What is Marketing? The traditional textbook answer usually mentions the “4 P’s of Marketing:” Product, Price, Place, & Promotion. This is NOT an adequate definition. Why? Because of the Marketing “M’s”
Who or what is the ‘right market’? Your market consists of your target customers and the factors that cause them to change. What are the specific demographics of this market? These demographics could include age, sex, status just to name a few. Your market isn’t “everyone”. Best practice to narrow it down to who is the ‘right market’ for your company, product or service and your marketing will be more effective guaranteed.
Similar to “positioning” in the original Four P’s, your message is how — and what — your brand is communicating. What is the ‘right message’? The message that your business conveys to your target audience is extremely important.
What is the ‘right medium’ to use in order to best reach your ideal market with your message? Each and every industry and niche is different in one way or another. Knowing who your ideal customer is a start-point to knowing what types of media they google, watch, read, listen to, and engage with.
And, in that order. It is a very common error for many businesses to start with the wrong ‘M’ – often they start with Medium. The 3 M’s of marketing seems pretty simple SO why do so many business owners get it wrong? Best guess is because they’ve never been taught like this before. Chances are they have been taught the 4 marketing P’s and other textbook type definitions which neglect to encompass these important 3 M’s.
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