“The importance of marketing”
Posted: 1/22/19 By J. Mazza
Marketing has been an established business concept since the early 1950’s, but many don’t understand the necessary role that marketing plays in today’s business world. In the broadest definition of the word from www.Dictionary.com, “marketing” is defined as the total activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling. As a business activity, marketing becomes a much larger entity that then the sole process for transferring goods from one to another, as the practice works to target, build, and maintain a relationship with consumers who need or are actively looking for the products and/or services your business sells. Why does that matter to you, the owner or employee of a business?
To put it simply, marketing allows businesses and organizations to:
Know Existing & Attract New Customers
Marketing forces businesses to take an in depth look at the marketplace for whom they are trying to sell their products.
Spread Awareness Of Products & Services
Through Marketing, Advertising, and Public Relations, marketing allows us to control how consumers view & perceive your products.
Build & Maintain Future Sales Relationships
Making a sale is great! However, building future sales and creating sustainability is key to a long lasting business.
As you can see above, these are the 3 largest impacts that I’ve chosen to show the effects that marketing can have on a business. Before sales are made, businesses have to consider: Who is going to buy their products? How much money are customers going to spend on their products or services? How do consumers and the overall market perceive your business? Do consumers consider your business as favorable or unfavorable? Will consumers purchase your product or service from your business or a competitor? How do they perceive your product or services, are they high quality or low quality? Knowing your consumer is going to play the greatest role in selling them products or services.
After making the determination of whom you’re selling your products or services, how do you sell them? According to the Small Business Association, 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10 years. The question you have to ask yourself is, “How do you stay ahead of that curve?”, whether you are a new business, have surpassed your year of operation, or have long been established in your market? The solution is a combination of sales and marketing. Sales will keep a business afloat, but marketing showcases all your products and services to existing and potential future consumers. Otherwise, how will those consumers know you’re out there? What is stopping them from going to a competitor?
Marketing allows us to build relationships with consumers. Regardless of whether they are individuals, or other businesses utilizing your products or services. The relationship built from one sale could potentially lead to future sales. How do you maintain a relationship? That is a great question! It could be with a monthly newsletter, phone call, or advertisement. There’s no exact science when it comes to relationship marketing. It is a practice that is easier said then done, but it is a common agreement that relationship oriented philosophy should be put into place.