So – if we are to “out market” the competition it makes sense to consider “what is Marketing?” – indeed I often get asked something similar. Although just as often people struggling to understand will tell me their own limited idea couched as ” well of course Marketing is …….” usually followed by “telesales”, “e-marketing”, “advertising”, “promotion”, “content marketing”, “sales promotion”, – now of course “social media” and even on one occasion “constantly repeating the corporate message ” or otherwise some similar quite specific technique that they have picked up from the marketeers toolbox.
Perhaps because I came into Marketing in the early 70’s when Marketing was developing as a philosophy of business I see all of these aspects and more as part of Marketing. A good definition I have heard is that “Marketing is everything that a company does that does not involve personal contact with the customer.”
However for me I would say that Marketing is an approach that encompasses everything a company does based on an understanding of the market and how the company can best opperate within the market.
So that far from leaving Sales people out in the cold I would say that Sales is part of Marketing and even the way that corporate finances are derived form part of the corporate Marketing philosophy. So promotion and sales and finance can be seen simply as ways of working to achieve the company’s overall marketing objectives.
This approach enables one to balance all the company resources, inputs and outgoings, so as to optimise performance – connecting the marketplace to financial results.
To Grandiose for an SME? Well little acorns and all that – we can start by considering where to put promotional spend – into a new product that has already had a lot of effort behind it or into re-enlivening a moribund cash cow?
Would your resources be better in stock or an exhibition? Staff morale or a new machine? Interest on a loan or investing in enquiries? Which will enable you to best surf the waves of the Marketplace and to optimise your financial results long term?
So to Out Market the Competition we first have to think differently – about how to connect our resources with our markets. This is not always possible within a small very pressured environment and in my experience industrial SMEs are run by either from an engineering or a sales perspective – which generally brings a specific focus and timescale – a Marketing approach tends to be wider and longer term – this added perspective can be extremely advantageous in developing a strategy to take a company forward over the long term. It focuses on growth in good times and out-marketing the competition in the down times. You may not need a marketing dept full time but you are likely to need access to one.
As a first step to “out Market the competition” contact us at ID-Marketing