Welcome to Part 2 of our introduction to Basic Marketing.
In Part 1 we discussed the meaning of marketing, the types of marketing and we introduced some elements of inbound marketing.
In this part we move on to outbound marketing.
Outbound marketing is a strategy where businesses try to find customers through building and developing their brand awareness. It includes branding, advertising, promotion and publicity.
Branding is the portrayed identity of your business, product or service. It includes the name, colour scheme, fonts, logos, tagline (slogan) etc.
Successful brands can be identified purely by a single one of these items.
For example, can you name these brands solely from their logo?
Now can you recognise the following brands from their tagline?
“Every Little Helps”
“It Does Exactly What It Says On The Tin”
“Because I’m Worth It”
“The Best A Man Can Get”
“Just Do It”
“The Future’s Bright … The Future’s …….”
“Vorsprung Durch Technik”
If you were able to get the majority of the brands correct then it goes to prove how important and rewarding branding can be.
Advertising is the process of bringing your product or service to the attention of your existing and prospective customer bases.
Most of you will be aware of the ‘Go Compare’, ‘We Buy Any Car’ and ‘Sheila’s Wheels’ adverts from the television. Love them or loathe them, they stick in your mind.
The most popular advert of the 20th Century, as voted by the public, was the ‘Smash’ mashed potato advert of the 1970’s. It featured Martians discussing the method that humans used to make mashed potato instead of using the ‘Smash’ product.
It can still be viewed on ‘You Tube’ >>HERE<<
If you aren’t old enough to remember this advert, ask your Mum, Dad or Grandparents, I am sure they will remember it.
The ongoing advertising and publicity of a product or service is known as promotion. Promotion keeps your product or service in the minds of your customer bases.
Some companies use techniques such as giving trading stamps, Clubcard points, frequent-flyer miles etc.
Publicity is getting your product or service mentioned in the media.
This is not always a good thing because, more often than not, you have no control over what is said or written.
Some people use the quote “There is no such thing as bad publicity …” but I am sure there are others who would totally disagree.
Read this for example:
The Ratner Group was a successful chain of jewellery shops in the 1980s. Their Chief Executive, Gerald Ratner, was delivering a speech to the Institute of Directors when he said
“We also do cut-glass sherry decanters complete with six glasses on a silver-plated tray that your butler can serve you drinks on, all for £4.95. People say, ‘How can you sell this for such a low price?’, I say, ‘because it’s total crap’.”
After the speech the Ratner share price plummeted and the company lost around £500 million and the company almost went out of business. Ratner was forced to resign just over a year later and the company changed its name to the ‘Signet Group’.
He is also the Group Manager of the East Ayrshire Business Forum on LinkedIn.