Friday, January 24, 2014

Marketing & Advertising Is there a difference?

What's the difference between Marketing and Advertising, is there one? 
Marketing is the function of business that is (still) best summed up by the Four Ps: Product, Price, Promotion, and Place.  As a CRE company how do you create a marketing plan that encompasses the 4 P's.  Pricing, Promotion, and Place are all not relevant factors to the CRE office and the product that is provided cannot be completely different than your competitors.  That is the conventional thought but not necessarily the correct thought.  CRE firms absolutely can Promote (AKA Advertise) but where is it most effective.  That is another discussion all together.  The product is the piece that I think is most critical.  The product is the service and the services that can be offered to differentiate one CRE company from the next.  All should be able to find the property.  But what further can you offer the client.  That is the difference between the companies that understand marketing and company differentiation.  Those companies are the ones that stand out and dominate.  Once you understand what makes you different (better) than the rest you can Advertise (Promote) that to the public through the endless media sources we have today (Twitter, Facebook, Linked In, Radio Spots, Periodicals etc...).  Advertising is not marketing just a portion of the marketing puzzle.  Follow the links below to two of the better articles I have read on the subject recently One from Inc. Magazine and the other from Fox Business.

Inc. Magazine Article

Fox Business Article   

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