Tavara - Marketing vs Advertising

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Marketing vs. Advertising

What's the Difference?

[By Laura Lake]

You will often find that many people confuse marketing with advertising or vice versa. While both components are important they are very different. Knowing the difference and doing your market research can put your company on the path to substantial growth.

	Advertising:
	The paid, public, non-personal announcement of a persuasive message by an identified sponsor; the non-personal presentation or promotion by a firm of its products to its existing and potential customers.

	Marking:
	The systematic planning, implementation and control of a mix of business activities intended to bring together buyers and sellers for the mutually advantageous exchange or transfer of products.

After reading both of the definitions it is easy to understand how the difference can be confusing to the point that people think of them as one-in-the same, so let’s break it down a bit.

Advertising is a single component of the marketing process

It's the part that involves getting the word out concerning your business, product, or the services you are offering. It involves the process of developing strategies such as ad placement, frequency, etc. Advertising includes the placement of an ad in such mediums as newspapers, direct mail, billboards, television, radio, and of course the Internet. Advertising is the largest expense of most marketing plans, with public relations following in a close second and market research not falling far behind.

Think of marketing as a pie, inside that pie, you have slices of...

advertising, market research, media planning, public relations, product pricing, distribution, customer support, sales strategy, and community involvement. Advertising only equals one piece of the pie in the strategy. All of these elements must not only work independently but they also must work together towards the bigger goal. Marketing is a process that takes time and can involve hours of research for a marketing plan to be effective. Think of marketing as everything that an organization does to facilitate an exchange between company and consumer.

Marketing is the wide range of activities involved in making sure that the needs of the customer is being met and that your customers are getting value in return. Marketing is usually focused on one product or service, ensuring maximum effect for specific needs.

	Inbound Marketing:		Outbound Marketing:
	Research on the needs of specific groups of potential customers or clients. How those group (or target market) needs might be met and suggestions on how the product can meet these needs. How each of the target markets might choose to access the product. How much the target market would be willing to pay and how they would pay. Who the competitors are (competitor analysis). How to design and market the product to ensure customer support.		Advertising and promotions (focused on the product) Sales Public and media relations Customer service Customer satisfaction
	How the product should be identified – naming and branding that would suit the target audience.

Too often, businesses start with outbound marketing, which can do more hard in the long run. As a result they are not sure of their target market and the type of client they wish to attract. Effective Inbound marketing lays a good foundation for further promotion and product advertising.

* Adapted from an article by Carter McNamara, MBA PhD

Should you cut your Marketing Budget during a Recession?

[by Laura Lake]

Oh my, the sky is falling and we are in an economic downturn. It’s on the news and it is in the papers. Everywhere I turn we hear of the downward spiral of our economic state. I know what you are thinking; it's time to cut that marketing budget. Signs of recession are all around us.

Let's start slashing costs and marketing is the first to go. Makes sense, right? No! Let me explain...

Don't you dare cut your marketing budget! That is one of the first mistakes businesses make during times of economic crisis. It's time to get smarter about your marketing rand and spend it wisely to get maximum results. Sounds good doesn't it? However, I can hear you - how do you do it? More than ever, customer intelligence is important now.

The key is to look at your marketing expenditure as an investment not an expense. Use the customer knowledge that you have and implement SMART marketing during these times of financial distress. SMART marketing consists of the following:

	S - Strategize
	M - Maintain market spend
	A - Assess and Allocate the Budget
	T - Target and reach out to them

Stand fast during this time. It is crucial that you see your marketing spent as an investment during this time and not an expense. Companies have survived difficult times and have come out strong. Even when there are difficult times well-positioned companies can in fact survive and thrive in them. It truly is about being SMART and taking marketing seriously now more than ever.

A major key is to know your consumer. Know them inside and out. Know what they think and know where they are. Know how these economic times are hitting them. Create your message around that pain. Reach out to them. Look and revise your product line if necessary. Look at developing lower cost solutions if possible. Be flexible, but at the same time be aware and always assessing.

Consider this - if you in fact cut your marketing budget, how will your consumers find you? You have severed your business lifeline and future hope of potential growth. Perhaps you have a secret that I'm not aware of and can reach that success without marketing. If you do I'm always willing to learn and I’d love to hear from you. I stand with you during these times and wish you most prosperous marketing campaigns. Success can happen and it can be done, but marketing is involved.

	About us		What is Marketing		Advertising
	Our marketing team can take an in-depth look at what your business needs to grow and reach its full potential. In doing this, all aspects are taken into consideration to create a marketing plan that is perfect for your business and falls within your financial budget...		Marketing is the wide range of activities involved in making sure that the needs of the customer is being met and that your customers are getting value in return. Marketing is usually focused on one product or service, ensuring maximum effect for specific needs...		Advertising is bringing a product or service to the attention of potential and current customers. Advertising is focused on one product or service, ensuring maximum effect for specific needs...