Are you wondering which type of marketing practices are right for your business?
Advertising revenue throughout New Zealand was almost $3.2 billion in 2021.
For any business to grow and succeed, marketing and advertising can be crucial. They're both essential for turning leads into customers. Many people look at marketing vs advertising and don't know what the difference is, or which they should focus on.
For a rundown of what marketing and advertising are, and how they differ, keep reading.
What Is Marketing?
Marketing is a practice that businesses use to communicate with their audience. They can demonstrate how they can fix a problem that the consumer is facing. This is done by identifying and predicting the needs of customers and then finding a way to meet these needs.
B2C (business-to-customer) marketing is directed at consumers. B2B (business-to-business) marketing is directed at businesses.
All marketing strategies start with orientation, which establishes the direction a business wants to take. This is usually based on product, production, sales, or marketing. Marketing practices generally focus on a mix of "the four Cs:"
Customer/client
Cost
Convenience
Communication
Companies need to consider the environment (both internal and external). This way, they can determine if there are any factors that will impact any marketing ideas or strategies they have.
Finally, a company needs to specify its target market. This involves defining the geographic and demographic factors that relate to anyone who would be interested in their goods or services.
What Is Advertising?
Advertising involves placing messages or branding in specific locations to promote products or services. Advertising as a strategy can help convert leads into paying customers and may serve to establish branding and corporate culture.
Advertising is a one-way form of communication. Companies can use various advertising options to send messages to their audience, and they have complete control over what these messages are.
Businesses can use advertising strategies to do things like:
Provide information on products or services
Highlight why your products or services are superior to those of the competition
Promote new products or services
Demonstrate how you can meet the customers' needs
Attract new customers
There are various types of advertising available, such as online advertising, retail advertising, and PPC (pay-per-click) advertising. Depending on your brand and your target audience, certain types may be more suitable than others.
Marketing vs Advertising - What's the Difference?
While people often confuse marketing and advertising, it's important to understand that advertising is a part of marketing. When creating a marketing strategy for your business, it should consist of some form of advertising.
In most cases, advertising is considered "paid media," such as billboards and print ads. There are various marketing options available, and they can fall under paid media, owned media, or earned media. By establishing the needs of your target audience, you can get a better idea of how you should allocate your resources to get the most out of your marketing campaign.
The Right Strategy for Your Business
When looking at marketing vs advertising, it's important to understand the difference and what both involve. A strong marketing strategy is crucial, and yours should involve advertising to some degree.
Metrics Marketing is a leading marketing agency that can help develop the perfect strategy for your business. To get some ideas, check out this guide on some of the best marketing strategies for 2022.