A recent market study shared by Global Industry Analytics Inc reveals that the global digital marketing and advertising market would reach over $786 billion by 2026, according to PR Newswire. If you’re like many entrepreneurs, there’s a possibility you have been wondering if advertising and marketing are the same. Although many people use the two terms interchangeably to describe the techniques businesses use to promote and sell products or services, there’s a big difference. The ability to differentiate between the two is key to create a complete approach to run a successful business. Below are the differences between marketing and advertising your brand.
Table of Contents
What Is Marketing?
Marketing is a large umbrella that involves all activities you engage in to attract a target audience to your business and convince them to convert to loyal customers. Ideally, marketing entails identifying, predicting, and meeting the needs of customers in your market. To achieve the best outcomes, you must plan, implement, and optimize different promotional tactics. As a general rule of thumb, your ultimate goal should be improving brand awareness and boosting sales revenue.
Remember, creating an effective marketing strategy helps you determine the best way to serve your customer base and retain clients while maximizing your revenue. Expert marketers suggest breaking your marketing strategy into four phases; product, place, price, and promotion. Typically, you should define the products you’re offering and then decide whether to sell them online or in a physical store based on your customers’ shopping habits. Next, set the price and promote your products using different channels to communicate with your audience. It’s worth understanding that the promotion phase is where advertising lies in business marketing.
How Advertising Works
Advertising is a subset of marketing that requires businesses to pay for branding or the placement of promotional messages in a specific location to promote products or services. When implemented correctly, advertising can enhance customer acquisition and increase sales. That’s because it creates exposure for your services or products by sparking curiosity in the minds of target consumers and develops buy-ins to support your overall marketing goal. For example, ads placed on billboards or before and after YouTube videos create curiosity and trigger people to purchase your services or goods.
Note that there are different advertising methods and mediums you can use to meet your advertisement goals and reach potential customers from anywhere in the world. Popular advertising methods include traditional, mobile, retail, outdoor, and online advertising. Traditional advertising involves using newspaper ads, radio infomercials, tv commercials, brochures, and posters. On the other hand, online advertising entails increasing visibility at low costs through search engines, sponsored content, promotional videos, and pay-per-click ads. Leveraging pay-per-click ads, for instance, allows you to place ads on the internet using specific keywords to drive traffic to your website. The beauty of this advertising technique is that you only pay when internet users click on your ad. However, to get the most out of pay-per-click adverts, you’ll need a PPC agency to manage your campaigns. With the help of expert pay-per-click marketers, you can measure performance easily, optimize your campaigns, and enjoy ownership of your ads.
Which One Is More Valuable?
Now that you have an idea of the different ways marketing and advertising work, it’s natural to question which one is more valuable. Typically, successful companies focus more on implementing multifaceted advertising strategies into their overall marketing plans. This practice is common among global companies, where marketing and ad placement must account for customer needs worldwide. However, small and medium-sized businesses are also investing in ads, thanks to the affordability of digital advertising through social media and search engines.
With that said, there are scenarios where marketing is more valuable. For instance, if you’re setting up a business from scratch, you’ll first need to develop a marketing strategy. Then focus on everything that revolves around marketing before advertising your products. It’s important to understand that your business is bound to fail if you spend too much on advertising without a well-defined marketing plan.
As odd as it may sound, marketing and advertising are not synonymous. Marketing is all about identifying your ideal customer, implementing and optimizing promotional tactics to attract your target audience and convert them to loyal customers. On the other hand, advertising entails paying to place promotional messages to boost sales. Note that both practices are essential for the growth and success of your business. Therefore, take the time to create an effective marketing plan and invest in the right advertising methods and channels.
About Carson Derrow
