In a recent episode of The Shades of Entrepreneurship, I had the pleasure of welcoming Fred Joyal, author of Superbold.
Read: Marketing Versus Advertising: Why Entrepreneurs Should Care
The book Superbold is a guide to transforming your life through boldness. Bold individuals are the ones who seize opportunities in remarkable ways, excelling in business, careers, and relationships. What’s surprising is that boldness isn’t something you’re born with—it can be learned.
Fred, who once struggled with shyness, shares his personal journey of becoming bold, from doing stand-up comedy to speaking in front of thousands of people.
In Superbold, he offers a step-by-step method to help anyone build confidence and boldness in just 90 days. By following his approach, you can stop living with regrets and start seizing new opportunities in life.
During our discussion on the podcast, Fred and I also tackled a key topic for entrepreneurs:
We explored fundamental questions like: What is marketing? What is advertising? Why are they important? And why should entrepreneurs care?
Although I'm not a marketing or advertising expert, my business background helped me understand the value of these concepts, and I believe they are crucial for any entrepreneur to grasp. So, I want to share what I’ve learned with you.
Defining Marketing and Advertising
Marketing, in its simplest form, is the strategic process of promoting and selling products or services, encompassing everything from market research to advertising.
Advertising, on the other hand, is the execution—creating and delivering specific messages to potential consumers about your product or service.
Put another way, marketing is the "thought" behind the plan, while advertising is the "action"—how you communicate the plan to your target audience. Both play pivotal roles in driving a business forward, but they operate in different lanes, making them equally important for entrepreneurs.
Breaking Down the 4 P’s of Marketing
If you’ve ever taken a marketing class, you’ve likely heard about the 4 P’s: Product, Price, Place, and Promotion. These four elements form the foundation of a solid marketing strategy. While I’ve come across newer variations adding more "P's," we'll stick to these classic ones, as they remain the most universally understood.
Product: This refers to what you’re offering, whether it's a tangible product or an intangible service. It's about meeting consumer demand—whether that means solving an existing problem or creating a solution to an unmet need.
Price: Setting the right price is a critical decision that involves balancing profit margins, perceived value, and the opportunity costs your consumers might face if they don’t buy your product.
Place: This is all about distribution—getting your product to the right people in the right way. Whether you’re focused on selective distribution through specific retailers, going full e-commerce, or opening a physical store, your placement strategy can make or break your success.
Promotion: This is where advertising comes in. Promotion includes all the tools you use to communicate your message to potential buyers, from social media campaigns to print ads. It's about capturing attention and building brand awareness.
Why Advertising is a Key Component of Marketing
Advertising isn't just about shouting from the rooftops—it's a complement to your marketing strategy. It creates curiosity, builds excitement, and communicates directly to your target audience.
Have you ever teared up during a commercial? Or maybe you’ve driven by a billboard that made you think about a product you didn’t even realize you needed?
That’s the power of advertising—it connects emotionally and lingers in the minds of consumers. It is storytelling.
As The Balance explains: Marketing is the systematic planning, implementation, and control of a mix of activities designed to bring buyers and sellers together for mutually beneficial exchanges. Advertising, as a component of marketing, helps deliver that value proposition to the marketplace.
The Cost of Advertising: Why Entrepreneurs Should Be Careful
Advertising is often the most expensive part of a marketing plan, which is why it's so crucial for entrepreneurs to maximize their return on investment (ROI). Creating a strategic marketing plan helps ensure that those advertising dollars aren’t spent in the wrong place.
For instance, advertising a Justin Bieber concert on public television at 10 a.m. probably won’t generate much ROI. However, a billboard near the venue where he's performing or targeted social media ads will likely get better results—at a cost that matches the value of the exposure.
So, why should an entrepreneur care?
Simple: Advertising is expensive, and without a solid marketing plan to back it up, you risk wasting both time and money. The best approach is to spend time crafting a thoughtful marketing strategy that will inform how and where to invest your advertising dollars.
Take Baby Steps
For entrepreneurs just starting out, remember that you don’t need to blow your budget on expensive ads right out of the gate. Take small steps. Start with a well-rounded marketing plan that outlines your product, pricing, and placement before diving into promotion. You can test different advertising channels to see what works best for your brand and gradually scale up.
Rome wasn’t built in a day, and neither is a brand. Be patient, stay strategic, and always be open to tweaking your plan as you learn from your audience and the market.
Final Thoughts
Marketing and advertising are essential tools in an entrepreneur’s toolkit. Together, they help build a strong foundation for reaching consumers, driving sales, and building brand loyalty.
And if any marketing professionals out there are reading this—feel free to help me create a brand guideline! The phone line is always open.
Comments