Why Marketing Is Important

Your business success lies within how strong your marketing is. Many business aspects depend on successful marketing. The umbrella of marketing covers public relations, advertising, sales and promotions. Marketing is the process of introducing and promoting your products or services to your target audience and prospects. Your business may have the potential to offer to the best products and services in your industry but, no one will know about it if you don’t promote and introduce what you are selling. Businesses close without marketing and the lack of sales cause it to crash. Marketing doesn't just apply to a business, it applies to anyone that has something they want to offer others. It doesn't matter if you’re a business, corporation or just an individual trying to sell to someone.

Getting Word Out

No business can succeed without potential buyers knowing what you have to offer. If you or your business is not well-known in your community and has readily available communication for your customers and potentials you will need to use marketing strategies to establish product and service awareness. If there is no marketing, potentials and customers won’t be aware of what your business has to offer and your business will not have the opportunity to succeed and progress. A good marketing strategy allows your company and you the chance to be discovered.

Greater Revenue

After you are able to get your service, product or company on the radar of your prospects, it increases your chances of a customer making a purchase. Product, company and service awareness also brings you to the point of “the grape vine.” New and current customers will spread the word to family, friends and colleagues about your products and services and share their customer service experience. When a customer shares their experience with your business, this builds a solidified and reputable brand for your product, services, business and self. As the word spreads, your sales will slowly increase. Your customers are everything for your company because without them, your company or brand cannot succeed.

A Reputable Name

Another successor of your company is the type of reputation you build for it. Brand name recognition and product recall are built through good marketing. When you are able to reach the high expectations of the public, your reputation will then stand on a strong foundation. Sales increase as your business and brand grow a strong reputation. Active participation in the community, effective communication with customers and quality services and products are supported and created by effective marketing strategies. Everything is as great as your application.

Vigorous Competition

Marketing also cultivates an environment in the marketplace for good competition. Marketing keeps pricing competitive for the business to be able to win over customers before its competition does. For example, many companies offer the same products and services. But, what makes your products and services unique? What makes you stand out above the competition? Is it your pricing, the quality of products or services or excellent customer service experiences? The importance of marketing allows a small businesses and new businesses to effectively enter emerging markets, thrive and expand.

Reflections

Even though marketing is extremely important for a business’s success, it can also become very expensive. Within the first year, a company could spend half of its sales on marketing programs. After year one, a marketing budget can reach anywhere from 30-40% of annual sales. Incorporate a healthy mix of marketing strategies that are cost effective for your business. Research different marketing strategies and aspects to determine the best budget for your marketing strategies. Continuously revise your marketing strategy so it adapts to the productivity of your business without costing so much. With the appropriate research a small business can create a strong cost effective marketing strategy. Understand what works for you so you don’t invest in pointless marketing ventures.