King Solomon’s Introduction to Marketing Basics - Wise Counsel
When we ponder the world of marketing, we will discover that there are several concepts and misconceptions that need to be addresses. The basic definition of marketing describes the various tasks that determine your continuing efforts to meet the needs of your customers and, of course, that you are getting a valuable return for your efforts. One consistent misconceptions of marketing is that marketing only concerns your advertising your product or service. Though marketing your product is a serious consideration, it is only one component in the marketing process.
Developing a good understanding of the needs and wants of your customers and developing a plan that addresses those needs is the essential element of ‘marketing.’ For a business owner to want his business to grow is a natural aspiration. Giving close attention to ‘organic growth’ is the most effective way to help your business grow.
What is meant by ‘organic growth?’ This is a wonderful concept. Your business is a living organism and, as a living organism, it must be cultivated and nurtured. We can ignore its needs and let it fend for itself or we can determine those needs and do whatever is best to make it thrive.
Let’s look at two basic elements of marketing to help us get a better idea of the activities that we need to do to create a successful business. The first element of marketing that we need to consider is ‘developing a marketing plan.’ The second element is your ‘ongoing promotion.’ A serious mistake that many business owners make is to create a product or service and immediately begin an advertising campaign. After a further explanation of these two basic elements, you’ll understand why this mistake can be a disappointing and costly one.
When we develop a ‘marketing plan’ or ‘marketing strategy’, we create a guide that is necessary for the well being of a business. The first consideration in creating a marketing plan is research and analysis. This is not as difficult as it may seem. It may take a little time but it will be well worth the effort.
To help us get started, let’s begin by looking at a simplified explanation of ‘marketing analysis.’ We should apply two of Solomon’s Keys to Success at this point.
Proverbs 1:5 (NASB) “A wise man will hear and increase in learning, and a man of understanding will acquire wise counsel,” Wise counsel can be found in many forms. We should also remember, for those of us who think we know best, “The way of a fool is right in his own eyes, but a wise man is he who listens to counsel.” Proverbs 12:15 (NASB) In a nutshell marketing analysis involves the following:
What must we do in ‘marketing analysis’?
1.) Determining our ‘market’ or the groups of potential clients that exist,
2.) Decide which of these groups of customers fit our marketing preference (target markets),
3.) Determining the needs of our target market,
4.) Decide which of your products or services might meet their needs,
5.) Determining how our potential customers might use our products and services,
6.) Keep track of your competitors’ activities,
7.) Determining the pricing formula that we should use and
8.) Decide on a plan for the distribution products and services to your target markets.
There are a number of researching your target market that can be used to discover information about markets, target markets and their needs, as well as the actions that your competitors are trying, etc. The Internet has given us a great instrument for this type of research. A little refined searching on the major search engines will reveal many sources of specific information. You must remember to target your searches. Get specific!
When you have successfully developed your marketing plan, look at your ‘ongoing promotions’, which may include advertising, press releases, public relations, sales materials and customer service to name only a few. These terms can become confusing: advertising, marketing, promotion, public relations and publicity. These terms are often used interchangeably. They refer to different — but similar tasks.
Let’s look at a list of definition of each term.
1.) Advertising — presenting a product (or service) to potential and current customers. Advertising should be focused on one particular product or service. It is important to understand that an advertising plan for one product might be different from that for another product. Advertising is typically done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, website banners, etc.
2.) Promotion - Promotion is keeping our product in the minds of our client (product recognition). Our ongoing efforts in advertising and public relations are often considered elements of promotions.
3.) Public Relations — ongoing processes we use to ensure that our business has a strong and positive public image. This is referred to as “PR.”
4.) Publicity — Publicity is public or ‘media’ attention, whether favorable or not. These are the review that others present of your product or service and can include news releases. These are only a few terms that are good to learn.
The health and well being of a business is determined by the extent of diligent study and the application of the success principles that you learn through study. To best become acquainted with your product or service or customers or competitors, a sincere determination to be as diligent as possible is essentail.
Memorize these success principles found in Solomon’s Proverbs to help you develop a growing and successful business.
Proverbs 10:4 (NLT) “Lazy people are soon poor; hard workers get rich.”
Proverbs 12:24 (NASB) “The hand of the diligent will rule, but the slack hand will be put to forced labor.”
Proverbs 13:4 (NLT) “The Lazy people want much but get little, but those who work hard will prosper”
Proverbs 21:5 (NASB) “The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty.”
Commit this last Proverb to memory. It will serve you well.
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