Marketing is the foundation of the success and survival of your business. Not only does marketing build brand awareness but it can also increase sales, grow businesses and engage customers. Most great companies are built on a great marketing plan.
It’s hard to overstate the importance of marketing. From hot new start-ups to local stores, every type of business can benefit from the increased sales and heightened brand awareness that a great marketing campaign can offer.
But first, what is marketing?
The term “marketing” covers a lot of different activities — all associated with selling your company’s products and services. Advertising is the most obvious marketing activity, but so is consumer research, which better matches your product to consumer wants and needs. Product design, also, is a form of marketing, as it helps match your company’s products and services to known customer needs.
The one thing that marketing is not, in the opinion of some marketing professionals, is the sales act itself, which is the result of marketing.
Without it, a company cannot be successful.
So why is Marketing crucial for business success?
It Gets Your Word Out
If you want your business to be successful, the service or the product you are offering must be known so that you will have potential buyers. If your business is unknown to the community and you don’t have any kind of communication with your customers you need to use marketing strategies to create awareness for your service or product.
Not having proper marketing may cause that potential customers are not aware of any offers your business has to make, and your company can lose the opportunity to expand and become successful. So, if you use marketing to promote your company, it will give you a chance to be discovered by many potential customers.
Who do you trust more: your friend or a complete stranger? The more well-known your company becomes, the more people will trust you. The more people trust you, the more likely they are to buy your products and services.
Building trust isn’t something that can be done overnight. Think of the companies that you trust. Generally, the companies we trust the most are the ones we’ve been exposed to – either through advertising or by doing business with them – for years.
The earlier you start marketing your business, the longer your target audience will have known you. Start early and build a relationship with your target market that forms an image of sturdiness, reliability, and honesty and people will respond by trusting your business to live up to its image.
Understand your customer
Many businesses complain that marketing does not work but always remember that there is a customer for every business out there. If you get your marketing correct, these customers will find your business and allow you to build a database of who they are.
Once you have marketed to many of your potential and existing customers, you need to mine the information that will enable you to better target even more people and develop specific offers for those already in your database.
Once your product, service or company gets on the radar screen of your prospects, it increases your chances that consumers will make a purchase. As awareness becomes a reality, it is also the point where new customers start to spread the word, telling friends and family about this amazing new product they discovered. Your sales will steadily increase as the word spreads. Without employing marketing strategies, these sales may not have ever happened; without sales, a company cannot succeed.
To attract consumers in a crowded marketplace, your target audience needs to know why they should choose your business over someone else’s. This is where marketing comes in to educate current and potential customers about your business and how it serves a need they have.
The content on your website that communicates your business’s mission, product demonstration videos you post, photos you display that show exactly what your products look like — elements like these let prospective customers know who you are and what makes you unique.
Marketing strategy is important because it defines how you communicate your value to others. You can give your marketing strategy document to anyone: colleagues, marketing agencies, contractors, salespeople, etc. and they will know exactly who you are, what you do, and why you do it. This gives you a consistent face in the marketplace and the confidence that your business will be accurately represented in all areas of sales and marketing.
A business that takes a marketing view over a sales view, clearly understands that the most powerful form of lead generation comes in the form of an existing happy customer.
When customers have a great experience, one worth talking about, the value the business receives in terms of referrals can send the overall value of the business through the roof.
When you develop a market leader position through word of mouth you not only attract more business, you attract buyers that want to obtain this status as well. There are countless examples of companies not even making a profit, but getting tons of buzz, that sell for what seem like ridiculous amounts.
Making strategy decisions
A businessman is confronted with many problems in the form of what, how, when, how much and for whom to produce? In the past problems was less on account of local markets. There was a direct link between producer and consumer.
In modern times marketing has become a very complex and tedious task. Marketing has emerged as new specialised activity along with production.
As a result, producers are depending largely on the mechanism of marketing, to decide what to produce and sell. With the help of marketing techniques a producer can regulate his production accordingly.
So how exactly do you integrate the components of marketing to achieve success? Contact 2Larnie Solutions today for the best marketing advice