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What is the Difference Between Marketing and Advertising

What is the Difference Between Marketing and Advertising

Many people assume that marketing and advertising are interchangeable terms that are used to describe the same process.

They only look at the end result, getting the product sold, and not at how each process contributed differently towards it. It is important for business owners to understand the vital differences between marketing and advertising in order to attract the most customers.

The term marketing describes everything involved in getting your product to the marketplace.

Some of the considerations at this stage of the sales process include:

  • Understanding the demographics of the people most likely to buy this product
  • Product design
  • Creating colors, a logo and brand imaging
  • Pricing the product
  • Working out any design flaws before the product is released
  • Use a variety of market research techniques to understand what customers need.
  • Develop a marketing strategy by analyzing the competition and creating a plan to do better.
  • Offer your product or services to select target markets instead of using a broad appeal to reach everyone.
  • Use the information you have gathered to create a plan to meet the needs of your customers.
  • Defining your purpose: Write down what you hope to achieve with this advertising campaign now and in the future. You need to set measurable goals to ensure that you are making adequate progress.
  • Set an advertising budget: Consider your current revenue, expenses, future sales projections and industry standards to create a budget for each advertising campaign.
  • Know your product, audience and competition: After going through the marketing process, you should be an expert on the product your company is about to release to the marketplace. It is also vital for you to know who you are selling it to in order to promote your offering above something similar by the competition.
  • Evaluate your choices: It's now time to compare costs and expected return on investment of several advertising vehicles and choose the ones that are best for your company.

As for advertising, You don't even have to think about advertising until your product is ready for distribution.

At this point, you let potential customers know about your product or services through advertising. You can do this in a variety of ways, including print ads, online advertising campaigns, billboards and word-of-mouth advertising.

During the marketing process, your goal is to convince potential buyers that you have the right product for them. Advertising is the avenue in which you let them know about the existence of the product. Best Marketing Practices According to the Small Business Administration, the purpose of marketing is two-fold.

First, you need to ensure that company policies are centered on satisfying customer needs. Secondly, remember that profitable sales volume is far more important than obtaining the maximum amount of sales volume. In order to reach these goals, business owners need to do the following:

Before you develop a formal marketing plan, you also need to understand the four essential elements of good marketing. These are product, price, place and promotion. It means that you need to offer a quality product at an affordable price and determine the geographic area and customer demographics you want to market to.

Advertising Best Practices With advertising

You have complete control of where, when and how often your company's message will appear. You also have the benefit of directly targeting specific groups to purchase your product or services. The following steps can help you plan and execute the most effective advertising campaign:

  • Defining your purpose: Write down what you hope to achieve with this advertising campaign now and in the future. You need to set measurable goals to ensure that you are making adequate progress.
  • Set an advertising budget: Consider your current revenue, expenses, future sales projections and industry standards to create a budget for each advertising campaign.
  • Know your product, audience and competition: After going through the marketing process, you should be an expert on the product your company is about to release to the marketplace. It is also vital for you to know who you are selling it to in order to promote your offering above something similar by the competition.
  • Evaluate your choices: It's now time to compare costs and expected return on investment of several advertising vehicles and choose the ones that are best for your company.

This article written by Raul Esqueda, President of 1st Commercial Credit.