Marketing and PR communications

Marketing communications and PR are very close and at the same time different, since PR and advertising are part of the marketing communications system. However, a marketer and a PR specialist are engaged in different directions and implement different tasks. In a nutshell the answer is that PR communications are tools for managing brand reputation, and PR marketing is a way of sales promotion and increasing the number of leads who make a purchase.

What is the difference between them?

The main marketing tasks are well-defined in the 4 Ps marketing concept: Product (the good or service), Price (what the consumer pays), Place (the location where a product is marketed), and Promotion (the advertising). Thus, marketing is responsible for sales growth, market share gains, or a new product launching to market.

The Public Relations functional block is responsible for the positive image making of the company. The enterprises which are most successful in managing PR communications become brands. In fact, the consumer perception of the company and the association formation consist of the received data. Therefore, it is important to use the entire range of image tools and monitor references in the media environment.

Marketing and PR help to establish a contact between the consumer and the manufacturer, and the teamwork of specialists will allow the customer to achieve better results.

The usage pattern of Marketing Communications in the Financial market

In the financial market, marketing communications gather their own specificity, due to the peculiarities of financial products, their promotion and demand. In the modern world, the financial markets do not stand still, they are actively developing and expanding. Under such conditions, marketing communications begin to play an increasingly important role.

The main and most actively used communication channel in the financial markets is advertising of financial services. It can be distributed in various ways: mass media, Internet space, direct marketing, outdoor advertising, etc. Another tool of marketing communications is sales promotion. This includes all activities aimed at facilitating and accelerating the sale of financial products and services directly at the point of sale. The next type of marketing tool is face-to-face selling. They are focused on establishing personal contact with the buyer and presenting him/her with a financial product or service during a personalized conversation for the purpose of selling.

Today, communications in marketing is meant to create brand awareness among potential customers, while PR work is more focused on internal and external stakeholders. External communication targets will be people or organizations that influence the brand.