“Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.” Peter Drucker – 1973
While nearly everything in business has changed since that statement; its meaning for businesses of all sizes has not. Businesses need to innovate both their offerings (services/products) as well as their marketing tactics to remain competitive in today's business climate. While the internet has diluted what we know as word-of-mouth advertising (the humanistic kind); at the same time it has gifted businesses with tools to extend their voice much farther and more quickly via the internet; especially through social media and engaging websites.
A business that complains about the lack of traffic to their doors, the phone not ringing, or the lack of sales - but does not market is akin to a voter who complains about the government - but didn't vote.
With regards to marketing and innovation -
- Look at new ways to connect with the most prospects
- Stay connected with your customers (Or your competition will)
- Experiment with timing your activity to reach the greatest audience
- Make sure all your digital assets are discoverable (SEO) - web, images, video...
- Continually refine your keyword research to discover new opportunities
- Do not be afraid to try a new social media tool before your friends - go for it!
- Try to market where your audience goes for their information
- For greater advertising success, try building trust through marketing first
- Using social media to tell stories about your brand might work better than using your website
- Write social posts about your industry, not always about your business
- Continually look for ways to build more link exposure to your website
Marketing & Innovation -think outside the box!