Marketing – it’s not what you do, it’s what they see!

“Marketing is a contest for people’s attention” – Seth Godin

            Marketing has been around for as long as professional and modern business exists. Being so complex and so intricate there are so many definitions that we cannot pick just one to consider as quintessential. And the most interesting thing is that they are all correct. Let’s just look at some of the most known and just keep the freedom of adopting the one we like.. My proposal to you with the help of this article is to take a look at the 4 P of marketing and at the historical evolution, changing the focus according to the market’s movement.

We have the father of modern marketing, Mr Koetler saying: “Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.” Or more formal, The Chartered Institute of Marketing: “The management process responsible for identifying, anticipating and satisfying customer requirements”.The list goes on and one, I just want to share one more. This will start us in understanding the basics through the four P of marketing. Dennis Addock: “The right product, in the right place, at the right time, at the right price”.

I started 2015 with a desire to go back to the basics; my first article this year was about the basic steps of sales, in marketing we have 4 pillars. The base on which every company, be it small or a multinational, builds the marketing strategy. Even if the general assumption about marketing focuses just on advertising and communication through different channels, in reality we have a bigger picture. Those pillars on which the strategy is built are Product, Price, Place and Promotion. Get this right, find the perfect mix and you are on the way to success.

– Product: It is important to develop a product that the customers want. Consider quality, design, features, packaging, customer service and any subsequent after-sales service. Cover all angles before launching it.

 – Price: People will pay the value they consider fair. They have to understand they are getting a good deal. Price setting, discounting, credit and cash purchases as well as credit collection should all be thoroughly analyzed.

 – Promotion: Use adequate channels to get the message to the customers. We have methods such as advertising, direct marketing, personal selling and sales promotion. Match the methods with the target public so that there are no obstacles in communication.

 – Place: Choose the market you enter wisely. Also keep in mind all the details, the location of your business, shop front, distributors, logistics and the potential use of the internet to sell products directly to consumers.

Marketing creates interest; the main goal is increased profit and not necessarily massive sales. You need both strategy and the right communication channels. No matter what way we choose, marketing strategy will always have a specific focus, which focus is the client you want to help and the needs he must have satisfied. And remember that marketing is not just the job of the marketing department, but all the departments, all of the employees must be involved and create the perfect mix.

Because marketing is about customers and market, over time we had different approaches. In order to adapt, marketing strategies changed throughout history so that the business could grow.

1920’s – the production concept. The idea was to produce what you know and can, efficiently in order to assure a large supply of products, thus ensuring a low price while demand was to come naturally. The period favored this strategy, most of the products were strict necessities and the demand was growing.

1930’s – the sales concept. Increased competition, economic crisis and lower demand were some of the reasons changing the strategy. It was the moment when sales departments and advertising started to become important.  I was a period of hard selling, no one was interested in what clients need and they were only interested in beating the competition.

Post WWII – Marketing concept. This period had competition, diversified products and people started making more money. They started looking for the products that fulfilled their needs. What the customer wanted, when it wanted it and customer satisfaction started to be important. Hard selling started to lose ground and soft skills, communication and consultative selling replaced it as time went by.

Starting with the 1990’s we saw a different concept, a focus on relationships, building a long term relation with your clients in order to repeat sales with less effort. The customer is not only the most important part of the interaction but also business partner, helping your business grow. Lately, with the assault of technology and online channel we see a new branch of relationship concept, social/mobile marketing and this makes contact with the customer available 24/7. Social media became very important when it was obvious that the customers moved online and getting the message through using those channels is easier.

After all is said and done, marketing is one of the more complex mechanisms of your business, but at the core of it is actually very simple. Focus on customer needs, predict future changes, build relationships and create the right image. If you make the customer the main character of your story, if he feels important and he trusts that you care about what he needs, you have a partner for life. “The best marketing strategy ever: CARE” – Gary Vaynerchuk.