There are several concepts and misconceptions about marketing that need to be addressed before we get into the meat of this article. The basic concept of marketing is ‘the range of activities’ involved in assuring that you are meeting the needs of your customers and that you are getting a valuable response in return. One of the major misconceptions of marketing is that it is only advertising your product or service. Even though advertising is important, it is only one component in the process of marketing.
We can define the essence of marketing as understanding the needs and wants of your customers’ and prospective customers’ and developing a plan that addresses those needs and wants. Anyone who owns a business has a desire to ‘grow’ his business. The most effective way to grow or expand a business is to focuse on ‘organic growth.’
What do I mean by ‘organic growth?’ We need to understand that a business is a living organism. As a living organism, it must be nurtured. We can let it fend for itself or we can determine what it needs and what we need to do to make it thrive.
We should look at two basic components of marketing to get a better idea of what we need to create a successful business. The first component is developing a ‘marketing plan.’ The second component is the ‘ongoing promotion.’ One mistake that many business owners make is to create a product or service and immediately jump into an advertising campaign. When we define these two basic components, you’ll understand why this mistake can be a disappointing and costly one.
Developing a marketing plan is essential to the well being of your business. We need to first do a little research and analysis. Don’t slap yourself on the forehead in exasperation. This is not as difficult as the name implies. It may take a little time but it is well worth every minute.
Let’s begin by looking at a simplified version of ‘marketing analysis.’ We can apply one of Solomon’s Keys to Success here.
Proverbs 1:5 (NASB) “A wise man will hear and increase in learning, and a man of understanding will acquire wise counsel,”
Wise counsel can be found in many forms. We should also remember, for those of us who think we always know best, “The way of a fool is right in his own eyes, but a wise man is he who listens to counsel.” Proverbs 12:15 (NASB)
Marketing analysis involves:
1.) Discovering the groups of potential customers (or markets) that exist,
2.) Determining which groups of customers that you prefer to serve (target markets or niche market),
3.) Determining what their needs are,
4.) Deciding which products or services you might develop to meet their needs,
5.) Determining how the customers might prefer to use the products and services,
6.) Learning what your competitors are doing,
7.) Determining the pricing you should use and
8.) Deciding how you should distribute products and services to your target markets.
These actions can apply to any business. They apply as well to an author proactively marketing a book or a flower shop or nursery (palnts and kids.)
Various methods of market research are used to discover information about markets, target markets and their needs, competitors, etc. A little Internet research will reveal many sources of specific information. Just remember to target your searches.
After having developed your marketing plan, it’s time to look at ‘ongoing promotions,’ which can include advertising, public relations, sales and customer service to name a few necessary actions. These terms can easily become confusing: advertising, marketing, promotion, public relations and publicity, and sales. These terms are often used interchangeably. However, they refer to different — but similar activities.
Let’s look at a list of quick definition of each term.
1.) Advertising — Advertising is presenting a product (or service) to potential and current customers. Advertising should be focused on one particular product or service. This demonstrates that an advertising plan for one product might be very different from that for another product. Advertising is typically done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, website banners, and many other methods of getting your product or service in the eyes of the public.
2.) Promotion — Promotion helps in branding your product or service or you. Promotion keeps the product in the minds of the customer (product recognition.) The ongoing activities of advertising, sales and public relations are often considered aspects of promotions.
3.) Public relations — Public relations includes ongoing activities to ensure the company has a strong and positive public image. This again is branding yourself or you product. Branding helps keep you as a trusted source of information.
4.) Publicity — Publicity is being mentioned in the media. This is always the review of someone else but can include news releases or press releases.
These are only a few terms that are good to learn. The health and well being of a business, your business, is truly determined by the amount of diligent study and the persistant application of the principles that you learn through study. To best know your product or service or customers or competitors, you must develop a sincere determination to be as diligent as possible and as persistant as possible in everything that you do. Diligence and perseverance are two qualities that every successful person posses.
Remember these few examples of Solomon’s Proverbs to help you develop a growing and successful business.
Proverbs 10:4 (NASB) “Poor is he who works with a negligent hand, but the hand of the diligent makes rich.”
Proverbs 12:24 (NASB) “The hand of the diligent will rule, but the slack hand will be put to forced labor.”
Proverbs 13:4 (NASB) “The soul of the sluggard craves and gets nothing, but the soul of the diligent is made fat.”
Proverbs 21:5 (NASB) “The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty.”
This is just a sample of the information you will learn in ‘Wisdon: A Commentary on King Solomon’s Proverbs’ and ‘Apply Wisdom to life’s Circumstances,’ Pastor Bobby’s latest two books.
