Marketing is an interesting and very intricate subject and over the years it has evolved in scope and depth, reaching into different aspects of an organization such as HR, it now even goes as far as to influence and encompass new product development and the future outlook of a business.
Most managers have a fairly basic understanding of what marketing is; it is a company’s communications with and in the marketplace. Correct, but here lies the problem; most a managers concept of marketing ends there, and yet the scope of the subject goes far beyond a company’s explicit communications in the market place.
Marketing is more than a communication of deals, features and discounts with existing and potential customers. Marketing reaches back to what an organization has chosen to be, why is exists, what its narrative in the broader society is and why should anyone care, these things constitute a brand.
Therefore, the purpose of marketing is not to sell, that is the job of advertising. The purpose of marketing is to build BRAND EQUITY. Advertising is merely a small facet of marketing.
To build brand equity it is first important to understand who you are as a brand, why you are here, where you are right now and where you want to go. Next is to understand who your customers are and why they are your customers. Then the marketer must step into the customers shoes and figure out how he/she can make things better for the customer from the aspects of 1) The customer’s experience of the brand, 2) The value of their products/services.
You take care of the above aspects, success will find you in broad daylight
How does marketing build BRAND EQUITY and facilitate growth, here’s how: I call this the Tri-fecta of marketing.
2. BRAND EQUITY
Marketing (the act of deliberately mapping out your customer’s experience of your brand) at every point of contact as far as possible, builds your brand equity, which is the value of that your customers ascribe to your brand in their minds. To the degree that this value is positive, they; 1) Buy from you, 2) Keep coming to buy from you despite competition, 3) Tell their friends and anyone who will listen about you, thus fueling your growth. As you grow, you re-assess where you are in the scheme of things, who your customers are now & why they are your customers and then ask yourself what can you do for them, and so the cycle repeats.
This is the value of marketing done properly & deliberately. In my humble opinion, it couldn’t be any other way.