For us to understand the importance of marketing to the success of business, we have to understand the importance of blood to our human life.
It runs around non-stop. It gives us life. If it stops moving, our life is over.
Whenever you see a successful business, you`re likely to see its products/services and its employees. You may not actually “see” its marketing, just as you won`t see my blood if you see me, but it controls every other thing.
Products and services you`re selling are like body of a car while marketing is the engine that drives the car. Sometimes a car with a bad “body”, but a good engine will outrun a car with a good “body” but a poor engine.
In today`s business world, having a good product will not make you rich. You need to have a good marketing skills.
The following points explain the reason why marketing is so important to the success of your business.
- Marketing is important because it helps business to sell more products
There was the old adage that if you are selling something good, you can open your shop in a far place, people will find you.
Maybe in 15 century. Not now. No longer can you try that,
In today`s market place where 50 (or more) companies may be competing in a market, you cannot just start a business and hope it succeeds.
You cannot just start selling a product or rendering a service and expect sales. You have to work it out. You have to be tactic. You have to understand and apply good marketing strategies.
Marketing is important because it increases your sales.
A little change in your advert can increase your sales by 200%.
I have learned a single tip from a friend (just on a phone conversation) that increased the value of my business by more than 100%,
I have read a marketing book that increased the value of my sales and earnings by more than 300%.
That`s the power of marketing, when done correctly.
- Marketing increases your goodwill
Goodwill is an invisible asset of human being, organization or company.
You can call it reputation. It is how people see you. Who people think you are. How much people can trust you,
When a business takes time to market its products/services strategically, more and more people trust it products/services and that leads to more sales.
Why do you think great companies like Coca Cola, Apple, Facebook, Dangote, etc. still advertise their products? Believe me, if MTN stops advertisement, it may not affect their sales for the next six months, but it will start affecting their goodwill (reputation in the mind of the consumers) immediately.
Whenever a company is losing her reputation in the mind of its target market, customers` trust starts dropping so do sales.
That`s why even the biggest companies in the world are still investing heavily on promotions.
Marketing and promotion is very important for every business, so as to increase (or keep) your customers` trust and sales.
- Marketing is important because it helps us to learn about our target consumers
The first step, even before coming up with your marketing strategies is to know and understand those you want to sell to. Marketing helps you to do that.
You cannot brand your company appropriately, nor can you position your products the way you should, until you know those to whom you intend to sell.
The best copywriter in the world will fail if he doesn`t know those he wants to write advert to persuade.
Because we all know that for a promotion to be effective, we must first learn, know and understand our target consumers`, we invest time, energy and money in doing so.
Knowing our customers is a great business asset. We can use the knowledge to create better products, to brand and package our products and to promote our products in such a way that is most persuasive.
- Marketing is important because it helps us to build a great brand
Marketing is very important because if done correctly, a time will come when we would have built a great brand that is known with quality, speed, freshness or whatever what our market positioning is, that we can sell more products than our competitors, even when our prices are higher.
At this time, we have achieved great fit. We can now sell easier with less promotion.
You think about it. If you`re in a market to buy laptop and you see two brands, HP and Maco, which will you buy?
Even if the price of the HP is 50% more than that of unknown Maco, even if the design of the unknown Maco is far beautiful, even if the sales person tells you that Maco is better, you will still likely go for HP.
Why? HP is a known and trusted brand.
Now you understand why some well-known brands could charge higher prices and still sell more than their competitors. They have used marketing to promote their products and built a solid brand.
Now you see how marketing is very important to the success of your business.
- Marketing is very important because it increases customers` loyalty
At a point, some customers become friends and family of the company or business they love.
Early this morning I received a message from one of our online “students”. He has not received our mails for a long time and he was worried. Imagine hundreds of people/businesses who might be sending mails to his inbox, yet he feel that he has missed ours.
Another reader of ours sent us a mail and told us that he has told all his friends about us. That`s loyalty.
When customers become your advertisers, that`s loyalty
Marketing is very important because through it we can get people to know about our good products, get them to fall in love with our services and then they may become our loyal friends who tell their friends about our products.
- Marketing is important because it makes you to spend less while you earn more.
Some people who are reading this might have being thinking, “How then can I get money to promote my business, being a small business owner”?
The good news about marketing is that, you can do it without money.
Get me right. Some elements of your marketing strategies will require money to execute. You cannot run adverts without money. You cannot do extensive market research without money.
But you can position yourself in the market with no money. You may not need much money to brand yourself than you need if you don`t. You don`t need money to come up with a persuasive Unique Selling Promise (USP).
You don`t need money to implement many elements of your marketing strategies, but you need marketing skills.
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