Let's look at the official definition of marketing (bear with me because it's quite
revealing!), and that is:
"The management process responsible for identifying, anticipating and satisfying
customer requirements profitably."
(courtesy of the Chartered Institute of Marketing
in the UK)
Let's pull it apart and see how it applies to you in your business.
"The management process" - marketing is one part, and an ongoing part, of running
your business. It will, and should, affect everything that you do, from how you
dress to how you answer the phone to how you communicate with your customers/clients
and leads. And everything in between - and so much more.
"Identifying [customer requirements]" - do you know what your clients, customers
and leads are looking for? Do you know what they want? If not, you need to find
out. If you think you do, you still need to find out (from them!).
"Anticipating [customer requirements]" - how well do you know your customers and
clients? Do you know what they are likely to want in the future? What are the outside
forces at work that are going to affect your customers' and potential customers’
decision making? What new trends can you see happening in your industry? What are
the industry pundits saying...can you draw anything from that?
"Satisfying customer requirements" - are you giving your customers what they want?
This is a point that is strangely often overlooked. Business owners (yep, that includes
you!), get too hung up on telling people what they think is good. Nope. Good marketing
means concentrating on what your customers want and give them that instead.
"Profitably" - yes, you are allowed to make some money. It's OK, honest! You're
in business. Even charities carry out marketing to make money (otherwise how do
they support their particular concerns?). If you're uncomfortable about making a
profit, I'd recommend you get out of your business now and go get a job. If you
want to make money to pay the mortgage, put food on the table, put clothes on your
back...or to enjoy an entrepreneurial millionaire lifestyle, then you need to be
making a profit.
Understanding what marketing is and following its basic principals in a well though
out and structured way will put you head and shoulders above the majority of your
competitors.
"What helps people, helps business."
Leo Burnett
