Do you have the perfect idea to succeed in the business world? All you need to do is apply the 7 core functions of marketing so that you can make money right from the start.
Without digital marketing, your project is like the best shop in the world that will never open…
We know that on the web you will find very specific theories about marketing, but there is so much information out there that you can be left with the same feeling of “What?”
That’s why we wanted to help you build a solid campaign that fits what your audience is looking for. Through this article, we also want to take that feeling away from you once and for all.
Are you ready to talk about marketing like a pro? Sit back, get out your pen and paper and let’s take a look.
Table of Content
- What is marketing?
- Basic functions of marketing
- 8 Types of marketing
- Objectives of marketing in a company
What is marketing?
Let’s start by first defining what marketing is.
It’s the discipline that studies, creates and provides value to users to satisfy their needs and obtain profits, through strategies that can be applied both online and offline.
Thus, with marketing we quantify the size of the market and the desires that have not been solved by the competition, so it’s fundamental for the economic development of society in general.
Therefore, different techniques and strategies are used to add value to brands in order to stand out to audiences. The customer then makes the purchase decision according to what he considers most suitable for him.
Basic functions of marketing
There are several basic functions of marketing. Each is as important as the next for the identification of a brand in the marketplace.
Let’s look at each in detail below:
1. Market research
Imagine you have an interesting product in your business and you want to sell it as quickly as possible. How do you determine who your ideal customer is? Exactly, with marketing.
The idea is to identify who these people are, what they do, what their customer characteristics are and what you need to do to reach them.
Marketing will help you do the right market research and this will translate into better results for the business.
When we talk about promotion we mean the things you will do to make the product known. You know who you are going to sell it to, now you have to show it to them.
Beyond the message you want to give, the most important thing is to build trust with the audience and show them that you are the option they are looking for.
You can have the best product, but if they don’t trust you it will be impossible for them to buy….
All this is achieved with the right market research, which will tell you what the best ways to promote your product or service are.
Social networks, websites, paid advertisements and traditional advertising are some of the alternatives you have nowadays.
3. Product and price
Another of the basic functions of marketing is to define both the right product and the ideal price so that you can sell right from the start.
Marketing will help you to give it the right design, an attractive name and all the visual aspects that are necessary to attract the user’s attention.
Next is pricing.
Here you need to evaluate both your internal elements and those of the customer. When we talk about your elements, we are referring to the operating costs and the profit you are aiming for in order to make the activity cost-effective.
On the other hand, the customer has a specific financial capacity, so if the price is too high it will be impossible for him to buy from you even if he is in love with the product. Take this into account.
Selling is another of the basic functions of marketing.
Let’s say that selling is a consequence of the previous steps, where you deliver the product in exchange for a specific cost. Then, the idea is to mass market the product so that the company gets the highest profitability possible.
The process involves knowing what the user is looking for, how they want it and what channels they use to make their purchases.
One of the most important aspects of marketing is distribution. This is the process in which we place the product in the specific place where our target audience buys.
Can you imagine making a superhuman effort to send products to a shop where all kinds of people pass by but not the one you are interested in? This turns into losses for the business and is unsustainable in the long run.
A situation like this is solved with marketing. Here you will solve aspects such as logistics, transport, delivery points, packaging and storage.
Avoid tragedies and optimise your processes with marketing!
6. After sales
Did you think that after the sale the job was done? We’re sorry to tell you that this is when it starts. If you want to be sustainable over time, you should not only worry about selling, but also about doing it repeatedly in order to be cost-effective.
Taking care of the relationship with the user is fundamental. You have to know how they felt with the product, what doubts they have, find out if they are happy or if they want a new product.
This requires research and a lot of will. Nowadays, alternatives such as calls, visits, emails and social networks are used to find out users’ opinions.
7. Conveying the brand’s values
Digital marketing has the responsibility of being able to represent the values of each brand in whatever it does: from the planning of products and services, through market research and even in the distribution stages.
This is why this department has to work on the communication messages that will be brought to life on the different digital platforms.
8 Types of marketing
OK, so you know what the basic functions of marketing are, but now you need to take a look at the types of marketing to choose which one to use in your business.
Let’s look at the most relevant ones below:
1. Digital marketing
And we couldn’t start any other way than with the most used branch of marketing nowadays, digital marketing.
These are all those strategies used in the online world and which aim to optimise the positioning of brands in virtual environments.
