You might have heard some entrepreneurs say that they don’t need marketing, it’s a waste of money. It might be true, but it does not mean that they don’t do marketing. They are definitely involved in some form of marketing if they are doing well. Let’s take a look at why is marketing important for businesses?
Every Company Already Does Marketing – Often Without Knowing It
Marketing is not just advertising and also not a separate operational function. Marketing means market-oriented corporate management, and that is what most entrepreneurs do anyway.
Marketing Ensures The Long-Term Success Of Your Company
Marketing is a sustainable investment in your company’s success. By closely monitoring the market, you can align your products and services more closely to the needs of your customers and secure sales in the long term.
You can also specifically awaken the need for your products on the Market. One needs to consider it as a medium of building a brand name for the future and not only to sell products today. Of course, a short-term flyer campaign can boost sales, but it will have almost zero impact on marketing the business.
A marketing concept always consists of analysis, strategy, tactics, and control. In order to build your company into a brand with personality, a vision or mission statement is also necessary.
All of this cannot be implemented overnight. If you lack the resources to do so in the company, you should prefer a marketing agency to help to give your company a personality.
You Can Sell Products And Services Only If There Are Customers
If nobody knows that your company and your products and services exist, then nobody will buy from you. Logically, if nobody knows you, nobody can buy from you, and even if someone accidentally came across your products, why should they buy from you of all places. And then your product must be better than your competition. Targeted marketing counteracts this.
You have to assert yourself in price competition
We often hear from entrepreneurs that in Market, everything is determined by the price. We benefit from the effect that as soon as something goes wrong, the others are always to blame.
Since very few companies can keep up with prices from China, they have to rely on other parameters. Marketing policy is a particularly lucrative one. In particular, Apple did this excellently.
Apple has never had the best cell phone on the market since the first iPhone, at least if you consider the hardware. Nevertheless, millions of customers are still willing to pay overpriced prices to own the latest iPhone.
So how can you assert yourself in price competition? Psychologists have found that people buy emotionally, then rationally justify their decision. You need to focus on how to market your product rather than just launching a low priced product that might or might not succeed.
You need to reach people to trigger an emotional response towards your product. You need to show them what is different about your product and tell them why they should purchase it.
Will marketing Pay off
You spend 1000 on marketing and generate 10,000, would you be able to do that? What we get with it is the ROI (Return on Investment) and one of the key indicators of management. Nobody advertises if it doesn’t make a profit for them and you shouldn’t too.
However, miscalculated actions lead to uncomfortable situations like this. Individual measures are almost never crowned with success. A huge effort stands in the way of little benefit.
Rely on targeted, cross-media measures. Our advice for any business interested in online marketing would be to follow these rules of engagement Analysis – Strategy – Tactics – Control. Optimize to avoid burning money. Marketing will certainly pay off.