about your marketing and need help putting together your marketing strategy, contact us now. Together we can create a plan for your business.
We at Beyond Marketing are all about marketing. Want to learn more about marketing? Check out some of our other blogs.