If you don't know the difference between advertising, marketing and branding and too embarrassed to ask, this is for you.
In my work as a lecturer and consultant, I often meet new entrepreneurs or inventors who will instantly trash their credibility by saying something like, “My marketing strategy is to advertise online.”
Beyond the fact that “advertising online” is a radical over-simplification of this complex proposition, misunderstanding and mixing the concepts of marketing and advertising, and often branding as well, will make any entrepreneur look inexperienced and can give investors and partners a reason to question your strategy.
Understanding marketing, advertising and branding is not that difficult. I consulted with Tonia Spier, founder and creative director of the advertising firm C.A.S.E. Solutions, and asked how she explains these three business concepts to new entrepreneurs. Here is my rough interpretation of her much more eloquent explanation.
Marketing is the message that your business gives to others.
When you explain your business to consumers, business partners and stakeholders, you are describing your company’s benefits, attributes, and more important, value.
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