I’ve often joked that anyone who’s watched the Super Bowl might consider himself or herself a marketing expert. That’s a stretch, of course, but marketing is often misunderstood as being about logos, slogans, or other things that are easily observed. Marketing contains these aspects but is not entirely about them.
What is marketing about? Making an organization worth more.
Whether “worth” is defined in dollar terms or, for some, achievement of a mission, marketing is about making organizations more valuable to those who are invested in them. How?
- Marketing creates demand through awareness. It generates prospects and more sales potential for the sales engine, which drives added revenue growth.
- It attracts the right customers by creating an understanding of a company or its products. In many industries, such as those that provide professional services, this is vital because the wrong kind of customers can have a negative effect.
- Marketing speeds up purchase decisions, which facilitates referrals—one of the most cost-effective avenues for business growth. Effective marketing reinforces the perceived value of products or services at the point of sale, allowing businesses to command higher prices. For instance, a law firm may justify a higher billing rate, while a manufacturer could successfully sell their products at a premium.
- And marketing enhances economic worth by deepening the perceptions of current buyers, making them more likely to buy again.
Ultimately, marketing is not about slogans, logos, or color schemes. Rather, it is about making a business worth more to those it serves.
