What Is Making V Taking Marketing?
Think of marketing as actions that you take to reach out to customers to convince them to buy your products. In the case of marketing, it is an art and a science to get businesses and people to buy not just your products and services, but also your business philosophy. In its simplest terms, marketing is a process that determines customers’ needs and identifies the best way to fulfil them.
The role of marketing is to determine consumers that want products or services offered by the business offering them. The prospects of marketing are larger than the prospects for sales because they are trying to determine the target audience and build awareness. Those in marketing want to get new prospects, whereas sales want to capitalise on connections to known prospects and existing customers.
Customer acquisition can be costly, so relationship marketing often helps reduce the costs of marketing and advertising, since it is customers that discover and attract new people to the company. Businesses using relationship marketing stress customer service to increase retention and satisfaction.
Relationship marketing builds loyal customers that are more likely to promote a business and their products on social media, as well as to post comments or ratings on a business website. Relationship marketing is focused on creating communication between customers and a company, tracking their activities using a CRM system, and customising messages and advertising to customers according to their customer profiles.
A marketing strategy, on the other hand, details all the marketing actions that the business will be taking to establish its brand, build interest, and put its products in front of the right people. How a business markets their goods and services depends on whether they are looking to get quick sales, or whether they are looking to spend the time needed to develop a solid clientele for future sales. This part of the planning process is crucial because there are a lot of different ways that a business can go about marketing efforts.
Once the marketing team knows whom they are trying to target through a particular campaign, they can then execute on strategies. Because once you get your brand established, you have a better sense of who you are, who your customers are, and how best to reach those customers - and can create a marketing strategy to execute on it. Now that you have learned the differences between marketing versus branding, you have the tools needed to leverage both to get your company to the next level.
People want to do business with brands that they can get behind, brands they believe in - so, although marketing helps cut through the clutter and put your brand in front of the right people, you must create a brand people can relate to if you want to keep it there. The marketing function is so very important, because if you have ever dreamed of becoming an entrepreneur, one of the first things you are going to need is marketing, which ultimately helps you make profits for your company. What is in a market one minute, may be out of market the next.
Do you need help with a marketing strategy for your business? This is something we can help you with.
Get in touch with us directly to arrange a quick chat with us to find out how.
Useful Links:
https://cmox.co/business-development-vs-marketing/
https://www.ama.org/pages/marketing-vs-advertising/
https://phemex.com/academy/market-makers-vs-market-takers
https://www.wallstreetmojo.com/finance-vs-marketing/
https://www.analystforum.com/t/reading-44-making-vs-taking-a-market/121278
https://money.stackexchange.com/questions/26640/market-making-vs-market-taking-quotes-vs-orders
https://99designs.com/blog/marketing-advertising/marketing-vs-branding/
https://www.uschamber.com/co/grow/sales/sales-vs-marketing
https://blog.incisive-edge.com/blog/difference-between-go-to-market-strategy-and-marketing-strategy