Marketing is not advertising

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: one that most of us focus on.

* What does my customers think of me? Who else do they give business to? How well do I know my customers? Do they know me? Will they refer me to others? Usually, companies either have a terribly inflated or sometimes, a very deflated self-image. Unfortunately, the opinion of the one who really matters—the customer is not factored into the creation of this self-image!

* How do I compare with my competitors in my industry on multiple dimensions such as type, number, quality of customers, pricing, services, products offered and financial performance.

* What do our employees, partners, experts and industry players in general think of me? How do I build relationships with external stakeholders to create a win-win equation?

An honest answering of these questions is a critical part of understanding marketing. Fixing the gaps that will inevitably arise out of such a critical analysis leads to the creation of a marketing plan to fix these gaps. Communicating the company’s value proposition to customers and other stakeholders is one of the outcomes of the marketing plan. And advertising is but one of the elements of this marketing communication!

So, the next time you dismiss marketing as wasteful advertising, think again.