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  • Writer's pictureShreyan Shrimali

Marketing Mastery: Bridging Perception and Reality

Updated: Jan 28

Brand is just a perception, and perception will match reality over time." — Elon Musk, Co-Founder & CEO, SpaceX. Let's delve deeper into this concept with this blog.

 

The concept of being pulled towards brands that we may not even use can be said to be the efficacy of marketing, despite the fact how skilfully or poorly it is executed. A few sectors that are unconvincing ever to go away is marketing, which is a billion-dollar industry which depends massively on data. All through history, leaders like Elon Musk and Gandhi have used marketing to influence people or bring change to the world, from the coal period to the AI revolution. To better understand this concept, let's start by understanding the existence of Marketing.

To put it in other words, marketing is the process of finding clients, getting in touch with them, supplying goods or services, and exchanging them. That being said, it's crucial to remember that this is only the beginning of what professional marketing thinks.


Why companies invest in marketing

Companies spend a massive amount of money on different types of marketing strategies to showcase their goods and services to more people. Let’s examine Apple, which has spent about $97.3 million on marketing, or we can say 2.7% of its estimated $365 billion revenue. Look here

Despite this vast amount, Apple's marketing budget is still far less than the average of most companies in The USA, which is generally in the range of 10%, as per Synx.

Companies from all over the world are spending bigger and bigger portions of their budgets on marketing initiatives as the competition is getting more intense.


Out of the many benefits of marketing, one is the development of brand loyalty. A good marketing strategy turns consumers into brand ambassadors, which also influences their purchasing decisions. Consumers turn into advocates of a brand; when companies encounter criticism, these consumers defend the brand as if it is associated with their identity. This strengthens the brand's standing in a dynamic market while also lowering buyer churn. For example, in 2023, as per Exploding Media,

Apple has a considerable market share of 57.93% in the USA despite the existence of many competitors. With the help of Apple's successful marketing campaigns, consumers frequently choose to purchase Apple products even when alternative phones have better cameras or longer battery lives. Apple has succeeded far more in developing an exclusive brand identity with its product differentiation strategy, which causes one to feel overwhelmingly good when thinking about Apple as a brand.

Only a few companies have succeeded in this degree of emotional devotion and brand loyalty. Despite the high price of Apple products, people who still need to own one frequently feel about purchasing one due to FOMO.

 

Now that we understand the importance of marketing in the business sector let's learn about different marketing approaches.

 

1. Viral Marketing: It is based on producing content that users share quickly and frequently on social media—for example, Reels and stories.

When this campaign goes viral, it can provide significant exposure and reach at a minimal cost, making it a favourite for small Star-ups 


2. The use of experiential marketing: Creating unique, in-person encounters that allow customers to interact with a brand or product is known as experiential marketing.

It establishes a strong emotional bond with the viewer, encouraging them to use the brand and word-of-mouth advertising. 


3. Guerrilla Marketing: It is a low-budget, non-traditional approach that uses inventive and surprising methods to interact with the audience in novel ways. This is one of the most popular ones as well.

Its distinctive and unique approach attracts attention and creates buzz in the market.

 

4. Marketing Ambush: It is the practice of a business trying to link itself to an occasion without having formal sponsorship status.

A brand can benefit from the fame of significant events without having to pay for official sponsorship.

 

5. Product Sampling: Giving away free product samples to prospective clients enables them to try before they buy.



Companies have launched breath-taking ideas that have steeply increased their sales. For example, Pizza Hut media headlines when they announced that it could deliver pizza into space. Read the article here. It's true that extraordinary marketing initiatives like Pizza Hut's space delivery may greatly expand the company's branding. But it is very important to know that, when done incorrectly, marketing can have terrible results. In the documentary "Pepsi: Where Is My Jet?", this is best illustrated. –

 Harvard students still read this case because it provides a helpful understanding of what not to do in the field of marketing. It provides difficulties that can occur when a marketing campaign goes wrong.

 

Proper and correct marketing techniques have led many companies to get success. For example, Nike introduced the "Just Do It" campaign in 1988. This is stated as a shining example of effective and long-lasting marketing because it has created an everlasting impression.

Nike's "Just Do It" advertisement has made meaningful stories into the brand's DNA by building a connection with consumers. Wearing Nike is often associated with a strong sense of inspiration and purpose, which inspires people to take the initiative and achieve their goals. This idea of Nike is more than simply a sportswear brand. It is a symbol of inspiration and willpower, which this campaign has well demonstrated.


Marketing's importance for individuals

Building a personal brand is of equal importance as building a brand for the company. This is the reason why the notion of individual marketing applies to both. Making a personal brand increases one's credibility, confidence, and talent value, which opens up a world of possibilities. It makes individuals feel superior and make a statement with their unique talents and attributes. Learn more about personal branding tactics and advantages here.

 

BBA student with a marketing specialisation, there are many advice and tips for future marketers. For individuals who are in the middle of whether marketing is a worthwhile area of study and employment or not, it is crucial to know that marketing is one of the few sectors that has surpassed decades. People who have skills in managing AI-driven data can take advantage of data analysis and AI-driven marketing campaigns in this age of the AI revolution.

 

However, the marketing sector is changing rapidly, so it is important to focus on the importance of constant learning. It's essential to stay up to date with new trends and technological advancements happening around the world. Having a passion for marketing has advantages for your personal life in addition to the professional. It gives people the skills they need to interact and efficiently communicate with others and creates doors for many opportunities.

 

In conclusion,

Having a great understanding of marketing concepts is essential, whether someone is starting a new business or working for a firm. Apart from shaping consumer behaviour and loyalty, it also enhances your ability to make decisions.

Additionally, personal branding offers opportunities through marketing. Future marketers should adapt to the way the industry is evolving. Marketing's significance ensures that it will continue to have an impact on people's and enterprises' future development.

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