What’s the first thing you think of when you hear the word “marketing”? A company brochure? A Twitter page? A radio ad? Maybe you recall that advertising campaign you saw on television or that giveaway promotion on Facebook. If any of these examples popped into your head, you would be correct: they are all forms of marketing. But marketing isn’t just a department or campaign; it’s a fundamental limb of every business, no matter the size or industry.
According to the American Marketing Association, marketing is defined as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” In other words, marketing is the bridge that connects the business to the consumer—the great tightrope of opportunity. And while philosophies may differ on which type of marketing is most effective, every entrepreneur can agree on one thing: marketing matters… a lot.
After reading the definition above, you may be wondering what the difference is between marketing, advertising, and public relations (PR). That’s a great, and sometimes tricky, question. Talk to a handful of business professionals and you’re likely to get a number of different answers. A Fortune 500 CMO, for instance, may describe the breakdown very differently than the owner of a neighborhood mom-and-pop establishment. While the subject could be explored quite extensively, the majority of first-time business owners need only understand one very basic difference.
Marketing generally refers to the overall communication process, as opposed to one specific action. From market research to media strategy, think of marketing as the larger conversation between you and your customer. It is the overarching category, the sum total, of each consumer interaction.
Advertising and PR on the other hand are most often actionable initiatives that help bring a product or service to market, like direct mail or a digital ad buy. That is to say that if marketing is the manufacturing of the ideas, then advertising and PR are the delivery system, which brings the product or service to your audience. While all three are considered to be primary components capable of standing alone, most often advertising and PR are parts of the greater marketing strategy.
“The most common mistake that entrepreneurs make when marketing their business is that they try to sell it before going out and getting feedback. If you read the history of any great company, you’ll see that most have reinvented their product and audience over and over again, especially in the early stages of the business. You don’t know the
formula until you get out in real life and test it.”
As your company grows and evolves, you may need to develop a more detailed understanding of each element, but for the sake of clarity, in this book the word “marketing” will be used as a blanket term to describe any process or action that connects a business to the outside world.
EMBRACING YOUR BRAND
Another essential element, which often falls under the general marketing category, is branding. A brand is much bigger than just a product or service. It’s the emotional response to your business—the visual and psychological representation of your organization’s identity.
In more technical terms, branding is “the practice of creating a name, symbol, or design that identifies and differentiates a product from other products.” It often combines tangible things like logo, design, and color scheme with more abstract elements like values, goals, and mission. These scattered pieces are woven together to create the overall “vibe” or feel of a business.
When most people think of their favorite product, it’s likely they don’t actually envision the product itself. Rather, they respond to a feeling the product gives them. Take Coca-Cola, for instance, perhaps the most well-known brand in the world. When you think of Coke, the first thing that comes to mind isn’t brown syrup and carbonated water. If that were the case, the beverage company would surely be out of business. No, it’s more likely that you imagine the bright red can or the famous ice- skating polar bears. Maybe you even recall a particularly positive memory of something that occurred while you were drinking a Coke. It’s not the syrup and water that keeps you coming back for more; it’s the brand.
The same can be said for Apple computers. In 2012, Forbes magazine valued the Apple brand at $87.1 billion, up 52 percent from two years prior. That’s tremendous growth. How did the homegrown technology company become one of the most profitable businesses in the world? Simple. Steve Jobs knew the power of a brand. Like many innovators, Jobs understood that brand needed to be baked into each part of the company and infused in every experience. Moreover, Jobs recognized that a strong brand is the ultimate magnet for loyalty and evangelism because it makes customers feel as though they’re participating in more
than just a mere exchange of money. Instead, they are connecting to a greater mission. You don’t just buy Apple products; you’re an “Apple person.”
Many small business owners are under the false impression that branding is reserved for larger companies with millions or billions of dollars. But nothing could be further from the truth. In reality, a strong brand requires more creativity than cash—more boldness than budget.
You’ve already identified your mission; now it’s time to go further and infuse it throughout all aspects of your business. What do you believe in as a company? Where did you come from and where are you headed? What truths have you championed as an organization? How do you want people to feel when they think about your company? How do your products or services represent your greater philosophy? As you start to transform these answers into action, your brand, in all its complexity, will slowly begin to emerge.
Remember branding is a dynamic combination of development, design, and experience. It is both your greatest differentiator and ultimate connector. But more importantly, it is the promise you make to each and every customer. And that should never be underrated.
“You don’t need a large bud get to create a strong brand. You need a movement. You need to find the people who are ambassadors for your brand and who will go out and share it with the world. When I started slinging shirts, I found a network of ambassadors who took the brand from city to city. That was what going viral was back then. Today, you can find most of your ambassadors on social networks.”