In this article, we will be discussing 5 reasons why marketing is important in business. As a business owner, how you market your business or brand determines how successful your sales will be. You need to know what your customers want, and whether they will trust your products enough to purchase them.
With marketing, you can create and maintain demand, relevance, reputation, competition, and lots more. A good marketing strategy will definitely promote sales. Therefore, without marketing, your business is likely to close down.
One of the reasons why marketing is important is that it allows you to strategically create awareness about your products and services with a niche audience. It gives you an avenue to show and prove to people that your business is terrific and can be of help to them. This means, your business cannot have a voice without marketing. You need a voice to be able to reach out to people and connect with them. And if you can’t communicate and connect with people, you will just have your product and service lying around without patronage.
What is marketing about?
Marketing involves any action taken by a business, company, or brand to attract an audience to their product or services through high-quality messaging. The aim of marketing is to deliver standalone value for customers and prospects through content, with the long-term goal of strengthening brand loyalty, demonstrating product value, and most importantly increasing sales.
In today’s digital-fast world, marketing is an essential part of running a business. It is important for business owners to ensure their business or brand has a solid online presence. However, online marketing goes beyond creating and maintaining a business website. You have to also use social media platforms to market your products.
As a business owner, you have to do your marketing homework and use every avenue at your disposal to get to your target customer. People want to be associated with a brand that is trustworthy and offers products and services at a reasonable price. Hence, marketing is needed as it will take care of the image you display to the public.
5 reasons why marketing is important
- Marketing is an effective way to engage customers
- It helps to build and maintain the business’ reputation
- Marketing helps your business to maintain relevance in the market
- It is a communication channel used to inform customers
- Marketing helps to boost sales and growth
Marketing is an effective way to engage customers
In business, one of the many reasons why marketing is important is because it is an effective way to engage customers. It is very important for your business to engage its customers and marketing is the perfect tool for this.
However, many businesses confuse engaging customers with just advertising. There is a difference between engaging customers and pushing your offers. Engaging your customers will require you to furnish them with relevant information about your products and business. It’s basically about making fresh content to tell them what they don’t know. Your content, however, has to be interesting and worthwhile.
One of the best platforms to engage customers is social media. Some brands make use of short videos and other humour-laden tricks to engage their customer base. Engaging your customers via traditional marketing or digital marketing is important in giving them a sense of belonging. You can engage your customers online or carry out surveys to know their interests and what they look out for. This will help you have an insight into what your target audience really wants.
Marketing gives room for your target audience to know your business or brand as you share your brand story with potential customers. Making your business relatable via marketing will enable people to connect emotionally with your business. This helps to build a relationship between the business and customers.
As businesses engage with customers, a relationship of trust and understanding is built with their customers. How does marketing establish this relationship?
Marketing research helps you to know your target audience and this is why marketing research segments should be based on demographics, psychographics, and consumer behaviour. Once your business deeply understands the desires, needs, and problems of your target audience, it helps you figure out how you can reach them and connect with them in a meaningful way. Thus, building trust and a stronger relationship between your business and its customers
It helps to build and maintain the business’ reputation
One of the reasons why marketing is important is that it enables a business to build and maintains its reputation. The reputation of a business has a role to play in the growth and life span of a business. The reputation of a business determines its brand equity and this is why a lot of marketing activities are channeled towards building the equity of a business.
The reputation of a business is built when it effectively meets the expectations of its customers and is considered a responsible member of the community. Customers become proud to be associated with the products and services of such businesses. In marketing, effective communication, branding, PR (public relations), and CSR (corporate social responsibility) strategies are used to ensure that a business’s reputation is maintained.
Furthermore, the reputation of a business builds trust with consumers. With marketing, you can prove that your business is credible, ethical, moral, genuine, and socially responsible. A lot of people only patronize brands that they trust and this is why you have to be intentional when forming your marketing messages and communicating with people.
Your business can consider implementing social responsibility practices as a marketing strategy to build trust with customers. Such social responsibilities could include ensuring your products are ethically sourced, giving a percentage of your revenue to charity, planting trees to support one of the SDG goals, etc. This will make people love you and choose you over your competitors.
Marketing helps your business to maintain relevance in the market
You can use marketing to keep your business relevant in the market. As a business or brand, it is wrong to assume that you will always remain your customer’s favourite. Hence, it is very important to always find ways to remain top of your customer’s minds and this is only achievable through marketing.
Marketing doesn’t only focus on gaining new customers, it also aims at retaining the incumbent ones. You need to maintain the relationship you have with your customers. Hence, one of the 5 reasons why marketing is important is that it helps your business to maintain a good relationship with customers by making you remain relevant.
Furthermore, marketing creates revenue options. As you increase your marketing strategy game, you tend to gain more customers and more revenue opportunities. As a result, you begin to have options that will give you the courage needed to penetrate new markets. Thus, you will have the option to start letting go of customers who are too demanding of your sanity and well-being. But when you don’t market your business, you may be forced to continue working with clients or customers who you may have outgrown and are not paying you as you deserve.
It is a communication channel used to inform customers
Marketing is a communication channel used to inform customers. It informs your customers about the products or services you’re offering. With marketing, you can inform customers about the value of your products, their usage, and additional information that will be helpful to the customers. It creates awareness about your brand and makes your brand stand out.
With the stiff competition in the market, you need to be constantly in the face of your customers convincing them. You can inform your customers of discounts on your products and other competitive tricks you intend to use with various marketing mediums. It can help your business become a market leader.
The primary purpose of marketing is to tell people what you have to offer, to create brand awareness, to help people understand your business in-depth, and keep loyal customers happy so they can tell their friends and keep coming back for more.
Marketing helps to boost sales and growth
Marketing utilizes various ways to promote your products or services. One of the major reasons why marketing is important to businesses is that it boosts sales and growth. A product that has been advertised is on the radar and has a better chance of being sold. Customers would want to try it out which will trigger a purchase decision. With marketing, you spread the word about your product or service which can boost sales. Once customers are happy about your products or services, they become your brand ambassadors and spread the word to others which will cause an increase in sales.
Most importantly, as a business, it is recommended that you offer high-quality products and services to complement your marketing efforts. Once you build your reputation through effective marketing, your business will naturally begin to grow which will cause an increased revenue for your business.
As discussed, there are many reasons why marketing is important in business. Marketing as a tool in business can help increase brand awareness, engagement, and sales. Businesses, no matter the sector they belong to, should take advantage of all the benefits marketing can offer and expand their reach. It is forever a valuable tool for growing businesses. However, in order to stay competitive and maximize return on investment (ROI), it’s important to approach marketing as a process and to use all the benefits it can provide. In addition to that, ensure to use good and unique marketing strategies to make your business the people’s choice.