5 common misconceptions about marketing
For those who are not in the profession, marketing seems exotic and expensive—filled with “creative types” whose purpose seems to be to spend and spend.
But marketing is key to most strategic initiatives.
Any growth goal, from market expansion, product line extension, diversification and so on, requires a good understanding of what marketing can achieve for your company.
We asked Charmaine Bautista-Pamintuan, a multi-awarded professional with 20 years of experience in marketing for various brands in the FMCG, telecommunications and media industry, to give us some insights on the common misconceptions about marketing.
“We don’t need a marketing plan; we need a TV Ad!”
A marketing plan is not just TV advertising or just advertising. Marketing has many tactical applications, such as product launches or events, among many others. This would depend on the brand and the marketing objective. We need to understand the brand development phases and learn about the objectives per phase and see what appropriate marketing spending may be applicable.
“We know our market: It’s all Filipinos!”
Marketing to “everyone” will lead to spillovers and wastage. Focus on a target market that your brand can address. Learn about the different market life stages and see where your brand fits.
“We need to cut budgets; cut from the marketing budget!”
At times, cost cutting may be needed in a company. The usual go-to department is Marketing. But understand the implications of less engagement with your customers—which may lead to lower sales.
“We are active on social media; we have a Facebook account!”
If you are targeting millennials (and those who think like them), then there are many more touch points you could use to ensure you reach and interact with them.
“We’re just a small business, no need for a marketing plan.”
A marketing plan is the black book of your brand. It is like a profile of your brand— target audience, brand message, distribution channels, marketing strategies, objectives, action plans, budgets, timing and success criteria.
Absence of this plan may lead to miscommunication, missed opportunities, and waste of investment. For any company of any size.
The Inquirer Academy will hold a workshop entitled “Marketing 101: How Marketing is at the core of every growth strategy” on Aug. 11.
