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Dr. Philip Kotler and Professor Kevin Keller are among the top marketing academics of the last two decades. In their 14th edition of the industry’s best seller “Marketing Management” Dr Kotler and Prof Keller discuss among other critical topics the Concept of Holistic Marketing.
With major changes happening in society in the last decade marketers need to evaluate and use the opportunities they are offered and to manage the challenges by approaching them with new perspectives.
Network information technology, globalization, deregulation, privatization, heightened competition, retail transformation, increased consumer buying power, decrease of intermediaries, industry convergence are some of the societal changes we live in.
All these forces can bring value to the way we do business if we are willing to adapt and adopt new beliefs about the marketing process.
Holistic Marketing means that we understand the interdependencies between the development and implementation of the processes and activities we use when doing marketing for our business.
There are four main categories under the Holistic Marketing umbrella: Integrated Marketing, Relationship Marketing, Internal Marketing and Performance Marketing.
In the following paragraphs, we analyse each one of the components of Holistic Marketing so that you can understand the concept easily and maybe apply some of the ideas to your company’s marketing strategy for 2018.
We hear marketers talking about the importance of building a connection with the customer.
There have been published dozens of articles about the customer centric approach being the best approach for the long term for our company.
Loyal customers are awesome and we wish all the people who read this article have such valuable stakeholders.
Relationship Marketing is more than connecting with the customers. It refers to the relationships we build will all those individuals who form our business network. This means customers, employees, suppliers and members of the financial community.
Customers are the first group that comes to mind when we discuss about relationship marketing.
Does your company use tools to track customer retention?
Contact us today and we can offer you an audit of the current state of your company’s relationship marketing and a strategy proposal so that you can turn one time clients into lifelong customers.
Employees are a surprising group because marketers forget how much power can be generated when the people working for the company will become walking fans of the brand they work for.
In case the company is of smaller sizes there is still a big win from having your employees talk nicely about what they do and for whom they do it.
Never underestimate the power of word of mouth of a happy employee going home and sharing with his family and friends how great he or she feels in being part of your company.
The marketing partners under the category called Suppliers represent all those people or organizations who have a role in helping us taking the product or service to the customer.
These people can be the ones who represent channels of market exposure, suppliers of raw materials, distributors, agencies or dealers.
Once you have a full map of the suppliers your company works with, you can start looking for improvements in operations or saving costs. Contact us today to learn how that can happen.
In this category are included individuals such as the shareholders, investors and analyst. You may ask: why is it important to form relationships with the financial community?
Well, in case you need liquidity or you want to buy some new property to extend your business’ size you need the approval and recommendations of these key people.
A relationship marketing approach will make your team invest in the growth of these relationships.
In case you have a healthy honest discussion with the investors they will be more inclined to see opportunity of your proposals and stop focus so much on the risks of making investments.
The four categories of Holistic Marketing are here to stay and maybe grow in the future years.
Ask yourself: how well you are covering these four categories?
Have you been overlooking some of these categories until now? Where can you start from to make a small step towards changing your marketing strategy approach? Contact us today to find out more!