Marketing is important because it helps businesses generate leads and increase profits. Every business needs a marketing development strategy to succeed, and marketing is an activity that makes the brand visible before the potential customers. Marketing helps your business to sell more.
Here are a few reasons why marketing is important to an organization:
1- It informs the potential customers about your products or services and aids in brand recognition.
2- It gives you a fair chance to attract an audience because the chances are that your competitors are already engaged in marketing practices.
3- It engages the potential customer at every stage of the buyer journey, whether B2B or B2C.
4- Marketing is the reason people know your business, and they want to buy from you.
5- It provides a continuous flow of leads to your businesses, which is crucial to sustaining your brand.
6- Marketing helps to improve the reputation of your business.
Let’s understand why marketing is important for your business in detail.
Attract and Convert Your Customers
Marketing uses an array of channels (both offline and online) to attract your prospects.
Outbound marketing strategy uses channels like newspaper advertising, billboard ads, TV/Radio ads, and pamphlets to inform your target audience about the products or services that your business sells.
Your customers will buy from you only when they know your business. Without proper visibility, you can’t reach people and make new customers. Marketing not only helps you reach your target audience, but it also helps to convert them into customers.
Build a Reputation of Your Business
People prefer to buy from reputed businesses. For example, if you wish to buy Pizza, then which brand will you prefer? ‘Dominos’ or ‘Delicious Pizza’? Obviously, you will prefer Dominos because it has an excellent market reputation as a Pizza brand.
Similarly, online grocery stores like Mercato have a solid reputation for delivering groceries all over the US. It is important for your business to build a reputation by leveraging strategic marketing activities.
Communication with your customers improves because people can find your business quickly. Proper customer feedback helps you to grow as a business. Marketing helps to put your best face forward.
Most of your competitors are already using a combination of marketing activities to reach new customers. You don’t want to stay back from your competitors. Marketing identifies your competition, improves branding, maintains customer loyalty, and improves customer service.
Offers Scope For Business Expansion
Business expansion happens when your company can open new stores because the flow of orders increases. Marketing allows you to open new business stores or add new franchises, thereby adding new customers to your business. Not investing in marketing activities halts your business expansion because people might not know about your business or services.
Maintains The Demand For Your Products or Services
Product or service promotions and demonstrations help to maintain the demand for your product.
Market demand for a particular product stays high when customers are willing to pay a certain price for that product. Marketing ensures that people remain aware of your products, and the demand for your products always stays high.
Builds Long-Lasting Relationship With Your Customers
Positive marketing strategies aim to build long-lasting relationships with your customers. Adidas promotes positive change in society through its advertisements. People remember the brand because it does something good for people. Good branding leads to more sales and long-lasting customer relationships. Content marketing that leverages copywriting helps to educate the customers during their micro moments and assists them at all times. Positive assistance helps to build customer trust.
Proper marketing strategies not only help to acquire more customers but it also inspires the employees. When you market your products or services, you are actually improving your branding. Everyone wants to work with a branded organization. Hence, you would be able to get qualified employees who would be ready to work with your brand. We all understand hiring smart employees is not easy but marketing supports your hiring as well. It offers your employees pride and satisfaction.
Easily Optimize Your KPIs
When you run marketing campaigns on several channels, you have your marketing KPIs in place. What gets measured, gets optimized. Running a marketing campaign gives you an idea of the different KPIs like the cost per customer acquisition, cost per click, cost per impression, etc. It becomes easier for you to optimize your different marketing campaigns when you are already aware of the different KPIs. You are able to discover what works and build a solid customer base for your business.
Not all marketing strategies are equal. You need to use only those marketing activities that are effective. Creativity, innovation and experimenting are the three parts of a solid marketing plan.