The Essentiality of Marketing for the Modern Business
Businesses today can no longer ignore the benefits of marketing. Whether a business sells to consumers (B2C), other businesses (B2B) or both, it needs an effective marketing strategy to succeed. To put the importance of marketing into perspective, here are several ways that it helps modern businesses succeed.
Inform and Educate
Marketing allows businesses to inform and educate their target audience about their product or service. If a prospect doesn’t know how the product or service works, they probably won’t buy it. Through marketing, businesses can explain its function and value.
Brand Message Overload
The average consumer sees or hears 10,000 brand messages per day, according to the American Marketing Association (AMA). With so many brand messages, businesses must market their products or services to stay ahead of their competitors. Otherwise, their target audience may purchase a similar product or service from a competitor.
Of course, businesses with a strong marketing strategy typically generate more sales than their counterparts with a poor or nonexistent marketing strategy. Marketing explains how the business’s product or service will benefit the customer. Even without a direct sales, a targeted marketing message may entice the prospect to make a purchase.
Marketing also encourages higher brand recognition. Marketing messages often contain identifiable brand elements like the business’s name, logo and slogan. Each time someone is exposed to these elements, it creates stronger brand recognition for the business. This, in turn, boosts sales by making the business’s target audience remember its brand.
Marketing is highly scalable. A new small businesses, for example, may invest just 5 percent of its revenue in marketing. A larger businesses with more capital, however, may invest 10 percent to 15 percent of its revenue in marketing campaigns. Businesses can scale up or scale down their marketing strategy with few limitations.
Businesses can use marketing to engage with their target audience. Some marketing channels even create a two-way conversation between the business in its audience. On Facebook and other social media networks, for example, businesses can talk directly to their target audience.
Whether it’s a small family-owned cafe or a Fortune 500 tech company, all modern businesses need a strong marketing strategy to succeed. However, it’s important that businesses take the right approach with marketing. An effective marketing plan should include targeting buyer personas with highly relevant messages at the right time.The Essentiality of Marketing for the Modern Business