Marketing is a tricky word to define. Ask ten people what they think marketing is, and you’ll likely get ten completely different answers – yet each of those answers are technically correct!
Imagine standing in the front of the workshop you are teaching, and asking attendees to provide their definitions of marketing. One business owner says that bringing in new clients defines marketing in his business. Another offers that social media marketing is where she spends her time. Yet a third boldly proclaimed that advertising is the real definition of marketing.
These three business owners were on the right track. Each had claimed a “slice of marketing pie”. But I jump ahead……
Let’s start with the true definition of Marketing:
Marketing is the process of communicating the value of a product or service to clients, for the purpose of selling that product or service. That communication can take place in various ways, and is different for every business.
I want you to close your eyes and visualize a pie. Cut the pie into slices.
Marketing is the whole pie. Each slice of pie is a marketing tool.
Look at this example of Marketing Pie:
Can you see how each of the workshop attendees technically answered the question “What does marketing mean to your business?” properly? They simply weren’t envisioning their entire pie, instead just they were just looking at the slice they were working on.
An important note: In this simple example, each of the slices are even. This won’t be the case in your business. You may have some or all of the slices outlined above, but you can and should have other marketing initiatives to incorporate into your marketing mix. Depending on your goals, your target market, and the overall strategy you have developed, your pie may look completely different! (But I bet it is still delicious!)
Key Elements to a Successful Pie:
1. Determine your investment
- How much will you invest financially (budget)?
- How much time will you invest? (How much is an hour of your time worth?)
2. Identify the marketing tactics or the slices of pie are best for you and your business.
- What are your goals?
- Who is your target market, and how will you reach them?
- What do you want your audience to do?
3. Break each piece down into specific tasks
4. Assign Responsibility – Who is executing tasks?
5. Track results, analyze interaction and analytics, and revise as necessary.
Happy Baking! What pieces are in your Marketing Pie?