If a business wants to make its name known and generate sales, then it has to have a marketing strategy in place. Marketing is how companies attract and keep customers. This is done through inbound strategies, such as content and social media marketing, and outbound strategies, such as ad placement and billboards that you can see from the company parking lot.
If budgets get tight, businesses may opt to slash their marketing budgets and focus on other areas of the business instead. However, this can do more damage than they realize, since marketing plays such an important role in business success. Here are 10 reasons why companies should focus on the importance of marketing in business, and how marketing can help them build a community around their product or service.
Reason 1: It Gets The Business’ Name Out There
When discussing the importance of marketing in business, one of the fundamental benefits is that marketing gets business’ names out there. Think about it: how did you hear about your favorite brands and companies? Was it through advertising, word-of-mouth, or social media posts? Each one of those options is a marketing tactic. Marketing via various channels gets a business’ name out to the masses and tells its story compellingly and attractively.
Marketing for the sake of brand awareness is key for smaller and more niche businesses. For instance, if you’re a business breaking into the dental internet marketing space, you may not have a lot of competition since it’s a niche industry. You can own the space by being smart with your marketing initiatives and brand messaging. If you have the right marketing strategy in place, you could emerge as a top business in your industry and generate a lot of buzz around your brand.
It’s important to note that bad marketing plans can do the opposite for your business here. Instead of generating good buzz for your business, a poor marketing strategy can leave a negative impression on people. To avoid this, do a lot of research into what your target audience likes and doesn’t like. You may have a marketing idea that you think is edgy and cool, but it could land wrong with your audience and have the opposite effect you were looking for. Be sure you keep your marketing goals in mind when coming up with new strategies.
Reason 2: It Helps Businesses Build Relationships With Potential Clients
The importance of marketing in business cannot be stressed enough when discussing building relationships with prospects. Building relationships with people is one of the most important things marketers do. Marketing allows businesses to send specific messages to people who are at different stages in the buyer’s journey. For example, if a business uses a pay per click service as part of their marketing strategy, they can attract brand new leads through advertising on the internet. If it has a social media marketing strategy, they can send messages that attract new leads and encourage them to follow their brand. If a business invests in email marketing, they can create messages that properly nurture new leads and existing customers.
Building relationships with audiences is crucial for businesses, especially in our digital-focused time. It’s a privilege to get someone’s attention for even just a minute, so marketers must make that minute count. If you waste your prospects’ time, they’re going to remember that instead of the products or services you provide. Always put yourself in your target audience’s shoes when creating a relationship-building marketing strategy. If you were them, what would you want to engage with? Ask yourself and your colleagues this question, and also do as much research as you can on your target audience before launching a campaign. The more you know and respect your relationship with your prospects, the better.
Reason 3: It Helps Businesses Stay Top-Of-Mind To Current Customers
Another reason to remember the importance of marketing in business is that it helps businesses stay top-of-mind to their current customers. Marketers utilize digital marketing strategies to attract new customers, but there also needs to be strategies in place to market to existing customers. It’s cheaper to keep a customer than it is to acquire a new one, so the more marketers focus on strategies that help customer retention, the greater their ROI will be.
One way marketers can stay top-of-mind to current customers is to alert them of new product releases. They can do this via social media, website content, and email marketing. Marketers can also develop strategies that reward their most loyal customers so that they stay loyal customers. One strategy for doing this is to create a VIP group of your top customers and reward them with perks such as free shipping, early access to products, and exclusive sales. The better you treat your customers, the more likely they’ll stay customers.
Reason 4: It Helps Businesses Get Found Online
There are marketing strategies designed to help businesses rank better online and get found faster. Marketers are using content marketing and search engine optimization to generate traffic to business’ websites. When discussing the importance of marketing in business, organic marketing, and content marketing are becoming more talked about topics. 61% of marketers say improving SEO and growing their organic presence is their top inbound marketing priority. The bigger your organic presence, the more likely you’ll be found online.
Content marketing and content creation is a key factor in SEO. The more relevant and authoritative a piece of content is, the more likely Google will see it as valuable and make it easier to find by ranking it on higher pages. Content marketers, website managers, and SEO specialists work together to get content to rank via keyword research, backlinking, and creating pillar pages for content. If done right, these organic growth strategies can cause multiple web pages to rank highly, which leads to a business being found faster and by more people on the internet.
