“The purpose of marketing is to sell more stuff to more people more often for more money in order to make more profit” – Sergio Zyman
Marketing is one of those vague words that really means nothing until you quantify it. To some people, marketing means selling, but they are actually two very different actions. Yes, marketing will help you sell, but it isn’t selling.
These days we refer more to an organisation’s Online Marketing Strategy. And if you don’t have one, you’re missing out on a huge chunk of the market. Even if you don’t have an online store, an Online Marketing Strategy is essential to target and claim your customers.
Over the coming weeks, we’re going to take a closer look at the 9 P’s of marketing, as that’s what I use to develop your Online Marketing Strategy.
The P’s of Marketing have been around for decades. The term was first used by E. Jerome McCarthy in the 1960s. McCarthy only had 4 P’s: Product, Price, Place, Promotion.
A lot has changed since then and, with the focus now on digital marketing, the 4 P’s became 7. The Queensland Government’s business department lists these as Product, Price, Promotion, Place, People, Process, and Physical Evidence.
Clearly, I have added another two, starting with Purpose. It seems to me, that unless you actually have a purpose – or a reason – for marketing, why are you doing it?
Defining Your Purpose
Purpose is all encompassing. It’s a bit like, ‘what is the meaning of life’! It’s about understanding your ‘why’: Why are you in business? Why did you choose that business? Why do you want more customers? And ‘what’: What is your long-term goal?
Purpose is a very important ‘P’. If you’re not clear about the purpose, you’re likely to waste a lot of money on the wrong marketing materials and techniques. Purpose gives us direction; identifies your market; builds your brand, and confirms what numbers you are looking for (Predictions).
The general Purpose of your Online Marketing Strategy is to build your online presence, to get people to visit your website, and then turn those visitors or ‘clicks’ into customers. It will also allow you to run advertising campaigns, promotions, discounts, and specials.
Make It Happen
Of course, customers do come through other avenues, such as referrals and WOMM (word-of-mouth marketing). But you can’t depend on that, and you can’t sit around waiting for it to happen. Those days are gone!
The combination of increased competition, and savvier shoppers, means you have to make it happen. You need to invest time and money. You need Purpose.
So, in conclusion, the Purpose of an Online Marketing Strategy is to define the ‘why’ and the ‘what’, and then show what actions need to be taken to achieve the planned goals.
Next time we’ll look at the second ‘P’ – Position.