This is a blog that I wrote and posted back in December 2007. Very few people commented on it, meaning that either very few people read it or it just wasn't a very good blog. Let's give it another shot, and see what happens:Marketing is indeed a science. Marketing is all about conducting experiments based on educated guesses. Some say that marketing is an art because it's all about selling. But really its not all about selling. Marketing is mostly about research, thus the term "market research". When the proper research has been done, the product will sell itself.
One marketing professional once commented, "When you begin to formulate the type of marketing you will do, it involves the gathering of massive statistics. These stats, from validating a media buy to formulating the right message, graphics to the right audiences, are science at its best."
So what does this mean for entrepreneurs? Well, it means you should do two things when launching a marketing campaign:
1) Study or research your potential customers before you market to them. Do focus groups and conduct surveys to identify what customers think about products and services. Don't make any assumptions in marketing. For instance, don't conclude that just because there are a lot of kids in your neighborhood, that starting an ice cream store is ideal.
2) Experiment with different methods of marketing to consumers. Passing out flyers and business cards may or may not work for what you're promoting. However, you won't know if other avenues (newspaper ads, event sponsorship, postcard marketing, etc.) work, unless you try.
Just like any other science, marketing has no rules. There is plenty to be discovered. Push the boundaries, open new doors, and find what works for you! Think outside the box, and create another box if you have to.
I personally recommend www.MarketingProfs.com and www.DMnews.com as great marketing resources to subscribe to.
great post Dante. Next time recommend my blog: (www.ministrymarketingsolutions.blogspot.com) for marketing stuff too!
ReplyDeleteDante:
ReplyDeleteThanks for the repost on this article. As a new subscriber, I missed the inital post, but am glad that I was able to read it the second time around. Your blog is a great resource that I am sure will gain even more momentum in 2009 and beyond.
YOU ARE THE BEST! I love to read your blogs when I can. Susan
ReplyDeletei think you neglected that not only do you have to research your market, you also have to find out how well your service or product matches what the market wants. Sure, opening an ice-cream shop in the summer is great, but more people would go for water-ice.
ReplyDeleteI think a lot of people don't try to match their product with their market, they have the 'if i build it they will come' attitude instead of the 'if they want it i will make/sell it' attitude.
Dante,
ReplyDeleteYou are correct about the science of marketing. The art is in the interpretation of the data and the application of a marketing strategy. The resources you recommended are very good sources of guidance to help with developing the right strategy.
An important note to add is that there are skilled professionals who are very good at this science and can assist an entrepreneur in developing the correct strategy. Trial and error can be costly -- in expense as well as timing.
Roger
Research is an essential part of owning and operating a business. Perhaps equally important is defining each facet of business especially marketing.
ReplyDeleteEPiC Measures simplifies the academic definition of marketing as follows: methods used to exchange value, i.e., a good and/or service, with a target audience. While advertising, branding, sales and public relations are valid marketing methods, they only account for 25 percent of the marketing mix (promotion) and therefore, 25 percent of marketing strategy.
The Marketing Mix is product, price, place and promotion. With this in mind, it's easy to see that a company’s marketing efforts tend to weigh heavily on promotions (see examples above). In order to create a marketing strategy, which yields best results, research must also be conducted on product, price and placement.
Marketing Science Institute, Mintel and Direct Marketing Association are other reputable research resources.