AB Guide for startups, small business and medium enterprises
Why Is Marketing Important for a Successful Business?
The heart of every successful business lies in marketing. So, will your business be successful or not – it all depends on the marketing. The things that every good marketing should cover are advertising, promotions, public relations and sales.
What marketing really does? It is a process in which a service or a product is introduced and then promoted to any potential customers. If you don’t have proper marketing, you can offer the best products in your niche but no one would even hear of it.
So, without marketing, many companies would close because their sales would crash. Now, let’s see why marketing is important in order for your business to be important.
It Gets Your Word Out
If you want your business to be successful, the service or the product you are offering must be known so that you will have potential buyers. If your business is unknown to the community and you don’t have any kind of communication with your customers you need to use marketing strategies to create awareness for your service or product.
Not having proper marketing may cause that potential customers are not aware of any offers your business has to make, and your company can lose the opportunity to expand and become successful. So, if you use marketing to promote your company, it will give you a chance to be discovered by many potential customers.
It Boosts Up Your Sales
Once you had advertised your service, product or company and got it on the radar, you will need to increase your chances of making a sale. The very second this becomes reality, there is a chance that new customers will spread the word and tell their family and friends about your amazing services or the products they have discovered.
As they spread their word more and more, your sales will slowly increase. So, if you haven’t used marketing strategies, this would have never happened and, without sales, your business will not be successful.
Gives Your Company Reputation
The company’s reputation is one big factor which decides whether your business will be successful or not. Having good marketing helps you build your brand name.
When you set high expectations for your company in the public eye, then your company will stand on a firmer ground. So, when your reputation grows, it will increase your sales and expand your business.
To build a good reputation for your company, you have to actively participate in community programs, have effective communication both internally and externally and offer quality services and products to support your marketing and make your efforts worthwhile.
Gives You Healthy Competition
Marketing makes room in the marketplace for a little healthy competition. When you present your prices via marketing, it reaches the potential customers but it also reaches other businesses who are selling in the same industry.
Like there are monopoly companies that put the prices they want on certain services and products, there is marketing which generates competition between businesses who are trying to win over customers before their competing company does.
If there wasn’t for this healthy competition, monopoly companies would sell their products and other companies wouldn’t stand a chance in the marketplace. So, marketing enables both small and new business to grow and enter the marketplace.
What to Have in Mind
Even though marketing is very important for every business to be successful, have in mind that it can be very expensive. It may happen that a business can spend almost half of its revenue on marketing in the very first year.
After that, your marketing budget will approximately be 30% and maybe sometimes more. In order for your company to have the best chance of succeeding, the best form of marketing will be to use mixed and different forms of marketing, like website development, print and the broadcast form of #advertising, as well as public relations, designing and printing materials and maybe some special #events, like trade #shows.
Got the idea why marketing is important for a successful business? It is true that it can cost a lot, but you have to invest in order to gain.