Reason 5: It Allows Businesses To Tell Their Brand Story
As the conversation around the importance of marketing in business continues to evolve, the conversation around the importance of telling a business’ brand story also evolves. Think about it this way: marketing is what gets someone to pay attention to your business. Your brand is what gets them to become part of your audience.
This is why it’s important for marketers to effectively tell their business’ brand story in their marketing. Don’t just tell your followers why your product or service is so great. Tell them why it is that the company does what it does. What is your company’s purpose? What drives its founders, executive team, and employees to get up every day and want to work?
It doesn’t matter if you’re a startup embroidered apparel company, or a well-established tech business. You need to tell your brand story through marketing to make an emotional connection with your audience and let them know they’re part of your community.
Reason 6: It Gives You Incredible Insights
Another reason to emphasize the importance of marketing in business is that marketing gives businesses incredible insights about their customers and their customers’ behavior. You can dissect a marketing campaign and look at its analytics to get a sense of what worked, and what didn’t work. If you ran a Facebook ads campaign, you can use the analytics to see if people clicked and converted the way you wanted them to. If not, you can use those analytics to see where you need to improve. The same can be said for email campaigns. If you ran an email marketing campaign and your open rates fell below what you expected, you can analyze your subject lines and see where you can improve next time.
Analyzing marketing data is crucial for growth and development. The more you know about what works and doesn’t work with your audience, the better you can plan your next marketing initiatives. Make sure the data you’re analyzing is legitimate, though. Data analysis is important, but you also need to keep your business safe from any malicious or misleading data.
Reason 7: It Allows Businesses To Test The Waters
Marketing is a combination of a lot of different skills. It combines content creation, creativity, business strategy, and data analysis to create a plan that best promotes a company’s goods and services. One of the cool things about marketing is that marketers can test the waters with their marketing plans. There’s flexibility to test whether paid traffic works better than organic traffic, whether targeting office workers works better than targeting C-suite level leaders, or whether a longer or shorter email sales cycle works best for your leads.
There’s flexibility with testing in marketing, and marketers should make testing a priority in their marketing plans. The more you test, the more you’ll know what works and what doesn’t work with your audience. This can help you convert more leads faster and create a greater ROI for your efforts.
Reason 8: It Drives Sales
Another reason to remember the importance of marketing in business is that at the end of the day, good marketing drives sales. This is true for all businesses, whether you work for a telecommunications company or a makeup brand.
Marketing is what gets people interested in purchasing your products or services. If done right, marketing makes your audience feel like your product or service will help them solve a problem, and therefore make them happier. Parts of your marketing strategies should include a specific call to action (also known as a CTA) that drives sales. These calls to action can include “shop now”, “sign up”, and “get discount”. These calls to action tell the audience what exactly to do. The more guidance they have, the more likely they’ll take action, especially if it’s a purchase-driven CTA.
Reason 9: It Opens Doors For Partnerships
When talking about the importance of marketing in business, it’s important to bring up the great opportunities marketing can create for businesses. These opportunities can come in the form of partnerships. Businesses can partner with other companies, services and influencers to spread the word about their own products and services.
Partnerships are beneficial for companies because they provide a way for companies to gain exposure at a relatively low cost. Companies can partner with one another to create content, offer complementary services, or even host events that best serve their audiences’ needs. Influencer marketing is on the rise as well. Influencer marketing is when companies reach out to influential people to promote their brand and drive their message to the influencer’s audience. Essentially, businesses work with influencers to promote their product or services, and in return the influencer gets compensated.
Whether you decide to partner with a company or an influencer, you have to be aware of the risks that a partnership can bring to the table. Be sure to contact your legal counsel and have them look over any partnership or influencer contracts before you present them to prospective parties.
Reason 10: It Helps Bring People Together
One of the most rewarding parts of marketing is the fact that, when done right, it establishes a community people can rely on. It brings people together to celebrate a common good or service that’s impacted their lives. This is where the brand plays a key role in marketing. The more you establish your brand and tell your brand story, the more people will identify with your key values and goals. Eventually, you’ll create an audience that feels like a tight-knit community. The more people you can bring together through your marketing efforts, the better.
Businesses must frequently assess the importance of marketing in business if they want to survive in a competitive landscape. Marketing is what bridges companies with their audience and prospects. If a company wants to build a long-lasting brand, it has to focus on its inbound and outbound marketing strategies. While these strategies incorporate different methods, their goal is the same: to attract, impress, and engage leads. The more a business focuses on marketing, the more likely they’ll build a meaningful connection with their audience and drive sales.