Marketing is the cornerstone of any successful business simply because people cannot buy products and services that they don’t know about and have no access to. Dimakatso Moloantoa shares why your business always needs marketing
“An average product with great marketing will outperform an excellent product with no marketing” Evan Carmichael.
The Oxford dictionary defines marketing as “The action or business of promoting and selling products or services, including market research and advertising.”
Market Research includes the major decision factors to determine target market, competition, price, distribution plans, etc. All these allow your potential clients to have access to the right product or service at the right place, the right price and that you are able to design promotions that have a good return on investment for your business.
Here are 5 reasons your business always needs marketing:
Creates brand awareness
As the quote at the beginning of this article alludes; if no one knows what you are selling- no one can buy it. To create a desire for purchase, it is important to market your business to your target market in a way that is appealing to them.
If you are a newcomer to the industry, it may seem daunting competing against the more established and more experienced businesses. Do not be dismayed, investing in effective marketing tactics will reward you with a share of voice with your target market. Consumers are always excited to see new players in the market and marketing may assist in getting you credibility.
The rise in the digital age has afforded marketers and business owners an opportunity to engage with their consumers in ways that were not imagined before. The scales have now changed from companies creating products and then selling them to consumers to consumers dictating the products and services they need. This is an amazing opportunity for business owners to meet the needs of their target audiences and get reviews and feedback from them.
Increase customer retention
Many smart businesses market to their current customer base. This is to keep their businesses top of mind for when purchase decisions are made. Retaining current clients is often cheaper than getting new clients because existing patriots have already experienced the product and service and are more open to a repeat purchase. According to research, as long as promotional content has been sent beforehand- 72% are willing to receive additional information, follow up calls and customised marketing offers.
Marketing acts as a support function for sales. The intensity of your marketing campaigns are greatly influenced by your sales targets. Marketing to new customers opens the business to new markets for first time sales. In addition to this; upselling, cross-selling and bulk sales to the current customer base increases the value that current clients inject into your business.
Dimakatso is the founder of AMARI Marketing and Communications PTY (LTD), which offers comprehensive and integrated marketing solutions that are tailored for SMME’s. You can visit them on the below platforms and contact them at firstname.lastname@example.org.
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