What is Marketing Communication?
Marketing Communication (Marcom) is the process of using different communication channels and tools to communicate marketing information, facts and figures to target groups and desired parties. In communication, marketers use various communicational channels such as television, radio, printed media, billboards, opinion leaders, word of mouth, sponsorships and many other ways. This is also known as the promotion which is a key factor of the marketing mix (Product, Price, Place, and Promotion) or else called as 4Ps. The whole process of marketing is executed through this marketing communication mix. Today 4Ps have evolved into 7Ps adding people, process, and physical evidence.
Marketing communication can be further explained using ice burg theory. It is the tip of the ice burg and it is the highlighted and visible process. All other marketing mix activities are not directly visible to customers. Therefore this is one of the most important factors of marketing operations. This is done using a marketing communication mix (promotional mix) which is a combination of the following tools. These tools are used to achieve marketing goals and objectives of an organization.
Marketing Communication Tools/Strategies.
• Advertising – Communicating text, audio or visual messages through various communication channels with the intention of promoting products and brands and to provide information.
• Sales Promotion – An incentive given to either consumers or traders to grow sales for a short period of time.
• Personal Selling – Sales persons making sales by approaching individual customers personally.
• Direct Marketing – This is a way of communicating promotional details and other information directly to customers.
• Public Relations (PR) – The process of developing and maintaining a positive image of the company by good communication with the public and society.
• Digital Marketing – Marketing products and services through digital channels and mediums such as websites, E-mails, social media, search engines etc.
• Sponsorships – Financial or nonfinancial support given to a third part with the intention of using the third part to do marketing activities.
• Event Marketing – Organizing online or offline events and activities attached to the brand or the product to promote the brand and the product through experiential marketing.
Combination of the marketing communication mix is not the same for every business. It differs with the type of business, size of the business, target market, type of the product etc. Today Digital Marketing has influenced a lot on this subject. Therefore it is important to create an effective and your own marketing communication mix combining above tools.
Marketing Communication Objectives
Marketing communication is the bridge between the company and consumers. All other marketing operations will be useless without a proper marketing communication plan. Hence companies have established several objectives more or less as bench marks to accomplish the expected marketing goals.
- Making awareness about brands and products.
- Retaining existing customers
- Creating brand identity
- Moulding attitudes and behaviors of customers
- Boosting sale
- Influencing consumer decision-making process
- Increasing customer loyalty