Marketing is a crucial aspect of any successful business. It’s the process of promoting and selling products or services by understanding the needs and wants of potential customers. Whether you’re a small business owner or part of a large corporation, marketing is essential to attract and retain customers, increase revenue, and grow your brand. Thus, it is vital for one to understand what is big M marketing and its counterpart, small m marketing.
Big M marketing is a comprehensive view of marketing that encompasses every aspect of a company’s business processes to acquire its customers. How important is big M marketing?
According to Peter Drucker (who was considered the father of modern business management), “The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself… The aim of marketing is to make selling superfluous.” Basically, marketing is business.
Despite this, many businesses and their leaders still view marketing narrowly. Marketing is more than advertising. Unfortunately, job descriptions for Chief Marketing Officers, Vice Presidents, Directors, and Managers of Marketing often focus on advertising, ignoring the other components of marketing such as product development, pricing, distribution, and customer care.
Marketing is a complex and multi-faceted discipline that requires a lot of strategic thinking and hard work. Big M marketing is about markets, buyers, and finding market problems that need to be solved.
At its core, big M marketing is about understanding the needs and desires of your customers and finding ways to meet those needs in a way that is profitable for your business. This requires a deep understanding of the market you operate in, the customers you serve, and the competitive landscape.
To be succeed in big M marketing, businesses need to be strategic and thoughtful. This means taking a long-term view of the business and thinking carefully about the direction one wants to take. Data analysis will need to be performed, then one will need to make informed decisions based on that data. Also, one will need to be able to think creatively and come up with innovative solutions to the problems thier customers face.
We now understand that big M marketing refers to the strategic planning that aims to unify all the moving parts of marketing with a common vision and goal. But what about small m marketing?
In marketing, tactics are often referred to as the “small m marketing” activities. Big M marketing seeks to answer the following questions:
On the other hand, small m marketing asks:
Clearly, big M and small m marketing go hand-in-hand in helping businesses secure leads and convert them into paying customers. For small businesses and startups, though, they may be unsure of how to get started with big M marketing. This is where a fractional CMO agency with big M marketing experience comes in.
Before we discuss how a B2B internet marketing agency would implement big M, let’s first define B2B and understand how it differs from B2C.
B2B marketing involves selling products or services to other businesses, rather than directly to consumers. The focus is on building long-term relationships with other businesses, understanding their needs, and providing solutions that help them achieve their goals. B2B marketing tactics may include networking events, industry conferences, email marketing, and targeted advertising.
On the other hand, B2C marketing involves selling products or services directly to consumers. The focus is on building brand awareness, creating emotional connections with consumers, and convincing them to make a purchase. B2C marketing tactics may include social media advertising, influencer partnerships, direct mail campaigns, and experiential marketing events.
As was previously mentioned, big M marketing is the core function of setting the strategy and tactics for a business. Thus, a small B2B business that employs a B2B internet marketing agency can expect assistance with the following strategies:
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Before we conclude, it is worth asking: can a marketing agency consultant apply big M marketing for your business? We now understand that big M marketing involves strategic marketing practices to aquire customers for a business. Thus, to answer the question, it depends on the marketing agency consultant you choose.
Ideally, one should look for a B2B internet marketing agency that understands the strategies mentioned in the previous section. Additionally, the top B2B marketing agencies also understand the importance of a marketing mix, which are product, price, place and promotion.
By choosing an agency that understands all of the above, you can rest easy knowing your marketing agency consultant will effectively apply big M marketing for your business.
Marketing has always been a crucial component of any business, but in today’s rapidly changing world, the role of the marketer is evolving. The pandemic has accelerated the adoption of online business models, which means that digital marketing and big M marketing expertise is no longer just a desirable skill, it’s a necessity.
Thus, marketing leaders must possess digital fluency. This means not just an understanding of the latest digital marketing technologies, but a deep understanding of how digital technologies are transforming consumer behavior and the overall business landscape.
Leaders must be able to translate this knowledge into effective big M marketing strategies that help businesses stay ahead of the curve. Those who can successfully do so will thrive in the years ahead.
For more on recent trends in digital marketing, read our blog and talk to us if you are considering hiring a fractional CMO.