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Marketing Evolution: From Selling to Delivering Value (M Fuciu; L Dumitrescu)

1. The rapid change of modern society is changing the business world; some significant changes have been influenced by the advent of the internet, namely social media.

2. Marketing has evolved from just selling goods and service to providing value to the consumer, community and company:

a) Consumer/Community: Shift from product functionality and benefits to fulfilling individual needs as a holistic being, encompassing wants, needs, spirituality, and emotions. The impact of social media influence on their decision-making has surpassed their individual preference, motivation and experience.

b) Company: Products and services must be more inclusive, where smaller, cheaper alternatives are now available. Globalisation has allowed small businesses to compete with larger organisations. There’s a shift from company-driven innovation to consumer-driven innovation.

3. Marketing strategies have evolved to deliver value to expanded stakeholders through:

a) Storytelling: Connect with consumers through relatable and empowering narratives.

b) Employee Value: Treat employees as the first consumers.

c) Channel Partner Value: Select partners with a shared purpose, identity, and values.

d) Shareholder Vision: Focus on sustainable practices for profitability.

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A key component of brand building and marketing is purpose. Brands should aim to do good and have a purpose in society which extends beyond profits. When brands understand their role and responsibility in society, they attract more loyal customers and keep employees happy.

Emotions are also important. It is vital to create an emotional connection with consumers to understand that consumers feelings matter when they choose brands and products

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-The article highlights the evolution of marketing over the years with emphasis on the need for companies to continue to adapt to the volatile business environmental landscape.

-The business landscape is forever changing, and so does the consumers. Therefore vitally Important to be able to appeal to different generational consumer groups and business partners in order to remain relevant.

-We live in an interconnected world which means access to information is now ubiquitous. As a result, both the consumer and business are challenged to be transparent. For consumers this means personal data can now be shared with businesses for tailored solutions and for businesses, this means all information related to the business is now shared with consumers for transparency in order to gain trust.

-The golden theme across all evolution of the definitions over years includes the words “process” and “set of activities”. The modern emphasis is now on “Value” . This shows that marketing is not a once-off task but rather should be treated as an ongoing/iterative tenet.

-The digital age has welcomed new ways in which businesses can target consumers. Each channel requires a different communication strategy.

-Unlike back in the days when brands would communicate the economic and functional value of the products, consumers nowadays appreciate brands that speak to their higher values that are aligned with their aspirations, goals, and ambitions.

-Marketing can no longer remain a function limited to the boardroom and concerned only with financial gains as consumers gravitate more towards brands which actively express care for their target markets and the inverse of that, as we have witnessed through Israel’s war on Palestine, consumers will boycott brands which are on the wrong side of history.

-The importance of humanizing the brand’s product and service in the marketing message as people remember first and foremost how things make them feel, which is the reason as to why a consumer would choose to buy Fenty Beauty over any other cosmetic brand.

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Marketing has changed over time and being a great marketer is about mastering all of the stages.

Digital transformation has transformed the consumer journey and led to valuable access to consumer insights. It has changed the traditional aspects of marketing, changing how businesses work and how they target consumers.

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Within the scope of purpose.

Branding is vast and deals with the creation of a unique identity and promise for your company which is reflected in all the company’s business proceedings.

Marketing is a collection of methods and tools used to promote and communicate the company’s identity (creating awareness, values, etc), and the products or services the the goal of promoting the brand and driving sales.

Which one is most important?

Branding comes first because it informs which methods and tools are necessary to develop your branding and marketing strategies. Therefore understanding and defining your brand’s worth in the industry comes first.

In terms of ownership.

Your brand is owned by your consumers because their interpretation and experience of your brand define its value. Therefore it is advised to spend more time listening to your consumers vs. talking about your brand. You own the marketing of your brand.

Function.
Your brand is an overarching strategy that encompasses your values, culture, and promise. Marketing is the tactics used to communicate the brand strategy to drive sales. Ultimately your brand determines consumer loyalty and after your marketing has driven sales.

Branding is an investment.

How your brand conducts itself externally to consumers and internally towards its employees can generate great returns in the form of loyalty, committed employees, and customers who act as brand advocates. Branding might present itself as a cost-center at first, but having a subordinate brand will cost you more in the long run.

Marketing can also be an investment if it is properly researched, implemented, and informed by internal and external insights.

Branding is key.
Whether a company is a non-profit or a firm, branding is the key ingredient that informs actions and strategies that will pay off and work in your favor. Your brand is a promise that you should intend to deliver on. It is at the root and core of your company and is behind the tactics and strategies that make your consumers feel understood and heard which in turn will elevate you above your competitors.

