Marketing and advertising seem to be the same and are often used interchangeably. But the two are different and to use them effectively in your marketing plan you need to know the difference as well as their objective. So first, let’s get a clear knowledge of the terms.
What is Marketing?
Marketing is a broad term that involves the design, creation, communication, and even research and analytics. It involves identifying customer needs and delivering the best options. It also involves the creation of an idea and delivering them to the targeted audience. It is focused on creating and developing the brand, connecting with your customers, and driving sales by elevating your marketing strategy. Marketing has evolved a lot and now digital marketing is also an integral part of marketing.
Now, what is advertising then? Let’s know.
What is Advertising?
Advertising is a channel through which brands directly communicate with their customers. Though it is a one-way communication still it proves to be a very crucial key in the promotion of your brand. Advertisements or ads include paid promotional techniques like audiovisuals, billboards, flyers, banners, etc.
In a nutshell, advertising is a small component of the marketing strategy. It is like a single slice of the cake. And if you restrict your marketing to just advertising you are missing a lot and restricting your reach.
Let’s move further and dig deeper.
How does the marketing process work:
Marketing is a step-by-step process and includes STP (segmentation, targeting, positioning). Developing a marketing strategy involves a great deal of study, data mining, preparing your product/service for the market, defining your USPs that differentiate you from competitors.
Now let’s discuss the 4 major ‘Ps’ of marketing:
- Product: Product refers to the offering made, it may be tangible or intangible. It may be an existing product or one that fills the gap/void in the market.
- Price: Offering the right value of a product is extremely important. You must keep in mind to align your cost and consumer’s willingness to pay for any product.
- Place: It involves everything about how the product is going to reach the customers. It is constituted by selecting the right channel of distribution for the product. It can even be a physical outlet or through online platforms.
- Promotion: Promotion involves all about positioning your product in the market. Best marketing strategies and digital marketing/ advertising play a huge role in it. Different promotional strategies are developed according to suitability such as using social media and websites for digital marketing, etc.
How does the advertising process work:
As explained advertising is a small part of marketing but it holds so much importance as it involves huge costs. Advertising backs the marketing plan by creating a buzz in the market. It helps in positioning the product in the mind of the people. Advertising creates curiosity and helps in attracting paying customers. And to achieve this, the strategy should be well developed and measurable.
Some important points to keep in mind:
- Time-bound: Your strategy should be time-bound. Targets should be well defined and communicated.
- Effective: message delivered, platform selected, designs should be effective and attractive enough.
- Measurable: your strategy should be measurable. You need to check on the results derived and be ready with plan – B if one fails.