Studies show that more and more people have access to the internet, which means that betting on this type of marketing will be key to your future results.
2. Offline marketing
Just as we talk about digital marketing, we can’t forget about offline marketing.
It’s also known as traditional marketing and encompasses all brand promotion strategies that are done offline, whether it is telemarketing or merchandising.
Many still think that this type of marketing is outdated, but nothing could be further from the truth. The idea is to combine the two so that you can offer a better user experience.
Use them and you will see the difference.
3. Outbound marketing
Have you ever received an advertisement on social media? That’s what outbound marketing is all about, approaching the customer so that he sees your promotion.
Although it’s not used as much as it used to be, it can still work if you show the ad at the right time. However, there are strategies that work better nowadays.
4. Inbound marketing
We can say that it’s the opposite of outbound marketing: why invade someone with your message when you can attract them to see what you have for them?
Just as you read it, the idea is to attract users through valuable content that solves the doubts and needs they have at that moment. Subsequently, the traffic you get can be converted into leads and then into sales, so it’s a snowball that starts to grow.
Start investigating what your customer is looking for, what needs they have and then offer content in different formats to help them solve their problem.
5. Content marketing
After digital marketing and inbound marketing, we find content marketing as a way to attract the user to what you have to offer.
It’s about creating relevant and interesting content for the customer. This way, you position yourself as an expert in the field and increase the chances of sales.
The contents can be found in:
- Social media
6. Performance marketing
Data is the new treasure of companies and an example of this is performance marketing. It’s a strategy that is based exclusively on information to make much more precise decisions so that you can optimise your results.
7. Email marketing
Email marketing is a trend that has been growing in recent times. Many people think that email is only used to send inconsequential information, but the truth is that it goes much further.
You decide how to use it, to get closer to the user, to do post-sales follow-up or to offer a new product.
If you use the right words, you are likely to achieve the results you are looking for.
8. Interactive marketing
Dynamic experience is something that users love and now is the time to try it in your business.
Interactive marketing is all about providing the user with an experience that engages different senses to bring them closer to the brand. The good news is that nowadays there are different formats that you can use for this type of thing. Some of them are:
- Digital books
Objectives of marketing in a company
Marketing is fundamental to your company, so directly or indirectly you will be using it to promote your products.
Let’s take a look at the objectives it can have within a company:
1. To make the brand known among the audience.
You are not always looking to sell for the sake of selling, sometimes you need to achieve other objectives such as making yourself known to the target audience.
This usually happens when there’s a new product on the market that you want to position in the eyes of potential customers or increase the visibility of the project in the market.
Here you usually use campaigns where you explain the benefits of the project on social networks. The idea is that the user in some way or another sees the name and benefits of the product and cannot get it out of their mind.
When you want to enter a new sector you should analyse who the competitors are in the market and how much market share they have at that moment.
There are companies that are very powerful, so it will be very difficult to displace them in a short period of time. An example would be multinationals like Amazon or Apple, which have more than 70% in their sector; it would be very difficult for someone to displace them.
Therefore, you can apply specific strategies to increase your position in your own segment and thus improve your business numbers.
3. To launch a new product
Product launch is one of the most exciting and stressful activities that can be executed in a company.
It requires a lot of preparation. The first thing you need to do is to prepare the audience for this new product or service and this is all done through marketing.
The truth is that if you generate the right intrigue, the launch will be a success.
4. To improve return on investment
Return on investment is one of the most important metrics in business. You need to know how much you are earning after investing to determine if the activity or strategy in question is worth pursuing.
To increase it, you may need to increase the price of your product or enter a new geographic area, so you need to create the right tactics to make it work.
5. To enter a new market
Closely related to the previous points, at some point you will have to enter a new market to expand operations.
It’s a similar process to launching a product, so you will have to create enough expectation for that market to welcome you with open arms.
6. To obtain new leads
Leads are those records you get on your website where users leave their basic data in exchange for valuable information. This can be a webinar, ebook or video tutorial.
It is a very useful strategy because it allows you to use inbound marketing to capture the user’s attention and take them through the entire sales funnel.
Well, there are marketing strategies that will help you increase the number of leads you get in a given period. This way, you are more likely to make new sales.
The truth is that marketing is a subject that we cannot ignore, especially if we are involved in the business world. That’s why we wanted to show you what the functions of marketing are so that you know how to get the most out of it.
Do you already know what goals you have for next year in your company? Feel free to check out our blog to learn more about the world of digital marketing.
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