There are many reasons why marketing is important to your business.
Firstly, marketing is important to your business because you need regular customers to remain in business.
Secondly, there is every need for you to contually market your business, products and yourself.
Thirdly, it is important because competition is more intense now than ever before.
Below are the various ways marketing can help to grow your business.
Helps to inform people
Marketing is important because it can help you to inform potential customers of the existence of your business.
Similarly, it will help to remind your customers that you are still in business.
Furthermore, through marketing you can inform your customers of any changes or additions to your offerings.
If you do not market your business regularly, even your existing customers can easily forget about you and your business.
Therefore, you need to regularly market and advertise your products so that your business can continue to remain in the minds of your customers.
Helps to build relationships
Marketing is important because it can help you to build mutually beneficial relationships.
Furthermore, marketing can provide opportunities for you to meet potential customers you probably have never met before.
Remember that business is built on trust and relationships.
With trust and beneficial relationships, they can help you to move your business to the top 10 in your industry.
Get referrals and recommendations
During your marketing campaigns you can get referrals and recommendations from customers who have been satisfied doing business with you.
Do not forget to reward customers that give you referrals and recommendations.
Moreover, little incentives to people who refer customers to you can make them do more for you.
Furthermore, remember that verbal recommendations are more important to customers than your adverts in the media.
Why marketing is important: fight competition
Marketing is important to your business because it can help you to fight competition.
Remember that competition is something that you will need to engage with continually throughout your business life.
Most importantly, you should remember that in order to beat your competitors, you need to know more than them.
Promote your brand
Marketing can help you to promote your brand.
For example, if you have a unique product that you want to promote, effective marketing can help you to put such product in front of your customers.
If you do not market such product, potential customers may never know that such product exists.
Furthermore, if you do not market, advertise and promote such product, you will suffer financial losses.
Marketing builds trust
Marketing can help customers to build in your business.
Remember that business is built on trust and connections.
New business opportunities
Marketing can help you to stumble upon some new business opportunities.
For example, during your marketing campaigns, you can meet manufacturers, importers and wholesalers.
Some of these people may be willing to:
- Appoint you as their local representatives.
- Consign goods to you on “sale or return” basis.
- Appoint you as distributor of their products in your area.
- Give you some credit facilities, allowing you to pay at the end of every month.
- Partner with you to invest in or help you upscale your business.
The list of business opportunities you can get through marketing is endless.
Marketing is important to your business because it can provide you the opportunity to explain to your customers:
- How to use your products.
- Tell your customers what they stand to benefit from using your products.
- Explain to your customers, any differences between your products and other similar products in the market
The more existing and potential customers know about your products, chances are that you will sell them.
Marketing is important because it can help you to increase sales of your products.
As you move around, advertising and using social media, many people will be aware of your products.
Moreover, you can make more sales and more profits. With more profits you can overcome cash flow problems.
Most importantly, when this circle continues, satisfied customers will be willing and happy to talk the talk for your business. After all, talk is free.
Why marketing is important: know your products better
Marketing is important because it can help you to know how well or badly your products are performing in the market.
For example, you can receive feedback from the field that buyers are rejecting your products because of high prices.
Similarly, you can also get fillers that your products are of inferior quality.
Furthermore, in either of the above circumstances, it will be time for you to go to your drawing board and correct what went wrong.
Additionally, through the fillers you receive from the field, you can begin to think of introducing new products or modifying existing products.
Increase market share
Marketing is important because it can help you to increase your market share.
For example, suppose you already have 100 customers currently buying from you.
And you engage in aggressive marketing campaigns and consequently you now have additional 100 new customers.
Thus, your share of the market will have doubled, moving from 100 to 200. Is that not great? That is one of the ways marketing can help your business to grow.
Know customers better
Marketing can help you to know your customers better.
In other words, you will be able to know their tastes, preferences, fashions and so.
Of course, when you have these vital knowledge, it will be easy for you to channel your efforts to meeting their needs.
By Samuel Ijenhi, B. Sc. Accounting
Founder: Ijenhi Business Solutions