Too many business owners treat marketing as a luxury, and as something that they will only feel comfortable investing in once they reach a certain level of success. Unfortunately, what those business owners don’t realize is that they may never reach that level of success if they don’t invest in marketing efforts. Marketing isn’t just an important business function—it is a business. All other business operations rely on marketing efforts to make sales, for without sales, there is no company. If you haven’t given marketing much thought, this post details a few good reasons why you should start building a sound marketing strategy today.
What Is Marketing?
First and foremost, it’s important to understand that the term marketing refers to several different activities. Advertising is the most obvious form of marketing and refers to the act of selling one’s products or services to consumers, or the promotion of a product or service. However, advertising hinges on consumer research, which enables business owners to match their products or services to consumer wants and needs. Product design is also an important part of marketing, as it helps match products or services to known customer needs. Then there is brand building…
A company’s brand embodies the core of what the company is and what its values are. A brand is a company’s message, its signage, and its employees’ uniforms. A brand also embodies the way a customer service team interacts with customers. In short, a brand is the way consumers perceive a company at event marketing. Brand building is, without a doubt, is the most essential marketing function, as a brand is what consumers place their loyalty in. All marketing efforts should come together to build one strong and cohesive brand, and a brand with which customers would be happy to be associated.
Why Is Marketing So Important?
Now that you understand what marketing and brand building are, it’s time to discuss why these functions are so important. Mark Crumpacker, a leading industry expert, reveals four reasons why every business, big and small, should invest in the development of a sound marketing strategy.
Marketing Informs: At the most basic level, marketing helps spread brand awareness and informs consumers that a business’s products or services exist. On a deeper level, marketing informs consumers about the ins and outs of a particular product or service, how it works, and what value said product or service can bring to the user. If you want people to not just want but to NEED your offerings, you need a marketing strategy that communicates what your product is and why they need it in a fun and engaging way.
Marketing Sustains: Too many businesses view marketing as a remedy, or a medicine, that is meant to fix something that is broken. Viewing marketing in this way is a huge mistake. Marketing is meant to sustain a business’s presence, not create engagement where there is none. If you already have a strong and loyal customer base, marketing will help you manage and maintain existing customer relationships. Your attention to existing customers will reinforce their trust in you and therefore generate both repeat business and referrals. The ability to generate repeat business and keep existing customers is huge and may account for as much as 80 percent of your future sales.
Marketing Engages: Friendly and helpful in-person engagement has been and continues to be a huge part of a business’s success. However, in today’s digital age, in-person engagement is not enough. Customers want to engage with brands even when they’re at home in bed, on the beach in the Bahamas, or on a family vacation in the Alps. Online marketing allows businesses to continue the interaction via Facebook, email, SnapChat and twitter for business. Not only does it allow you to continue the engagement, however, but also, it allows you to build stronger and more sustainable relationships with loyal fans.
Marketing Sells: Getting to the crux of the issue, marketing sells. Once customers have been informed and engaged, they’re more likely to buy from you. Moreover, if consumers don’t know about your products or services, they cannot buy from you even if they need what you’re selling. Marketing puts your brand’s name out into the world and lets consumers know that you exist.
You may have heard it before: Without sales, your business is just a hobby. You can have the best product or services of your kind on the market, but if people don’t know about your offerings, they’re not going to buy from you. Moreover, if people don’t know about or trust your brand, they’re not going to buy from you. Marketing positions your offerings and brand in such a way that people not only need to buy from you, but that they want to buy from only you. In short, marketing generates sales and ensures that your entrepreneurial endeavors yield actual monetary results. If you have yet to develop and implement a sound marketing strategy, there’s no time like the present to get started.