Posts Tagged ‘definition of marketing’

Step 1- Understanding Marketing

September 16th, 2009

To market your audience, you must understand what marketing is. If you cannot explain the definition of marketing in more than 4 variants, you do not understand the concept.

Heres a quick overview

  1. Marketing consists of strategies used to indentify needs and wants. In lamens term, you have something that the customer needs; market to them.
  2. Promoting and exchanging information about your product/service in a variety of channels.
  3. Strategy of allocating resources (time and money) in order to achieve your objectives.
  4. Creating customers, keep customers (customer rentention), and satisfy customers.

Very well. When marketing a product or service, you will need to understand the core ethics of marketing aka “Marketing Etiquette”. You don’t just blast out an email to a 1,000,000 prospect list and expect money. No. You have to build your brand, create the want, answer the need. You need to pitch these to your customers. If you are selling shoes or you are a shoe e-tailer, don’t just send emails and expect thousands of dollars in return. You need to slowy define your product and bring it to their attention. Again, you have to create the need for it and answer the want(you’ll hear me say this alot, it’s very important to understand this concept or you will fail).

A quick example would be to start off with a newsletter, grab there interest in a certain topic. In a week, send them an email about a new shoe that you have in stock..how it has shock absorbers..or protects your heels from some type of problem. Now that you have your list of potential prospects who are interested in your shoes, send them updates (be sure not to spam them as there are many US CANSPAM laws you’ll need to abide, read more here). 2nd week, send them a promotional email offering a coupon for 20% off (can be any amount). You have just created the want, and now you are offering the need. The need is the heel problem, the want is your promotional coupon which gives them an incentive to purchase. Simple right? Imagine the number of possibilities to create wants and needs. Its an endless road of opportunities.