What is Marketing?
The American Marketing Association defines marketing as an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing plays a pivotal and essential role in gaining and maintaining a solid customer base which leads to a successful small business.
There are several elements of marketing which include: public relations, promotions, publicity, advertising and sales. The below story written by an unknown author illustrates and helps define marketing and all its pieces.
If the circus is coming to town and you paint a sign saying “Circus Coming to the Fairground Saturday”, that’s advertising.
If you put the sign on the back of an elephant and walk it into town, that’s promotion.
If the elephant walks through the mayor’s flower bed, that’s publicity.
And if you get the mayor to laugh about it, that’s public relations.
Are there inexpensive ways to market to customers?
Marketing to maintain and attract new customers doesn’t require spending exorbitant amounts of money on billboards or radio advertisements. With a little imagination, the amount of time and effort spent using these simple tools will multiply the greatest asset a business could ever have – its customers. Below is a list of ideas to help capture the business of your target market: