Talk to different people about marketing and you start to realize that the term marketing means very different things to different people. Ask five different people what marketing is, and you will tend to get five very different answers.
There is a tendency to think of marketing as being primarily about advertising, brand strategy, creative design and logos, social media, public relations, direct mail, and special events. Modern views of marketing would add influencers and search, to this list. Still, this is a very limited view of marketing and includes only items that are part of only one of the Marketing P’s – Promotion.
A more appropriate and expansive definition of marketing includes the other P’s- Product, Pricing, Place, and People. In an uber-competitive world, the impacts of product quality and distinction, how the product is priced, where and how it is distributed and sold, and the people in your organization cannot be emphasized enough.
Getting all of the P’s right can result in your building loyal customers, revenue streams, and profits. Getting one of the P’s wrong can undermine all the investments made in manufacturing and delivering the product (or service) and what would otherwise be highly effective distribution, sales, and promotion strategies.
There are companies with compelling brands that do relatively little promotion because they are so good at knowing and taking care of their customers, including their internal customers – their employees.
The Costs of Silos and Opportunities Missed
Many mid and large-size companies are guilty of siloed operations in which the sales team works in one lane, marketing in another, operations in their sphere, and finance in still another realm. The inefficiencies and opportunities missed to lever vital information and perspectives tend to increase costs while reducing potential revenues and profits.
Sharing information, ideas, and a Growth Mindset
Companies with growth mindsets, who understand and value their customers, and who work to learn and get better each day, are the ones that tend to see the best performance and sales results even as business cycles and industry principles change. Companies with growth mindsets and an expansive view of marketing and sales tend to be more effective in responding to the inevitable challenges and opportunities that arise in business and ultimately succeeding.