Importance of Marketing
It is said that almost more than 80% of customers do not come directly to your business or even they do not know your business is there. It is the marketing that introduces your business and products to diverse customers. Today the importance of marketing is ever-growing since the modern market has become very dynamic and unpredictable.
There are different ways that prove how important marketing is for your business. How you marketize your business and products has a great impact on your success.
Marketing is not only important for your business but also for customers and society too as AMA has said marketing should provide value for customers, clients, partners, and society at large. For society, it benefits in terms of employment opportunities, revenue to the nation, etc., and to customers, it provides information and strengthens their living standards.
Here are some of the importance of marketing I pointed out that your business benefits from.
Increase Brand Awareness
People do not buy products when they do not know or have not heard of a business. Marketing is an effective tool through which you can make informed diverse customers about your business and products.
Marketing helps to keep your brand message in customers’ minds – that may be through your sales personnel’s direct communication with prospects as well as through advertisements reaching different customers. It helps to know customers that your brand also exists and how it will benefit them.
Attracts Potential Customers
When you see an advertisement on a hoarding board or ads on any social media it directly or indirectly informs you about the existence of that business or product.
Marketing with high-quality messages, attractive product designs, and the means of different promotional strategies helps to reach diverse customers and attract potential customers too.
Drive You Traffic
If you run an online business or e-commerce store traffic is what you need. Organically the desirable traffic might not get but when advertising on different social media, TV channels, search engines, etc. it certainly increases traffic on your websites. As such, marketing helps you to drive huge traffic to your online business.
Related: The Core Concepts of Marketing
Builds Relationships with Customers
One of the goals of marketing is to establish a trusted and long-term relationship between the company and its customers.
Marketing involves researching different market segments and building marketing strategies based on the preferences of selected market segments. Such a particular segment-based marketing strategy helps to satisfy customers and build their trust in the business.
Such nice efforts of your business make customers loyal and trust and understanding between the business and customers increase which helps to build strong relationships with them.
Increase Customer Satisfaction
Customer satisfaction is the perceived value of customers of what they have expected and what they get. Marketing’s objective is to achieve customer satisfaction and make customers buy again and again.
It includes different activities like market research, trend analysis, customer need analysis, competitors analysis, etc. which add up the business to build products and strategies that best match with customers’ expectations.
Such customer satisfaction builds trust and confidence in customers about your products and later they do not hesitate to buy again – further, they also share their experience with their near ones.
Increase Company’s Profits
Marketing is through which your offerings (goods or services) information reaches diverse customers. Through its quality messages, customers get to know the basic information about your product and can easily compare it with competitors.
This will let customers know what benefits they get from your products. And with attractive and effective promotional efforts induces customers to buy your products. And, the increase in sales eventually increases the profits of the business.
Also Read: 6 Marketing Philosophies
Builds a Good Presence in the Public
The sustainable success of a business is largely determined by its nature of presence in public, its image, and the reputation customers hold. In fact, most marketers are actively involved in maintaining a good presence in public.
A good presence is built when your business meets customers’ expectations, provides value to society, and consistently offers products desirable to the public. CSR, employment opportunities for the public, awareness programs, etc. positively build a good reputation for your business.
A good marketing decision is necessary to better perform the marketing strategies. Businesses always confront making the right decisions. Right decisions certainly have the potential to make successful marketing strategies implementation.
Marketing helps businesses to gather and understand different information about the market, competitors, customers, suppliers, distributors, etc. which helps businesses to make relevant decisions that will better work than competitors and achieve greater buyer fulfillment.
Helps To Adapt
In today’s business world, the best marketing strategy is one that is flexible and adaptive. Since the market, competition, and consumer expectations are changing faster than ever your marketing personnel must be updated with the change.
Marketing helps businesses to stay informed about the changes in different internal and external factors and forces them to be flexible enough to stand out in changing situations.
These are just some importance of marketing – based on the objective, product, and purpose of companies its importance can be many and different from one company to another. However, these are some benefits you may get from marketing in your business.
Read Next: What is Marketing Mix?