Marketing’s Purpose
I recently came upon an article that was discussing the purpose of marketing. It stated: “Marketing isn’t about who you think you are and what you think customers need.
Marketing is about who your customers think you are and what they think they need”. I think this is extremely accurate and it challenges the existing notions of regarding advertising and brand awareness. You can validate this yourself. Take a close look at any publication that has advertising. Look at the ads. I would be that 9 out of 10 are about the seller, not the customer. The ads most likely have the company name most prominent and the copy or content of the ad is talking about whatever the company is trying to sell. In some instances, such as in a retail business, this is okay. If you’re trying to get rid of inventory, this is okay. The fact is that people that respond to product ads are what I consider “now buyers”. They are in the market, they know what they want and are educated about the various options. Statistics show that of all leads generated by advertising, less than 5% are “now buyers”. With these statistics, it seems the real opportunity for new business lies in the other 95 plus percent.
So, how does this relate to marketing’s purpose? Directly. In order to attract customers that are not now buyers, you need to stand out above the competition. This isn’t easy today. However, successful marketing and advertising is focused on the customer and their specific needs - not yours. It may seem obvious, but not by looking at current examples. People have to know you, like you and trust you before they’ll do business with you. This is why referrals are so dominant for service providers. Therefore, the purpose of your marketing should focus on the core benefits your product or service offers - the solutions to their problems. In doing so, you’ll become a resource to the marketplace - not just a seller - you’ll build trust and attract more opportunities. Then, once you have new customers, marketing’s purpose is to retain those customers by continually providing helpful service or information that allows the customer to gain the maximum benefit from your product or service. There are many definitions of marketing. I think the quote above is one of the best.
