The Merrie News - Aug 04, 2008

What is this thing called Marketing?

Welcome to the launch issue of Merrie News!

Thank you for your support - I've been deluged by people joining the list to receive this newsletter and the information - so I guess it's needed!

Before you get stuck into future issues of Merrie News, I thought it would be helpful to give a brief explanation of what Marketing actually is. And what it isn't (but we'll cover that next week).

What Marketing Is

Let's look at the official definition (bear with me because it's quite revealing!), and that is:

"The management process responsible for identifying, anticipating and satisfying customer requirements profitably." (courtesy of the Chartered Institue of Marketing in the UK)

Let's pull it apart and see how it applies to you in your business.

"The management process" - marketing is one part, and an ongoing part, of running your business. It will, and should, affect everything that you do, from how you dress to how you answer the phone to how you communicate with your customers and prospects. And everything in between - and so much more.

"Identifying [customer requirements]" - do you know what your customers and prospects are looking for? Do you know what they want? If not you need to find out. If you think you do, you still need to find out (from them!).

"Anticipating [customer requirements]" - how well do you know your customers and prospects? Do you know what they are likely to want in the future? What are the outside forces at work that are going to affect your customers' and prospects' decision making? What new trends can you see happening in your industry? What are the industry pundits saying...can you draw anything from that?

"Satisfying customer requirements" - are you giving your customers and prospects what they want? This is a point that is strangely often overlooked. Business owners (yep, that includes you) get too hung up on telling people what THEY think is good. Nope. Concentrate on what your customers/prospects want and tell them that instead.

"Profitably" - yes, you are allowed to make some money. It's OK, honest! You're in business. Even charities carry out marketing to make money (otherwise how do they support their particular concerns?). I heard of someone in network marketing who only ever charges the wholesale price...and goes on to say they never have any money for themself! Hmm. If you're uncomfortable about making a profit, I'd recommend you get out of your business now and go get a job. If you want to make money to pay the mortgage, put food on the table, put clothes on your back...or to enjoy a millionaire lifestyle, then you need to be making a profit.

Understanding what marketing is and how it can affect your business will put you head and shoulders above the majority of people in this industry. Unless they read this newsletter of course ;o)

Go to Home Page