Published on February 11th, 2019 | by Sunit Nandi0
Why is Marketing so Important for a Successful Business?
Marketing is an essential part of business success. How you market your business can determine either its success or failure. Marketing is the backbone of any business. You can read the top 20 digital tools for marketing agencies to see these amazing tools that marketers can use.
Marketing covers a lot of activities. According to American Marketing Association’s definition, marketing is the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, or partners.
Without marketing, some businesses would fail to exist. You could have the most amazing product or service, but if nobody knows it exists or understands its value, you won’t make any sale. And this is why it is important that you market your business.
The following are the importance of marketing a business.
1. It informs the public about your product or service
For any business that wants to be successful, the product or service that they offer must beknown so that they can have potential buyers. If your business is unknown to the public and you don’t communicate with your customers in any way, you need to use a marketing strategy to create awareness of the products and services that you offer.
If a business doesn’t have proper marketing strategy, it can cause the potential customers to be unaware of any offers that the business makes, and the business can lose the opportunity to expand and become successful.
2. It helps you to understand your customer
During the first stages of a product life cycle, every company has to do a market research where market segmentation is done based on behavior, psychographics, geographic, or demographics. Once the segments have been identified, the target market is then assessed, and the product is positioned accordingly.
3. It boosts sales
If you have advertised your product or service, there is a high chance that your sales will increase because the public will now be familiar with your product or service. And the customers will also spread the word and tell their family about your amazing products that they have discovered.
And as they spread the word about your product, your sales will continue to increase more and more.This is why marketing is important because if you didn’t do proper marketing, this would have never happened, and without sales, your business cannot succeed.
3. Gives your company reputation
Every company wants to create a high reputation for themselves. A company’s reputation is of great significance because it can determine the success or the failure of your business. Proper marketing helps you to build your brand name. When your business’s reputation is high, the sales will increase and hence expand your business.
To build an excellent reputation for your business, you have to get involved in community programs, have effective communication both internally and externally and offer quality services and products to support your marketing.
4. It builds trust between you and your customers
The more your company gets known, the more trust you will get from customers. The more people trust you, the more likely that they will buy your products and services. Building trust is not something that can happen within a short time. Generally, the companies that people trust are those that they have been exposed to- maybe through advertising or by doing business with them for several years.
The earlier you start marketing your business, the better because your target audience will have known you for longer. You should start early and build a strong relationship with your target market to build an image of reality, honesty, and sturdiness and people will respond by trusting your business to match up to its image.
5. It gives you a healthy competition
Through marketing, there is a room in the market place for a little healthy competition. When you present yourprices via marketing, it reaches potential customers and businesses who are selling in the same industry.
In the marketplace, there are monopoly companies that set any price. If there wasn’t this healthy competition, monopoly companies would sell their products and other companies wouldn’t make a name for themselves in the marketplace. So marketing allows both small and new businesses to enter the marketplace and grow and maintain their position on the market.