As technology continues to evolve, modern businesses have been trying to employ various marketing and advertising strategies to connect better with customers. Today, marketing and advertising seem to be the key aspects of running a business. To date, marketing and advertising strategies have allowed businesses to achieve great success.
The two terms are often used interchangeably, although they are vastly different from each other. In layman’s terms, marketing is the process of identifying the needs of the various customers and determining a way to meet those needs. Advertising, on the other hand, is the act of promoting a brand through several means. We can also say that advertising is a component of marketing.
While marketing is a business practice that involves identifying and meeting the needs of customers, advertising is a practice that is leveraged by businesses to promote products and services that they sell. These lead to customer acquisition and boost sales.
Effective marketing strategies help businesses figure out how to serve their clients and maximize revenues. In business-to-consumer marketing (B2C), marketing strategies are directed towards consumers. In business-to-business (B2B) marketing, these efforts are directed towards other businesses.
There are several common types of marketing such as Digital Marketing, Social Media Marketing, Global Marketing, and Relationship Marketing:
- Digital Marketing: Digital Marketing refers to the use of marketing strategies through communication devices such as computers and smartphones. Digital Marketing uses websites and blogs to its advantage to reach potential customers.
- Social Media Marketing: Social media marketing is a subset of Digital Marketing. This uses various social media platforms such as Instagram, Facebook, Twitter, etc to reach potential clients.
- Global Marketing: With the onset of globalization and the internet, many companies have successfully turned into global brands. Global Marketing enables such companies to reach more customers at local, national and international levels.
Advertising, on the other hand, establishes a one-way channel of communicating with existing and potential customers. Unlike marketing or public relations, companies have full control over advertising. There are several types of advertising such as the following:
- Traditional Advertising: This refers to ad placements in traditional print media. Common examples of these include newspaper ads, radio ads and TV commercials.
- Online Advertising: This term refers to the placement of ads on the internet. This kind of advertising includes ads in search engines, banners on websites, and sponsored content.
- Outdoor Advertising: Outdoor Advertising refers to placing ads in heavily-trafficked areas such as billboards and buildings.
The major difference between these two marketing strategies is that advertising is a part of marketing. Today, most companies use such advertising strategies in their marketing plan. However, marketing is more accepted today than advertising. Due to the onset of corporate existence, it is of utmost importance to execute the perfect marketing plan. This way, any strategy leads to success.