Common fallacies:

Branding is not just a promotion or marketing, it’s a deeper philosophy.

Customers determine the brand’s image, not the company.

Every brand is unique and thus its strategies are as well. There is no universal formula.

In summary:

Branding is about creating a unique identity, promise, and philosophy for your company focusing on creating long-term value, customer loyalty, and emotional connections. It is an ever-evolving process and requires to be revised, maintained, and revisited, especially if your company is a larger firm. It is a collaborative process that involves your employees and customer insights and experiences. Branding does not have to be an expensive exercise, but it is a crucial one and when done right can set you up for prosperity and success. Ultimately your brand will determine customer loyalty and long-term advocacy.

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It is important to be entrepreneurial. Marketers need to develop an entrepreneurial mindset to develop fresh new ideas and tactics to stay ahead.

Product marketing is still important to build a brand . Creating great offerings and communicating these values to consumers is still a basic part of marketing.

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What is the relationship between brand, business and marketing?   De Bara D. - Group 2

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What is the relationship between brand, business and marketing?   De Bara D. - Group 2

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1. Marketing vs. Branding: Understanding the distinction between marketing and branding is crucial. Marketing involves actively promoting products or services, while branding focuses on shaping the identity and perception of the company.

2. Marketing and Branding work in cohesion: Branding comes before marketing in the business development process.

3. Marketing is short-term and Branding is long-term:

4. Branding shapes the perception of an organisation:

5. Branding is like a family: Not only for customers, but draws people to want to work there. Creates longevity for the company and brand. It’s all about loyalty. A strong brand that employees believe in fosters passion, commitment, and innovation within the team, ultimately contributing to the business's success.

6. Sales and Recognition:

7. Permanence of Branding:

8. The one can’t exist without the other: A good marketing strategy will be formed from the brand, it’s values and what it stands for. Without knowing what the brand stands for, it’ll be hard to come up with your customer needs and audience.

9. Long-term investment in Branding

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Brand Matters

In this article, Brand Matters explains that, as an organisation,  they operate at the intersection of Business, Brand and Marketing.

Business Strategy

• The business strategy informs the Brand and the Marketing strategies.

• It articulates the bigger organizational plan by clearly stating the Vision, Mission, long term objectives as well as how the organization plans to achieve these objectives while competing successful in the market.  This links directly to how the organization wants to position its brand (how the organization wants the brand to be perceived in the market) which is an integral part of the brand strategy.

• The business strategy also includes the resources that are going to be needed to achieve these objectives.  This is also a requirement of the marketing strategy.

• It also articulates who are the organisation’s competitorsin the market, what will be the organizational culture, what are the market trends, how is the market it operates in segmented (to know which segment to target), the product or service portfolio, distribution channels, supply and demand, sources of revenue, etc.  These are all very important when developing a marketing strategy so that the product or service can compete successfully in the market.  This means that the marketing strategy unpacks some of the things contained in the business strategy into smaller parts/activities.

• By analysing the Strengths and weaknesses, opportunities and threats, the business strategy makes it possible to take advantage of the opportunities and strengths as well as mitigate the weaknesses and threats when developing the marketing strategy.

Brand Strategy

° Brand is the essence of an organization/product/service. (It’s reason for existing)

° The brand strategy needs to communicate an organisation’scharacteristics, values and      attributes.

° The brand strategy should also answer questions like:

How is it positioned differently to competitors?

Why should a customer buy it?

° Brand strategy is required to amplify the brand and bring the business strategy to life.

° A brand strategy should include

- Brand positioning

- Brand story

- Values

- Tone of voice

- Employee value proposition

- Brand architecture framework (In case of multiple bands)

- Brand portfolio strategy (In case of multiple bands)

- Customer value proposition (In case of multiple brand audiences)

Conclusion

• The brand and marketing strategy cannot exist without the business strategy.

• They are there to support the business strategy.

• The brand and the marketing strategies bring the business strategy to life and make the organization achieve what it has set to achieve.

Marketing strategy

• Marketing consists of a strategy and a plan, derived from the brand strategy.

• The strategy and plan need to articulate customer’s value proposition thereby creating a sustainable competitive advantage.

• Marketing is not just about advertising and promotion; it involves an active approach to selling a product/service that meets a customer’s needs.

• Therefore, all marketing initiatives and campaigns should re-emphasize the brand strategy by answering already identified questions in the brand strategy e.g:

- Target audience

- Value proposition

- Marketing mix (channels/activities of reaching audiences)

- Competitors

- Strengths, weaknesses, opportunities and threats.

Conclusion

In essence, the brand strategy sets the tone for the marketing strategy by providing clarity, purpose and direction to marketing efforts.