Marketing is an important part of any business. It helps in creating brand awareness, improves customer engagement and increases sales. Marketing can be done in a lot of ways which range from digital to traditional, but what creates the difference is how innovative it is so that it can draw the attention of the people. As such, ultimately it plays a big role in the growth of a business.
But before we delve into why marketing is important, there are some details to figure out first.
What is Marketing?
Actually, the term marketing covers a lot of areas and activities. All of which are related to the selling of products and services of the company. One of the most obvious marketing activity is definitely advertising either online on via printing of banners. But to make advertising successful, customer research has to be done.
This will make you know better about what demographic the product is targeting, how the product needs to be improved and such other details. But what marketing isn’t is the act of sales itself, which is actually the result of marketing.
How marketing can help in business growth?
- It identifies Consumer Need
Marketing does not just determine consumer need, but it also aids in creating consumer need. The first step towards this is understanding the potential customer. One thing which people need to understand in marketing is that marketing can’t actually create a need, but they can surely create awareness for a product.
What is actually important is that this awareness creates a need. This is done by demonstrating scarcity, projecting an image of the bond between the product and customers, interacting with the customer comments and more.
The key to the growth and success of a business is not by releasing a product and then moving on to new products. It is by staying involved with the product and improving or modifying it as it then keeps the customers engaged.
- Using social media to bridge the gap between business and consumer
Social media has evolved a lot over the years and it has become a very important part of the customer experience. Many successful companies have shown a continued commitment to social media by participating in campaigns aimed at their online audience as well as responding to customer queries. This helps customers feel like they are closer to the brand.
- Creating campaigns which respond quickly to consumer wants
Companies which are quick on their feet and respond quickly to what the customer base wants to increase brand satisfaction. Apart from this, it also helps in raising consumer awareness regarding their preferences for the company.
- It improves Sales
Marketing is necessary to improve sales as well as revenue. If you have just begun operating your business and are waiting for customers to sell to them then the first question which you should ask is- who will buy from you? People need to be informed that you are offering them something. For this, you will have to create awareness about your business and products. To market your product, you will have to know your targeted customer really well. Marketing helps in doing exactly this so that ultimately sales can be improved which is the lifeblood of any business.
- Gives information
Marketing involves sharing lots of information with their customers. This is because they are trying to educate their customers regarding the products, but there is also a realization that the audience is smart. As such, they will demand solid information regarding not just the product, but also the business in order to understand how it all works. All these information works are a way of communicating with the customers who consider each and every facet of information before buying.
- Helps in Expanding the business
Marketing ensures that your business expands. While your existing customers should be your priority and keeping them satisfied should always be a major goal, but the marketing efforts should also be geared towards expanding the brand as well. Social media marketing coupled with smart marketing will help transform the number of visitors into sales. As such marketing will secure both old and new customers for a business.
- Saves Cost and Time
Digital media marketing is more cost effective than anything else. There are social media campaigns and email campaigns which help in reaching out to the potential customers. So they are providing the communication aspect, but also reducing costs for the business. If you have a small business, then having smart business tactics will help you compete with leading competitors. Effective utilization of social media tools will help any business grow by reaching a large audience out there and improving by their sales numbers.
Marketing is undoubtedly the lifeblood of any business. It helps both kick-starts the business as well as keep it afloat during dire times. Good and smart marketing will help a company grow and expand its product and customers base which will bring in more revenue for everyone.