Why Marketing 101? I think it's important for everyone to understand the fundamentals of Marketing, whether you are in business or not. I mean, knowledge is power, right?
There are several various definitions of what marketing is, so let Marketing Maven Mama break it down in simple terms. Marketing IS NOT Selling - separate the two immediately!
Marketing is a component of Business Management, and is the study and management of relationships - your customers! Identifying, knowing, and understanding who your customers are, is critical for successful marketing. Why? READ ON.
When you know and understand your customer(s), this means you know what their needs and wants are, and this often includes their pain points. Marketing is delighting and satisfying your customers' needs, wants and pain points with your product/service. In other words, you are providing value to your customers by solving their pain points or satisfying their needs and wants. Happy Customer, Happy YOU, Happy Pockets! Easy huh? Not always, but once you grasp the basic concept of Marketing, you will understand why Marketing is vital to your company's success.
Remember the following:
- is a process that involves strategy, planning and execution,
- starts with identifying the needs, wants and pain points of customers,
- is coming up with a product or service that satisfies, or better yet, over exceeds the needs, wants, and paint points of customers,
- involves pricing that maximizes PROFIT,
- is deciding on what distribution channels to offer your product/services in (where are your customers going to buy your product/service?),
- involves many aspects e.g. advertising, digital, search engine optimization (SEO), email, etc.,
- has a KEY aspect, PROMOTION, which is usually the last step in the Marketing process!
There you go, Marketing 101 from Marketing Maven Mama.