Marketing serves to increase and encourage the sale of products or services, to achieve this, is dedicated to studying and analyzing the needs of consumers. Digital and traditional marketing are part of the necessary elements to achieve the success of a company.
It is common for many entrepreneurs who start their businesses to ask themselves what is marketing for? As well as the uses and benefits it provides to a company. Although marketing has had a great boom and popularity in recent decades, on many occasions it is not very clear or there are erroneous beliefs. Keep reading because here we will also tell you about the importance of marketing in companies and how you can use it effectively to grow your business.
what is marketing
Now yes, let’s start with what marketing is and what it is really for. Marketing is the result of the sum of those activities and strategies (commercial and creative) that are used to be able to better connect with the consumer, seek their satisfaction, trust towards a brand and, with this, achieve loyalty and increase of sales exponentially.
But, you may be wondering, how does marketing achieve it? Well, to achieve this, various strategies and tools are used that help to observe, analyze and understand what interests consumers to dialogue and motivate an interaction with the brand and, finally, the consumption of something.
In this way, marketing seeks to charm and fascinate people to increase sales of products, services or goods. Not only does it try to replicate what is fashionable in the market or follow trends, as many people think, but it also seeks to satisfy the wishes of potential customers.
In other words, the job of marketing is to solve and, sometimes, create people’s needs and transmit the solution to them. You know, those “needs” that we all justify with the famous “I didn’t know I needed it, but I need it”.
The simplest form of marketing is to express the advantages that your brand, with your product, offers people. The way in which you are superior to your competition so that the customer can choose you over any other product or service that exists in the market.
Now that you have a better idea of what marketing means, let’s take a look at one of the most important and basic parts of it: the 4 ‘P’s of marketing.
4 ‘P’s of Marketing
The marketing mix, also commonly known as the marketing mix, has basic elements that are known as the 4P’s of marketing. These elements serve as the basis of marketing and with them total customer satisfaction is sought.
What are the 4 P’s of marketing?
These 4 points are essential in any successful marketing strategy:
- Product
- Price
- Place or point of sale
- Promotion
If they are used properly and a balance between them is found, you can make the public fall in love with your product or service. Here we will help you better understand how the 4p’s work and we will show you the role that each one of them plays.
P for product
Every company needs to offer something to customers or consumers, the focus of this particular pillar is so that you can identify, along with your product or service, all those characteristics that will be offered.
To better understand the product or service you are selling to the market and to whom you are going to offer it, you first need to ask yourself some of the following questions:
- What are the needs that your product or service satisfies?
- How will the customer use it?
When you have a vision of how and what your product is for, it will be easier to choose the best strategies for the product and your brand.
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P for price
Literally this pillar is related to the amount that your customers will pay for your product or service. The importance of price is of such magnitude that on many occasions it becomes the first relevant differentiator for a consumer.
The information necessary to set a price ranges from the costs of production, distribution, marketing, advertising and all expenses related to the product, but it is also necessary to know the market prices and the value of the product for consumers.
The value of products and services on the market is not always proportional to their cost of production. We find products or services that at first glance might seem expensive or with high prices and the reason is that some are worth more to consumers, so they are willing to pay more for them and this is reflected in their price.
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P for plaza or point of sale
This pillar refers to the English word placement (pronounced ), which translates into Spanish as plaza or point of sale. It is understood as the placement in the market of your product.
That is, the ways in which people reach your products and services. At present, there is already talk of both digital points of sale ―online store, marketplace, social networks, etc―, and physical ―commercial premises, kiosk or island, department store, etc.―. Some questions that can better define the square are the following:
- Where does the public look for what you offer?
- Is the competition everywhere your target audience is looking?
- How is it that your company can find effective distribution channels?
You might think that this part is not that complicated, especially when it comes to selling online, but the truth is that it is very important to be able to identify your target audience and their consumption habits. It won’t do to have the best product or the best selling point if you don’t offer it in the right place.
P for promotion
As its name indicates, this pillar aims to promote the brand -or product in question- through different messages and communication channels. The objective is that these messages, which are commonly called advertising campaigns, reach the indicated ears and eyes.
If you wonder how a company can go from being completely unknown to having a presence and recognition by at least part of the public, then you should know that this is possible by providing a solution to the wishes of consumers. You will only be able to reach consumers through the communication channels they consume.
In this way you will need to know:
- When and where can you highly effectively deliver promotional messages to your target audience?
- How is it that you can promote these same products?
- What is the influence of your promotions on the competition?
The set of all these pillars is essentially necessary for success. Of course, the implementation is of great importance to ensure the success of a product or service in the market. It is important that you know that these strategies are highly flexible and must be adjusted to the needs of each company.
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Main types of marketing
The different types of marketing seek to analyze all markets to satisfy different classes of customers according to their needs, specific characteristics, habits and tastes. Some of the most important examples of marketing are the following:
- mass marketing
- digital marketing
- offline marketing
1 . mass marketing
It is understood as the strategy aimed at all audiences, from children, adults, women, etc. And its main purpose is to show itself without any kind of segmentation of the public. Since the mass media that are considered massive reach a large number of the population.
The main means by which this objective is achieved are television, social networks, radio, billboards or billboards, among others. These media allow us to reach a very large amount of public that is not necessarily our target audience. In this way, it facilitates product recognition or awareness and highly effective exposure.
This strategy is characterized by different points, for example, that the public is broad and does not need to be segmented, that the prices of the product to be offered are low. It also has a large sales volume, since this technique considers that there is always a large enough space in the market for the product they are offering.
Some examples of brands that successfully use this strategy are:
- Colgate
- Pepsi
- McDonald’s
- Coke
two . digital marketing
Currently, the Internet and social networks have become an essential part of our daily lives to the point where it is almost impossible to do anything without depending on these two entities.
Therefore, digital marketing has become one of the most important and effective ways to promote and publicize anything. Digital marketing has its beginnings in the 90’s, when companies began to see the potential of the internet for the development of their marketing strategies.
In its beginnings, digital marketing was simply an extension of the advertising of more traditional media such as television and was based on web pages 1.0. Although this was quite limiting for companies, since they simply showed their services or catalogs online.
Over the years, the true revolution of the internet and the way we see the world thanks to this technology came.
In recent years it has become easier than ever for anyone to easily share information thanks to tools such as social networks, podcasts, digital magazines and websites, to name a few. This paved the way for digital marketing to grow enormously and, now, the internet itself has completely changed the purchasing process, because the customer has a more active role in the process and has his own guidelines and form of measurement.
3 . offline marketing
This strategy is the counterpart of digital marketing and the strategies that are used offline can be, activations or events, displays, sponsorships, flyers and print, billboards and street ads, etc. When it comes to offline marketing the possibilities are almost endless as well.
Despite the fact that digital marketing has advanced and is postulated as a favorite, as far as marketing strategies are concerned; This is not to say that traditional methods like offline marketing have completely disappeared or are no longer useful.
These types of strategies continue to bear much fruit, as they are highly established media that have great reach and can reach customers who may not have the means or time to access the Internet.
What is marketing for?
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