5 Reasons Why Marketing Matters in Business?
“Because its purpose is to create a customer, the business enterprise has two, and only these two, basic functions: Marketing and Innovation”, by Peter Drucker, a renowned author.
While innovation is deeply rooted in numerous businesses’ minds, marketing gets overshadowed, and that’s where success takes a step back. No matter if it’s a small or big company, providing products or services like argumentative essay writer, offline or online, marketing is an inseparable part of it.
If a business is facing a downfall, then, one of the potential reasons can be a lack of marketing. With all the evolution happening around us, be it Artificial intelligence or ingenious inventions, we get to know all the stuff in no time, all thanks to marketing!
With that, let’s explore the world of marketing, learn how much importance it holds, and know why. So, let’s dive in!
5 Why Reasons Why Marketing is Important!
(This graph shows the influencer marketing global market size from 2018 to 2023, in US$ billion).
Before getting started, it is vital to know the meaning of the term “marketing”. In simple terms, it is the activity or process by which companies promote and advertise their goods and services to the public. It aims to convey the values of the brand through its content, strengthen brand loyalty, and increase sales.
Even though there are countless reasons why marketing is significant, we will discuss the top 5 reasons for it. (word of mouth marketing)
- Brand Awareness: All companies run for an ultimate goal, i.e., to generate revenue, earn profits, and create a positive image of their brand. Keeping all of them aside, building a reputation of a brand not only just takes unique logos or styles, but how people perceive it.
So, how to create brand awareness? The answer is marketing. It helps the company preserve the existing customers and gain more. Effective marketing campaigns boost branding by promoting them both offline and online.
For example, an organization indulges in producing kids’ toys, providing the products with the same quality as their well-known competitor, but in less price. Consumers would still buy from the company they are familiar with, even if their prices are higher.
In such cases, an effective online and offline marketing campaign, with a unique brand logo and name will help in attracting them.
- Reach Targeted Audience: A company engaging in making women’s handbags will have a specific targeted audience, i.e., women, around young to middle age. Knowing your target audience and modifying the marketing strategies accordingly is what targeted marketing is.
By implementing the right online and offline approaches, marketing not only helps in reaching the target buyers but also creates valuable client relationships.
- Engagement and Communication: Engagement marketing is another successful approach to gaining an audience. There are a lot of ways to communicate with the public and raise engagement.
Companies can share their WhatsApp number or email address to personally engage with people, or take advantage of social media polling, stories, and posts like definition college paper to have words with them. This also helps in determining the preferences, budget, etc., of the targeted buyers.
- Marketing Analytics: Marketing data and analytics help teams make informed decisions. This data can be used to serve numerous purposes, such as to target those users who didn’t engage with the company’s last campaign. This will help teams identify the misses and modify their plans.
It can also be used to figure out the changes in the industry, track the engagement of viewers, examine sales and market trends, and track the competitors.
- Set Better Objectives: Once an organization reaches its targeted consumers, builds a reputation, and starts earning a profit, the ultimate objectives become clear. Marketing helps them by defining a vision for the growth of their business.
Measurable marketing strategies help organizations measure their success, and downfall, and adjust their plan of action.
The 4Ps of Marketing
Introduced in 1960 by E Jerome McCarthy, the 4Ps of marketing are still the most influential stages that every business goes through.
- Product: When a startup comes up with an idea of launching a product, that’s where the process of marketing begins. A company can’t just manufacture goods and start selling them, as there must be well-established competitors out there in the industry.
The task of a marketing team here is to analyze the targeted audience, how to modify it to increase the chances of success, and more.
- Price: The respective teams determine the price of the product their target buyers are willing to pay and compare the prices of competitors. They need to settle for a price less than their competitors and high enough to generate revenue.
- Place: It is also fundamental to examine the location where the product or service will find its potential buyers. Give insights into whether online shopping sites are a viable option, or whether you can sell products either locally or globally.
- Promotion: Promotion involves the advertising process, for example, printed advertisements, videos, online posts, etc.
Do You Know?
Mobile devices now generate 55% of all website traffic globally. Mobile advertising spending will hit nearly $400 billion in 2024.
Wrapping It Up
With the rise of social media usage, technology, and changing consumer behavior, marketing, and effective marketing approaches have become more important than ever. With countless options that buyers have today, the chances of getting good sales, having loyal consumers, and maintaining brand image intact, have become challenging.
Another reason that has made marketing influential is that people have a wealth of information on the internet. They can now easily compare prices, features, and reviews of a product or service. It makes it necessary for companies to have a strong digital presence and implement strategies that will stand out from the crowd.