Marketing is Indispensable for any Business
Marketing is indispensable for any business, no matter what the size or the location of the business.
1.What is so very special about marketing?
Nobody who has been in business for even an hour would even bother to ask such a question. In fact, even when thinking of starting any kind of business, most people would first think of how they are going to market the business. That is how very important this concept is to any business.
The reason why marketing is so very important to any business is that it is the lifeblood of any business. Think about it, when there are so many companies out there fighting for business space as they have so many similar products or services as the other many companies – if you had a business of your own, how would you expect to compete with all these companies?
And that is why you need marketing
To survive in the highly competitive environment of today, you must have a very strong marketing strategy in place. Without this, you would not be able to survive and you would finally have to close shop and swallow all your losses – whether you can afford to gulp down such losses or not, is an entirely different subject.
With a marketing strategy in place, you will be able to reach out to people – your existent customers, as well as potential customers. It is very important that you reach out to not only potential prospects but also to people who are already with you.
2.Why is this so?
The reason why you have to reach out to people who are already your customers is so that they know that you are still a force to reckon with in the market. If they do not see your brand in the market, they will begin to think that you are no longer popular and they will move on to another company.
And the reason why you need to reach out to people who are not your clients is simple – you want to generate more business – the more people buying from you, the more money you will make – as simple as that! Thus, you have to always carry out marketing campaigns to people who are already buying from you, as well as to target people who are your potential customers.
3.What can marketing do for your business?
When you employ the right strategies you will thus be able to focus on specific target audiences (TA). Target audiences are the people who are most likely to buy from you. But the big question here – do you know who TA is?
Well if you know who TA, great. But in the event that you are unaware of your TA, there are many market research companies that can carry out surveys for you and determine TA. The fact is, you must already have done your research and found out who your TA is, before you decided that you will manufacture a certain product or sell a certain service. After all, how can you decide that you will sell any product or service, without first determining that there is actually a market for it?
Many businesses fail without the right marketing strategy in place
It may be a bit strange to believe this, but even in these days where the competition is so very stiff, many companies fail to employ the right marketing strategies. And, they thus fail and have to close down.
In today’s market, it is very important for any company to focus on specific marketing strategies. Just using a generic strategy is just not going to work as there are just too many companies offering way too many products and services that are almost as same as the one that you have or the one that you plan to market.
Marketing will help in establishing a presence for your brand
Say you have gone shopping for a car or a shoe or a dress or even a tube of toothpaste. You may see this great new car or shoe or dress or toothpaste tube and you may desperately want to buy it. But then, there is one thought that comes to your mind – this brand is totally unknown, yes, you have never ever heard of this brand. And so it is more than likely that you are not going to buy this unknown brand – no matter how good the product or service may appear to be.
And this is a fact, most consumers will only buy from known brands. That means, you need to tell people about your brand and your products or services and that is why you have to have a good marketing strategy in place.
The bottom line is…
No matter what kind of business you are into, no matter whether you are a Fortune 500 company or whether you are the owner of a small burger shop in your locality, marketing is indispensable for your business – if you want to succeed and make money!