Definition: Holistic Marketing is a concept, that considers business as one entirety. As per this approach, the business is treated as a whole wherein all the departments viz. R&D, Marketing, Finance and HR are integrated and work as a group towards the marketing and sale of a product.
As a result, it proposes a shared aim and goal for all the activities and for every person who is associated with it. It defines a strategy that lays emphasis on viewing the marketing efforts of the firm as a whole. So, it helps in developing a comprehensive or say holistic marketing plan.
This approach is quite popular these days. The reason for its popularity is the increased competition in the market. All the companies are doing their best to increase their customer base by creating a positive image of their company in the market.
It facilitates in ascertaining that the company’s sales and revenues are linked to many factors. These factors include the quality of its products, services and delivery modes, image and reputation in the area.
Concept of Holistic Marketing
Holistic marketing relies upon a 360-degree view approach. In this, the firm considers ideas and suggestions from everyone who is directly or indirectly related to the business. This enables the firm to match up with the changing marketing trends. Further, the approach gives equal importance to every department which can contribute to the success of the product.
Usually, the research teams from the R&D department check the performance of the product. Also, they seek suggestions from the salesperson to bring about a positive change in the product. In doing so, they consult with the finance department for the approval of the budget.
Besides, they provide information to HR about the type of person that the firm requires for sales or marketing operations. It is the responsibility of the HR department to recruit suitable candidates.
As a result, the approach leads to the alignment of business processes, services, systems and customer touch points. This facilitates a consistent and seamless experience on different channels.
Think of a human body which functions when all the organs work along. Likewise, this concept relies upon the belief that all the parts of the business organization must work together to get the best outcome.
Components of Holistic Marketing
There are four components of a holistic marketing approach. All the components of holistic marketing show that business works as a single unit.
It focuses on building a strong and long-lasting relationship with all the stakeholders. These stakeholders can add to or influence the success of an organization. The stakeholders include shareholders, employees, channel partners, customers and financial institutions. To build the bond, the management should understand the needs, desires and goals of these stakeholders.
It builds a “marketing network” and shows how well all the stakeholders have created mutually profitable business relationships. This marketing network will then decide the position of your business in the market. That is to say, the stronger the network higher will be its position in the market.
Integrated marketing means how well the 4 P’s of the marketing mix are synced to deliver an efficient message to the prospective customers. The 4P’s are product, price, place, and promotion.
Besides, no matter which communication tool the marketer opts be it – television, radio, newspaper, m-commerce, or email he must ensure that every tool contributes its maximum in increasing the efficiency of the message.
It makes certain that each tool must give real and authentic information to the customer.
It is all about hiring, training, motivating and inculcating business values in qualified employees who can serve customers well. It relies upon the belief that – If employees do not have full information about the product then how can we expect them to convince the customers to buy it? Thus, internal marketing is an important holistic marketing trait that is prevalent at all levels of the organization.
It helps in determining the understanding level of the product among the employees. This information helps in imparting the necessary training to meet the expected results.
Also, sometimes an employee does not feel good about his day-to-day work or is not satisfied with the work. Then the same can be found out through this approach. Also, the firm can take steps to provide some level of motivation and training to the employees. This will help them in overcoming such a situation.
It focuses on the returns to the business from the marketing activities. At the same time, it analyses the effects of the activities on society as a whole. The marketer has to give an answer to the top authority for the amount spent on marketing activities. Also, he needs to show the results of the efforts made.
Moreover, every business has some responsibility towards society in terms of legal, ethical and social context. Every marketer must ensure that activities carried out to promote the product do not harm the sentiments of customers.
A word from Business Jargons
So, in this approach, we assume that marketing is a comprehensive process and not a fragmented system. To achieve the best results, the integration and coordination of marketing elements are necessary. In doing so, the firm requires a methodical analysis and determination of a balanced combination of the four P’s.