Interesting facts about Marketing Industry

 Summary

Have you ever wondered about how today’s marketing industry became so popular and what were its evolution stages? In this article, we are going to see how does marketing industry function and how can it be a career option.

Introduction

Marketing is the act of selling products or services to customers to satisfy their needs. In this industry, customers play a key role. Every day the needs of the customer change and the service provider or product provider have to meet the expectations of the customers regardless of the product or service they are providing for. This industry primely aims for customer orientation and customer satisfaction.

The marketing industry from where we are consuming services has a long history of evolution and took decades to reach the position where it is today. The main reason for the evolution of this sector is increased population, increased needs, and fewer producers of the products and services as compared to consumers.

Here is a brief look at how the marketing industry evolved and flourished within the past few decades :

1. The Birth of Marketing:

Mass Production and efficiency started during the early 20th century. Transportation of goods fast and in bulk had become mandatory. This was the time when marketing came into effect and helped move things along.

2. The Sales Era:

In the 1920s, the concepts of ‘Salesmen’ and ‘Sales pitch’ were born.

A sales pitch is a style or line of talk to present our sales strategy to attract buyers and a salesman is a person who follows the sales pitch and gains profit.

As part of this men actively pursued sales and made the buyers purchase the items, even if they didn’t need them.

3. The Marketing Era:

This era has begun around the 1950s and saw the beginning of market research which we still value. This era is considered the soul of the marketing industry. It allowed companies to understand and know the needs of a buyer and produce products according to it rather than selling pointless goods which waste energy and time.

4. The Relationship Marketing Era:

During the 1990s the salesmen took some values from the sales era and altered their sales strategy. The main aim of this strategy is to create a relationship between the company and the customer. This was where recommendations and return customs were considered.

5. The Societal Marketing Era:

This era gave birth to the strategy of putting the customer at the center of the company and its campaigns. The mixing of market research values of the 50s and relationship building of the 90s created ultimate customer-focused strategies.

6. The Digital Marketing Era:

This is the era we are living in, and it formed because of our dependence on technology and the internet. This era has given a chance for the growth of many small companies and enhanced the sales of big companies.

In this way, our today’s marketing industry came into effect after the evolution.   

How does the Marketing industry function?

Marketing is a way to achieve new heights in business and much more than just advertising and collecting or spending money. Companies understand the role of marketing.

The Role of Marketing is to identify, satisfy and retain customers.

Identify Customers:  To identify whom to target and understand customers’ wants and needs.

Satisfy Customers: To provide the right product or service to the right people at right time. It also means to make everyone feel better off from the exchange.

Retain Customers: Give customers a reason to keep coming back and find new opportunities to win their business.

When companies develop a marketing strategy, they make decisions about the direction that the company and its marketing efforts will take. In this way, companies build their strategy and attract customers.

How to build a career out of it?

An individual needs to follow 6 rules to build a career or get a job in marketing-

1. Build your brand :

 In today’s marketing world only brands make money with fewer efforts because the company has invested its time, energy, and efforts in building the brand. There are many ways to build a profile. The best and effective ways of it are creating blogs, launching podcasts, promoting through online advertisements.

Beyond marketing advantage, building a profile will help you in learning your strengths and improving them.

2. Join social media networks like Twitter and LinkedIn :

Joining such social platforms will make us aware of the types of people living in the society. This will help an individual in improving their sales pitch and also improve their skills. Connecting with different people will also build new relationships which is an important quality for a marketing job.

3. Researching and studying market values :

Researching market values will be the foundation of the career. Here are the other activities which will give a boost to one’s career :

• Reading Industry Reports
• Investing in markets like the stock market, cryptocurrency (Do you want to know about interesting facts about Cryptocurrency, then click on the word "cryptocurrency" in the above line).
• Studying analytics
• Following up with people you meet
• Writing on weekends

These are some activities that are important to build a career in the marketing industry. Don’t think that these little tasks and efforts don’t matter. As we see a huge building can be built using small bricks, similarly a career can be built with small tasks.

4. Following latest trends and channels

Marketing is all about trends, styles, and regular updates and upgrades. So keeping up with trends will help in identifying and satisfying audiences with their desired products or services.

This is an effective way of building a career in the marketing industry.

Conclusion

Though marketing has many definitions only customer orientation and satisfaction are considered as the real definition of the marketing industry.  Every sector from history to the present generation has seen evolution, similarly, marketing industry also saw evolution.

Those who are reading the article are requested to give their valuable feedback on the article.

Thanks for reading.

Written By : D.Vamsidhar, Content Writer