Marketing is the heart of every successful business. The success of your business depends on how well it has been marketed. The overall marketing umbrella covers sales, promotions, public relations, and advertising sections of a business. Marketing is a process by which a service or product is introduced and endorsed to the target audience. Marketing is the most critical aspect for any business because it doesn’t matter how good your products or services are, they won’t sell unless they are not exposed to potential customers. That is, if your potential customers don’t know about your products or services, your sales may crash, and you may have to close your business. In this post, we will be explaining the importance of marketing for a successful business.
What is marketing?
Marketing isn’t merely a critical aspect of business success – it is the business. With marketing comes sales, which further moves the company forward. So, without sales, there is no company. Marketing is simply not approaching the potential customer base. It covers a whole lot of different activities – all related to selling your services and products. Advertising is the most popular and prominent marketing activity, and so is customer research that better matches your service or product to customer requirements. Product design, on the other hand, is also a form of marketing that helps in matching your services and products to known customer requirements.
However, sales, to most marketing professionals, is not marketing, instead a result of marketing.
What is strategic marketing?
Strategic marketing encompasses the following strategic activities:
- Identifying the need for a new product via customer research and by quantifying and observing sales patterns of similar products in the marketplace
- Creating new products or modifying existing products to match customer requirements
- Identifying the best way to reach the potential target audience to make them aware of your services and products and convince them to buy them
- Fashioning marketing campaigns based on your determinations of the most effective way of reaching consumers
- Confirming consumer relationships through loyalty programs and follow-up sales campaigns
Importance of marketing – consequences of not having a marketing strategy
The main reason why most small businesses fail is poor marketing. Failing to recognize the importance of marketing and don’t fully integrating digital marketing among other effective strategies into your marketing plan could lead to the following consequences.
- Lack of planning leads to the worst execution of plan, meaning that the competitors will pose more threat, filling the voids of the lackluster service you are offering
- Missing out the opportunities for better optimization and targeting
- Gaining and retaining fewer customers
- Losing market shares to startups and existing competitors
- Losing out to competitors
Now that you know the consequences you have to face for not having a proper marketing strategy let’s see why marketing is vital for your business to be necessary.
#1 Getting the word out
For your business to succeed, the service or product you offer must be known to the potential customer base. Unless you are a renowned business with known identity in the community having communication with your customers readily available, you need proper marketing strategies for creating service or product awareness. Without proper marketing, your target audience may never be aware of what you are, what are you offering, and how your products and services are better than what they are getting right now. Therefore, your business may not get the much-required opportunity to develop and prosper. Using proper marketing tactics, including tools to promote your company, service, and products, provide your brand with a chance of being discovered by the potential target audience.
#2 Higher Sales
Once your brand, service, or product gets found by the prospective consumers, it increases your odds that the customers will make a purchase. As they get aware of your product or service, it is also the point where your products and services are exposed to potential new customers, where they help in spreading the word, telling about your fantastic product and services to their friends and family. This will help in increasing your overall sales as the word spreads. Hence, employing marketing strategies is essential because, without them, your sales may never happen. And without sales, a business cannot flourish.
#3 Company Reputation
Reputation is another aspect that defines the success of a company. Marketing not only helps to promote your brand and generating sales but also helps in building brand name recognition, also known as product recall with a company. When your business reaches the high expectations of the consumers, your company status stands on firmer ground. With the growth in your status and reputation, your business slowly expands that ultimately results in increased sales. The best way to build a favorable reputation of your company is through participating in community programs actively, effective communication both internally and externally, and offering quality products and services. All these aspects are accomplished through a robust marketing strategy and effort.
#4 Healthy Competition
Marketing also paves the path for a healthy competition. Marketing strategies get the word out on pricing of services and products that not only reach the potential customer base but also ensure to reach your competitors selling the same product and services. Seeing your growth and success, other companies will try to implement new strategies to attract customers. Business can charge almost any price for the product or services they offer, and marketing helps in keeping the pricing competitive.
The importance of marketing cannot be overlooked, but as a business owner, you must know that it isn’t cheap. The marketing budget can change every year depending on the company requirements, and companies are advised to have a healthy mix of different marketing strategies from websites, trade shows, print materials, and public relations, among others to stay competitive.