While many businesses have their own marketing department, others still wonder: Do I really need marketing?
The answer is simple: Yes, you do.
The heart of every successful business lies in marketing. You might have invented the finest product or most excellent service, but what if nobody ever gets to experience them? How can you make sure people know about your product or service?
Setting up a business is the first step. Attracting customers and letting them know that you exist requires marketing.
Marketing is all about getting your product or service to your customers. As such, it is the key driver of your business. It involves various actions such as promoting and selling your product or service, market research and advertising. You need marketing as it is the only way you can let your potential customers know that you exist.
In this article we will uncover myths about marketing and five reasons how it will connect your business with customers.
Marketing vs. Advertising
While many consumers see these two terms as the same thing, there are actually quite a few differences between them. In fact, advertising is a component of marketing.
Marketing focuses on recognising customer needs and outlines how to best meet those needs. Advertising is the process of promoting a business, product or service.
Common types of marketing are:
- Digital marketing – everything electronic
- Social media marketing – uses social media platforms to reach potential customers
- Brand management – aims to establish strong connections between customers and brand
- Product development – includes customer and market analysis as well as market research
- Relationship marketing – all about keeping customers happy
- Global marketing – focuses on reaching customers on a global scale
There are several types of advertising – paid or unpaid – used among various mediums. Here are a few common ones:
- Print advertising – magazines, newspapers, brochures
- Broadcast advertising – TV, radio
- Outdoor advertising – billboards, banners, flags
- Digital advertising – websites, social media channels, search engines, basically anything internet
Marketing Is All About “Selling”
This is another common myth that often comes to mind when hearing the word marketing. People sometimes think all marketers do is sell things and make money. You’re wrong!
Of course, generating profit is essential and a key component of marketing. How else will your business stay afloat? But there sure is much more to marketing than that!
Marketing is also about educating people. It is about connecting with people and inspiring them. It lets you form bonds and create great networks that allow you to achieve greater things.
That’s the beauty of marketing. Despite being a results-driven industry, it also is a people’s business. It is glorious in all its versatile functions!
Now let’s look at five reasons why marketing is important for any business.
1. Marketing educates
This is probably one of the most important reasons why your business needs marketing. It’s not enough that you know you’ve got this amazing product or service – you need to educate your customers about what makes it so amazing.
In a marketplace that is flooded with products and services, it is crucial that you educate existing and potential customers in a very clear and understandable way. Make it crystal-clear why your product or service is what they’ve been looking for and how it serves their needs.
Informing customers is also about mitigating any risk associated with your product or service and outlining functional as well as emotional benefits it offers.
With that in mind, if you have a highly complex offering, you might need to do some extra work in educating your customers about why it’s worth it.
2. Marketing sustains
What we often see is that businesses use marketing as a quick fix of a problem rather than using it as a sustainable strategy.
For example, a company might be getting a new website as they’re not receiving enough customer engagement on their current one. They will get a graphic designer to build that website and well, that’s it.
But from a marketer’s point of view, there are so many more things you can do with that website! From sharing informative blog posts to using Google Ads to get more website visitors – the world is your oyster.
Marketing should be seen as a sustainable component of a business. Something that should continuously be invested in as it creates long-lasting customer relationships and longevity.
Interested in discovering how you can build long-lasting customer relationships? Click here!
3. Marketing captivates
When your customers are captivated it means that marketing done something right. It means that your business was able to successfully attract their attention and hold it.
As customer engagement is key, particularly for the success of small to medium-sized businesses, you need to be able to engage customers through multiple channels. These include your website, social media platforms, forums, in-store and so on.
Keeping your customers engaged at all times builds on trust and nurtures customer relationships.
4. Marketing sells
Now, this is something that most business owners care about. What money can we marketers actually make you?
Simply said, without marketing your business doesn’t exist. As we mentioned earlier, what is your product or service if nobody knows about it? And if nobody knows about it, who will buy your product or service?
Marketing exposes your business, informs potential customers about it and draws their attention to it, which in the end makes you money.
5. Marketing expands
Finally, marketing is critical when it comes to growing your business. Effective marketing often leads to growth in your business if you understand the last four reasons.
While marketing educates, sustains, captivates and sells – it all results in better business. And when you keep your customers informed and engaged, create a strong reputation and wisely sell your product or service, you will be able to acquire new customers.
Keep in mind that your existing customers are just as important as new ones.