Marketing, Advertising & Promotions

Marketing

Marketing is an objective discipline that involves the research, creation, pricing, testing, and distribution of a product or service. Marketing involves analyzing the competition by researching their pricing, products, where they sell, and age, race, gender, and other characteristics of their customers. A small business uses market research to test ideas and products on potential customers and to get feedback on the products or service. Market research also discovers what price consumers would pay for a proposed product or service, where they would purchase it, and how often they would use it.

Advertising

Advertising is paying to get your message to potential customers. Unlike public relations, advertising lets you control your message. A classic advertising strategy includes demonstrating a need or a problem to your potential customer; offering a solution to help fill that need or solve the problem; and showing how your product or service does that. Good advertising sells the benefits of a product or service, rather than simply discuss the product or service.

Advertising a product that is overpriced or unavailable in stores doesn't make sense, nor does placing an ad for women's personal care products in a men's sports magazine. This is why marketing functions come first in the sales process. Advertising supports marketing and applies a specific message to specific audiences defined by market research as the best way to achieve success.

Promotions

Promotions are events, activities, sponsorships, and contests that create and increase awareness of your product or service. Promotions differ from advertising because they are less educational in nature than traditional advertisements. Sponsoring a youth sports organization, giving away free samples at a mall, offering coupons in grocery stores, or promoting a sweepstakes or contest that bring customers to your website are all examples of promotions. Promotions should be geared toward the consumer demographic your market research determined is your best potential customer.

Branding

Branding is creating a consistent image for your company, products, and services. The key to success in branding is to communicate a consistent message to consumers about your product or service in all of your advertising, promotions, and public relations. For example, a local pizzeria that wants to brand itself as the best Italian restaurant in town should not offer tacos or stir-fry on its menu. That dilutes its brand and confuses consumers as to what type of restaurant it really is. All small-business advertising and promotions should reinforce the brand.

Evaluation

It's important for small businesses to evaluate the effectiveness of their marketing, advertising, and promotions on a regular basis. This ensures that your communications support the original marketing research and strategy. Audits of your advertising, public relations, and promotions may reveal flaws or incorrect assumptions in your original marketing plan.