The overall marketing umbrella covers areas including advertising, public relations, promotions and sales. Your business might offer the best products or services in your industry, have unfaultable customer service but none of your potential customers or clients will know about you unless marketing strategies are used.
The heart of almost all businesses success lies in their marketing efforts. Without it, businesses can be left in jeopardy with no sales and eventually may have to close altogether.
All businesses should put a marketing strategy in place which is in line with their business plan. A marketing strategy is the fundamental goal of increasing sales and achieving a sustainable competitive advantage.
Below are just a few of the reasons how marketing will help your business to thrive:
It enhances brand recognition
The success of a business will often rest on a solid reputation. Successful marketing efforts will enhance brand name recognition and prestige. Marketing should ensure that your audience are easily able to recall your products and services and develop expectations of high quality and excellent customer service from your company. As your reputation grows, the business expands and sales increase. The reputation of your company is built through active participation in community programs, effective communication (externally and externally) and quality products or services, all of which are created or supported by marketing efforts.
It increases your sales
Once your prospect customer(s) are aware of your company’s existence and the products and/or services you sell, it increases your chances of them purchasing from you. As the awareness of your business grows, so will word-of-mouth marketing, i.e. whereby customers start to spread the word about your company via social media platforms as well as recommending your fantastic product or service to family and friends. You will be able to see your sales exponentially increasing as the word spreads. Without putting a marketing strategy in place, these sales would have been very unlikely meaning your business would be at risk of failure.
It fosters healthy competition
Successful marketing also allows small businesses the opportunity to compete with well-know, large corporations and compete for the market share. Believe it or not, smaller businesses often have an advantage over larger companies because of the greater amount of personal attention they can provide to each client. Often, good customer service and a real sense of value are more important to clients than the lower rates they may pay for the services or products of larger companies. Marketing facilitates the healthy competition that allows small businesses and new businesses to be successful and enter, grow and compete in the marketplace.
It lets the world know about your products and/or services
For a business to succeed, the product or service it provides must be known to potential buyers. Unless your business is known in the community and you have a constant stream of communication with your customers, you will need to have a marketing strategy to create product or service awareness and give your business a chance to be discovered by prospective customers.
Now that you are aware of the importance of marketing for your business but not sure where to start with it. Please get in touch with us today!
Image: North East Internet Marketing