Hello,
Welcome to the January edition of the Platinum Mix eNewsletter. This month we get back to marketing basics. This months issue will shed a little light on the differences and how the marketing elements complement each other and the importance of branding.
Marketing and Advertising: Different Strokes
The terms 'marketing' and 'advertising' are used so frequently in business today, that there is a mis-conception that they are one and the same thing. Not so, I'm afraid. The Chartered Institute of Marketing defines marketing as 'the management process responsible for identifying, anticipating and satisfying customer requirements profitably'.
In a nutshell, marketing has a role to play across a business whether it be; ensuring the business has a desirable product/service to sell, or the pricing strategies achieves maximum sales and profit for the business, or the most effective distribution channels are established and that the product/service is promoted to achieve maximum sales, which is where advertising comes in.
The successful mix of all these elements is referred to as the 'Marketing Mix' (hense Platinum Mix). When marketing a product there are 4 elements to this mix, price, placement, product and promotion. There are 3 additional P's which should be addressed when marketing a service, they are people, process and physical evidence.
Hopefully the diagram below will put it all into perspective and demonstrate that advertising is just ONE element of the promotional mix.
Designing your brand: More than an attractive logo
As consumers we are bombared to a (very) large number of brands, some we like, some we don’t mind and some we just plain hate. In the world of business-to-business (B2B), the importance of branding is all the more crucial.
Your brand identity not only distinguishes you from your competitors but also influences clients initial thoughts on the business and what attributes that brand/business has, be it quality, customer service or range of services.
Personal taste is completely irrelevant when it comes to the design of your brand, the most important thing to consider is, ‘stuff my own preferences, what does the customer want?’ and ‘what does this brand say about my company?’
A good brand should be:
- Indicative of service/product offered - an ultra modern logo font will not appeal to clients of a more traditional service, such as Antique Restoration.
- Clear in its message – these messages can be conveyed through communications which carries the logo/brand.
- Meaningful – if your brand is all about excellent service, you MUST deliver on that promise.
- Consistent – across all marketing material and signage.
- Recognisable – Good branding can work to establish recognition if you target it to customers, then consistently repeat it until they memorize it.
Taking time to get it right means your brand will attract your target market, employee and investor and generate the desired perception for your business which will influence a purchasing decision.
Examples of Good Branding:
  
Examples of Bad Branding:
  
Platinum Mix have a wealth of experience in brand development for new small and medium sized businesses and also established businesses who require a 'brand refresher'. Call us today if you have any branding requirements.
Platinum Mix can assist your business with all the marketing strategies mentioned in this, and subsequent eNewsletters. So if your business requires any marketing assistance, call us today on 08 9380 6929.
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