The importance of marketing in ensuring a business’s success or failure cannot be undermined or understated. Cleverly concocted marketing strategies and the development of core marketing plans ensure that your product is advertised enough to reach your selected target market, and without it, you risk having your company go bust or defunct. Good marketing strategies will usually elicit a positive domino effect that ripples across company sales and rakes in a steady stream of revenue. If you fancy yourself an online marketer for example, your social media networking skills are the core determinant of how well you manage to communicate brand awareness and roll in some profits for your company. Thus, it is imperative that the importance of marketing is never overlooked in a business, especially one that is in throes of growth and expansion.
There are generally several reasons as to why marketing is a vital heartbeat to a company, some of which goes as follows:
Marketing Augments Sales
Without marketing, a company risks encountering a premature death or disassembly due to lack of sales and eventual loss of profit. Cleverly devised and supervised marketing strategies ensure that a company’s reputation is held up and a product is advertised. Without proper advertisement and exposure via marketing, your product will pretty much fall into the abyss of ill-forgotten things and cost a huge financial blow to your company.
Marketing Communicates Brand Awareness
If you wish to reach your target market quicker, you can always venture into email marketing or online marketing via social media hubs such as Facebook and Twitter. Your goal would be to reach your selected target demographic more efficiently and effectively, and ultimately to communicate brand awareness about your product. You want people to know about your product or services, and you want word to travel down the grapevine to increase the chances of making a sale for your company.
Marketing Focuses on New Opportunities
When budgets are hitting an all time low, sales have stagnated or your head is riddled with so many ideas that it’s choking the life out of you, then employing a marketing plan might just help you focus your resources and time in the right direction. Without a concrete marketing plan, you risk making tons of mistakes that might cost your company a huge amount in terms of lost sales opportunity. To avoid all the hassle of pointing your business objectives in the wrong direction, you could develop a marketing strategy to target new potential buyers or even dive into new or parallel markets to achieve your business goals.
Marketing Placates and Increases Shareholders in your Company
The last thing anyone wants is for their company to lose their shareholders. By continuously marketing your products and chipping into advertising, you can reassure your shareholders that your company is surviving and trying to gain a competitive edge on its rivals. This will not only placate your current shareholders, but will also increase your market shares in the business realm.
Marketing Increases ROI Rates
The importance of marketing has always been to make sales, which in turn will create golden opportunities to rake in profits for your company. Most businesses thrive on sales and yearn to increase their ROI rates. With a correct marketing plan, you can devise strategies for building and developing your business during seasonal breaks when the consumer crowd has thinned, and explore new ways of making your product or service acknowledged. You can even start developing a new line of services and products, and focus on expanding your business goals and increase revenue streams to boost your ROI rates.
Thus, the importance of marketing in a business lies on the ability of its salespeople to devise the correct marketing strategies to ensure that sales are made, profits are rolled in, and overall ROI rates are increased.
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