What is it that makes marketing such an important asset in business ventures? Why should companies focus on growing their marketing department? Product, price, place, and promotion are the four Ps of marketing. Anyone who has completed marketing courses will know this. These four Ps are why you need marketing strategies in your business today.
Product specifications are being marketed to a selected target audience through chosen promotional channels. This is bound to set your sales numbers on a steadily increasing route. This is the department that makes known who you are as a business, what you offer and how you can meet their needs as a potential consumer.
One mistake most companies make in the time of a recession is to cut marketing funds and efforts. Instead of cutting it off completely, rather downscale and be smarter with regards to your marketing efforts and platforms. Consumers may be spending less money during this time but they are still spending money nonetheless. Use that motivation to keep pushing your value product offers and focus more on your already-loyal consumers. You will be one of the few companies with your name still being spoken about.
Marketing makes your business known and without it, your client base would only consist of family, friends, and passers-by.
Builds brand identity and business reputation
Marketing is a platform to build your brand identity, your name is out there and people know what you’re selling, but now it’s time to get to know who you are as a business. It’s important to understand that you are people selling to people. Regardless of how huge your corporate company is, consumers are reassured by the fact that there is a human being on the other side of the line. Social media marketing and profiles is a great way for clients to get an idea of what goes on behind the scenes and can put faces to the names that sign off on their email conversations.
Marketing makes it possible for you to let clients know what your values are as a company and lets you show them how you live them out through your business and offerings. In this way, it helps build your business reputation and helps customers feel comfortable in what they are supporting by choosing to do business with you. It also gives potential customers the insight they need to make the brand switch or give your business a try.
In a world of competitive markets, even the marketing efforts of competitor companies can help you. Marketing is important to stay updated with where the marketplace values lie and, in turn, you can adjust and redirect your marketing strategy accordingly.
When advertising against competitors, keep it fun (not detrimental to the brand of another company) and keep it smart. Make use of the advertising slots in their Facebook and Youtube video campaigns and use their social media profiles to create a target audience segment based on their followers. All’s fair in open advertisement placement.
When it comes to advertising and mass media marketing, there isn’t a lot of room for two-way communication. You are directing data at your target consumer and they just have to take it in. With the rise of social media platforms, there is now the opportunity for consumers to talk back.
Making marketing inclusive means you can better understand what it is people want, need and demand. In turn, you can use this to make sure you are the company they turn to. Tell a story and start a conversation with social media marketing. Encourage comments and sharing and you will have consumers valuing your interaction and you will be gaining ideas for future campaigns and product upgrades.
Lastly, marketing is important in business because it inspires innovative thinking. Marketing is an ever-adapting department that needs to be able to manipulate all types of updatable medias and harness the power of whatever is #trending on a weekly or even daily basis. New ideas are constantly sought after to make your business stand out above the rest and bring the edge that consumers are looking for.
Marketing makes the consumers eye-line stop on your product sitting on the shelf instead of browsing over it to land on the more recognisable brands. Marketing is undeniably important in business and you don’t want to find out what your business would be like without it.