by Definition
Marketing is the act or process of satisfying and retaining customers. This occours through the creation, communication, and delivery of value. It involves understanding consumer behavior, developing products or services that meet their needs, and effectively promoting them to the target audience. The American Marketing Association (AMA) defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”.
American Marketing Association
Overall, marketing is a dynamic and multifaceted discipline that plays a critical role in the success of businesses by creating and maintaining a connection between them and their customers.
Traditional marketing
Traditional marketing focuses on promoting products or services through offline channels, aiming for broad reach. It often employs a one-way communication model, where businesses push messages to consumers without immediate feedback. This approach makes return on investment track almost impossible, is typically short-term oriented and targets customers based on the product or service offered.
Common traditional marketing strategies include:
- Business Cards: A quick way for companies or individuals to spread their information.
- TV and Radio Ads: Advertising products or services through these channels to reach a wide audience.
- Flyers and Brochures: Designed to capture the attention of a wide audience using vibrant colors and memorable images.
- Billboards and Signage: Outdoor advertising to reach daily commuters and pedestrians.
- Direct Mail: Sending promotional printed materials like postcards, brochures, and letters to a specific target market.
Mordern marketing
Modern marketing is more customer-oriented, focusing on understanding and addressing the unique wants and needs of consumers. It utilizes digital platforms, allowing for customization and adaptability to changing trends. This approach is long-term oriented, aiming to build and maintain customer relationships.
Common modern marketing strategies include:
- Email Marketing: Engaging with customers, notifying them of promotions, and more.
- Internet Ads: Utilizing platforms like Google, YouTube, and Facebook for paid advertisements.
- E-Commerce Websites: Allowing customers to purchase products online, reaching a larger audience.
- Social Media Platforms: Using sites like Facebook, Twitter, and Instagram to engage with customers and track performance.
- Search Engine Optimization (SEO): Optimizing websites to improve rankings in search results.
Propel insights
A key aspect of modern marketing is building trust with consumers. Trust-based marketing focuses on establishing and nurturing relationships with customers through honest, transparent, and empathetic communication. This approach emphasizes providing unbiased information and fostering customer advocacy, which can lead to increased loyalty and long-term success. According to Walden University, trust-based marketing “uses the expansiveness and interactivity of websites to provide consumers with the kind of honest, useful information they need to make informed buying decisions.”
In the digital age, marketing has expanded to include digital marketing, which utilizes the internet and online-based digital technologies to promote products and services. This includes strategies like content marketing, social media marketing, and search engine optimization. With an algorithmic approach, digital marketing allows businesses to reach a global audience and engage with consumers in real-time, offering personalized and interactive experiences.