Bookworm alert…my latest purchase - Marketing Management 15th Edition by Kotler & Keller - was a replacement for my textbook I donated 15 years ago.
Opening the first chapter, I could not have been happier – well apart from one day winning the local trivia comp – to read the following:
“Good marketing is no accident. It is both an art and a science, and it results from careful planning and execution using state-of-the-art tools and techniques.”
This statement beautifully explains how marketing strategy is not just words or pictures, offers, brand names or social media profiles but thoughts, research and analysis, put into words by using the right processes.
It doesn’t matter if your business is a sole operator, small or medium sized, large organisation or multinational, if you value your customer insights, their purchase behaviour and decisions, your brand identity, promotional strategies, advertising messages, communication and sales channels, product and service development, return on investment, analysis and brand health measures – then you get the importance of marketing strategy for your business.
To be successful in your marketing strategy, you don’t need to have a big budget. In fact, I have found small budgets can give a good result – but only if the message, offer and execution are done correctly.
In recent years, there has been a lot of discussion, heated/hyped/shouted, about why “traditional” marketing strategy is not necessary. “Traditional” marketing is viewed by some as old fashioned, slow, cumbersome, expensive, not niche enough and process driven.
Well then “modern/new/latest” marketing strategy must be the opposite of the above – trendy, fast, lean, cheap, too niche and no process.
But let’s stop and think about this for a moment.
What about the saying “everything old is new again”?
Doesn’t almost everything go in and out of fashion? 80’s clothes donated to the op shop returns, records have made a revival, watches are well and truly on time, Mr Harvey is still selling TV sets, we all listen to some type of radio – streaming, digital or in car and most of us flick through a magazine or newspaper at some point in the year.
That’s the “traditional” marketing strategy, still used. Everyday. By marketers and communication specialists who understand their customers and brand fit.
The “new” marketing stuff – social media and digital everything (TV, radio, newspapers, magazines, outdoor) are all complementary to the traditional.
Just the other day I saw a new Netflix series “Lost in Space” promoted, wait for it....at a cinema, on radio, TV and in print. And on digital. To me it was a comprehensive, well executed marketing strategy.
That’s why I love marketing because the art and science has evolved so much.
Thanks to the original thinkers, doers, creators, writers, strategists, researchers we have more ways to understand our customers needs and wants, engage, reward and reach our customers than ever before.
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