Did you know that 63% of people on the Internet prefer messaging a chatbot to communicate with a brand? Chatbots
“Because its purpose is to create a customer, the business enterprise has two – and only these two – basic functions: marketing and innovation.” – Peter Drucker
Ever wonder why marketing is given so much importance? Consider this – What if you opened the best restaurant in the neighbourhood, but it received only a small amount of traffic? What if you launched a great product but nobody knew about it?
That will be just two “what ifs” for now, you get the point by now. Starting a business is just the first step of the thousands yet to come. The key to growing a business is attracting customers, which in turn requires effective marketing.
Marketing in today’s world is still considered merely advertising (which is just one of the several aspects of marketing). From choosing what to sell and to whom to sell it through to deciding how to promote it, Marketing encompasses multiple steps culminating in the final delivery of a product or service.
Promoting your business is one of the most fundamental aspects of marketing. But it’s only the beginning. The importance of marketing can be attributed to many reasons, and we will go over 5 of the most important reasons why marketing is important.
Before we talk about the reasons why marketing matters, let’s quickly look at what marketing is and how marketing benefits businesses.
What is Marketing?
Marketing is important for your business, but what does it do? At its core, marketing is about adding value to the conversation around your products. It’s also about communicating who you are and what you stand for in a way that resonates with potential customers.
Marketing helps people understand the benefits of your product or service, why they should buy it instead of someone else’s product or service. Marketing also helps reduce customer churn by identifying ways to keep current customers happy without having them leave for competitors.
And finally, marketing creates demand by educating prospects on why they want to purchase from you.
5 Reasons Why Marketing is Important
Let’s now talk about the five reasons why marketing matters so much to your business!
1. Provides information
When competing in a crowded marketplace, consumers must know why they should choose your product or service over another. Here’s where marketing comes into play, educating potential and current customers about your business and how it meets their needs.
Everything from the content on your company website that explains the purpose of your business to the videos you post on various platforms that demonstrate your product in action – all these elements let prospective customers know more about who you are, what makes you different and why should they choose you.
2. Drives engagement
You need to establish and build relationships with people who have interacted with your business in order to turn them into lifelong customers who will help you to sustain your business. When done correctly, marketing keeps people thinking about you even after a transaction is completed and before they need your services again.
All of this can be done by effectively leveraging a social media marketing strategy. Studies show that almost nine out of ten followers visit a brand’s site or app after following the brand on social media.
Sending relevant information regarding offers and new launches through emails or posting regularly on your social media handles can help you keep in touch with your target audience and gain traction.
Read: 12 ways to generate leads
3. Builds brand awareness
Whether you are running a business or aspiring to launch one, you will agree that the reputation of your business is everything. A consumer’s decision to choose your business over a competitor is usually determined by this factor.
Marketing plays an important role in building the reputation of your business as it is marketing that promotes the business and proactive, professional marketing signals that your business is credible.
Effective marketing strategies can help businesses build trust among prospects and customers and foster goodwill toward their brand. It can all be accomplished by creating engaging content and sharing it on social media channels, emails, or by creating an interactive website, and so on.
4. Promotes sales
Unless people know about your products or services, you can’t make a sale. Through marketing, you can attract people who are willing to buy what you have to offer and increase the reach of your business.
It’s long past the time when you could hard-sell. These days, people have a great deal of options to choose from and an even greater number of platforms to search for information about what they want to buy.
The marketing process smoothes all of that out by promoting your product or service and creating a demand for it. Consequently, people approach you instead of you approaching them.
Using email campaigns to showcase your newest products, social media posts alerting your customers about upcoming sales, and online business listings that help potential customers find you are a few ways you can use marketing to build awareness and promote sales.
5. Boosts business growth
Your business can grow exponentially through strategic marketing. The success of your business depends on building strong brand recognition and attracting a strong customer base that you can sell to.
Businesses cannot exist without customers, and effective marketing is how you reach your target audience and, ultimately, sustain and grow your business.
Also read: types of marketing
In order to get a product or service into the hands of a customer, you have to market it. Whatever the size of your company, marketing is an essential part of its success. A business without a plan for marketing will struggle to compete in the marketplace and will face difficulties gaining and retaining customers.