Oftentimes people think that marketing and advertising are the same; although that is partially true, they are not the same but similar. One may be used to reach out to a different type of customer and the other to reach out to target customers. The methodologies are different too.
Marketing, in a simple term, is the process of identifying customer needs and figuring out the best way to meet those needs. Advertising, on the other hand, is the process of promoting the products and services offered by a business through paid channels.
To put it lightly, advertising is a component of marketing. With that said, let’s get into details on which process is better for your small business.
Marketing, as mentioned earlier, is a business practice that involves predicting, identifying, and meeting customer needs and demands. In other words, it’s a type of target customer research. How advertising plays a hand in this is that it helps you promote your ideas to these target customers.
Effective marketing helps isolate your business from other similar ventures, all while maximizing your revenue. In B2C marketing, efforts are directed towards consumers, while in B2B, efforts are directed towards other businesses.
Whichever type your business falls under, there are many important factors that need to be considered when developing the perfect marketing strategy. These include;
It is often referred to as business philosophy. Typically, businesses would decide to revolve their strategy around their products, sales, or production.
· Marketing mix
I’m sure you have heard of this before, the four Ps that create your marketing strategy. The mix comprises the decision-making guide for a company’s efforts in marketing. Although the traditional mix consisted of the four Ps – Product, price, place, and promotion. The modern mix includes four Cs – Client, cost, convenience, and communication
After evaluating such factors, you then come up with your marketing strategy. But the question still lingers, is marketing better for my small business or advertising?
The honest answer is that it depends on when your business opened and how far you are towards garnering the right customers.
The more logical answer is both. As mentioned earlier, advertising is just a part of marketing. What you now will need to do is evaluate the efficiency of your previous marketing strategy and maybe launch another one more specific to advertising.
If you have never done marketing for your business, then that should be where you must start. Remember, you cannot advertise your product without an effective marketing strategy. It is like driving a car without knowing the destination. Advertising will only be effective if you know who you are trying to direct it towards.
In summation, if you have a new venture or have never marketed your brand before, make your marketing strategy first and then focus on the advertising. What that will do is it will give you more clarity on what kind of customers you are looking to attract and what their preferences are.
And if you have already made a marketing strategy in the past and it hasn’t worked, rework on that strategy and look for innovative ways to advertise your brand. You should already be well aware of the target audience and what your company’s strengths and weaknesses are at this point. Use that information efficiently.
It never is easy deciding between the two; what if you have to market your products before advertising them? What if marketing isn’t necessary? One thing to always keep in your mind is that if you want more customers and loyal ones at that same time, marketing is an absolute necessity.
And if you want to make your brand look attractive and bring in more clients, advertising is key. It’s up to your marketing strategy on how you utilize the information you already have and the information you do not have yet.