3 marketing truths all small businesses need to know right now
Three fundamentals of marketing that should NEVER be overlooked
Among all the buzz terms, the new must-have marketing app launch and the latest strategy to take to social media, it’s easy to overlook some of the basics of marketing that could really do with a second look.
Today I want to dispel some myths and give you what could be some hard home truths about marketing your business.
Marketing truth #1: Marketing is often confused with promotion.
Philip Kotler, a pioneer who brought marketing into the lecture halls of universities in 1962, defined marketing as…
“the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services”.
Which translates to mean that marketing involves research, measurement, analysis, and much more besides. It doesn’t make any mention of all the tactics you’d traditionally associate with marketing. Which, in actual fact, is promotion. Which brings us roundly onto my next point…Marketing truth #1: marketing is often confused with promotion. #MinalsTips Click To Tweet
Marketing truth #2: Promotion on its own won’t help you keep new customers.
Vouchers, BOGOF, sample freebies, discounts, free gifts, social media competitions – think of promotions as short-term tactics for generating sales and boosting revenue. But promotion, alone, won’t ensure your new customers stay with you for the long haul.
Consider marketing as a collection of strategies that turn those first-time customers into repeat purchasers, firm fans and followers (or as I like to call them, your secret salesforce); for which you need every element of your marketing mix to be in check (those elements being place, product and price – entwined within which are tasks that include):
- Understanding your ‘ideal’ customer
- Crafting branding that emotionally connects with your target market
- Communicating with your target market regularly, and providing content that builds a relationship with them
Marketing truth #3: Eggs, baskets and marketing mixes.
Every couple of years, there’s a Google algorithm update (an algorithm is the really long, secret equation that calculates the ranking of websites). And every couple of years, millions of websites take a serious hit in their search position. So much so in fact, that businesses en masse almost certainly go under, or at least are left grasping at straws as to how to cope with the tanking of their sales pipeline (read this article for a sad wander through the algorithm update business graveyard).
In the world of digital marketing, this can (and does) happen to any and all platforms. From the way Facebook changed how many followers organically saw the posts of business pages, to the switch from recency to relevancy on Twitter, another big change is never far away.
The point is this – you should never (ever) put all your eggs into one basket.
Your marketing mix should always involve a rich mix of differing promotional tactics – multiple mediums, numerous platforms and campaigns that target each of your market segments.Marketing truth #3: don't put all your marketing eggs in one basket. Use a mix of promotional tactics. #MinalsTips Click To Tweet
Ready for your crystal-clear strategy?
Now you know these marketing truths, are you ready to make a focused attempt at marketing your business?
I’m here to make this painless for you. How? Let me be your marketing guide. With so many marketing mentors out there, you might be wondering why I’m different. So, let me cut to the chase.
I will accelerate your business goals – whether that’s finding new customers, growing your revenue or simply understanding marketing. I do that in an easy-to-understand way, only recommending things I’ve used and know work.
2 thoughts on “3 marketing truths all small businesses need to know right now”
Hi Minal, a very good reminder that technology accessibility is affecting all walks of life, and that round statistics can be forced into square sales drive holes. Pick the bones out of that one!
Fair point. What I’m trying to say in this article is that businesses shouldn’t think that promotion = marketing. There’s much more to it and promotion is a tactic they can use effectively, but it shouldn’t be the only one.