Why is marketing important to businesses: It is safe to say that almost every business uses some sort of marketing strategy.
Whether it is a restaurant, clothing store, or generally any company selling a service or product. Studies show. That every person on average comes in contact with more than 4,000 ads a day. Which is directly related to marketing. So why is marketing really important? Before we answer that question, let’s discuss what marketing is, and its purpose for business.
What is marketing?
When you go to a supermarket, there are islands of food, and they are all usually grouped by type of food. But do you know that all these are strategically placed in those areas. Where do you want to buy them? There’s a reason why candy bars and gum are next to the checkout stand, and the more expensive cereals are at eye level with shoppers, while the cheaper ones are below.
Marketing is just that. What you do to get your products or services into the hands of customers. The term marketing actually includes quite a few things. Advertising, promotion, product placement and public relations are some of the broad marketing techniques used to attract consumers. If you want to know more about market strategies. As it explains in better detail about market planning, strategies and more.
When people buy a product, they are buying more than just the product itself. They are buying into the concept, of what it will do for them. For example, if someone signs up for a gym membership. So they’re not just paying to use the gym and exercise. That person is buying a subscription in hopes of losing weight and looking good. And in this case the goal of marketing is to sell that image and perception to consumers.
Designing the product is also an important part of marketing. If a car company makes a sports vehicle which is heavy or does not look sleek. So it will be difficult to sell, no matter how well you advertise and promote it. What do consumers want in a sports vehicle? Having this knowledge makes the car company decide to design a new product.
The price of a product is determined by marketing. Because it has a big impact on this thing. whether the consumer wants to buy it or not. Many fast-food companies such as McDonald’s and Jack-in-the-Box offer their own “value menus”. Which contains some food items for a low price. If they sell some of the same products at a higher price. So it can greatly reduce the amount they sell. Which in turn will hurt their sales. Most of the prices we see. They are set at that price for a reason, not just because it feels right.
Learn Various types of Marketing
Importance of Marketing
Now that we have seen some examples. How Marketing Is Used. So here are some reasons why it is important in businesses.
Monitoring and understanding your fluctuations in sales can give you a better idea of this. What is working and what is not in your marketing strategies. Some companies release a product, and set the selling price too high, that people stay away from. If they feel that it’s not worth it. Sometimes setting the price too low can backfire as it may seem. That your product is cheap, or made with low quality. Comparing your competitors’ sales can give you a better idea of what your product is selling for. If you are marketing yourself well. So this should translate into increased sales and customer traffic.
2. Brand loyalty
When customers become more familiar with your products and brand. So you can gradually build a brand loyalty base. Which will give you an advantage over your competitors. This may allow you to raise prices. Because you know some customers are willing to pay a little more. Because they like, and trust your brand name. Not only does this increase your sales now, but people will buy your products in the future.
3. Word of mouth
This means building brand loyalty. That people appreciate your product. When people are happy with a product. So they are likely to promote it to their family and friends. Many consumers are skeptical of the ads they see promoting a product. But when they hear positive reviews from them. whom they trust. So they are more inclined to believe. And from a business standpoint, the best ads are the ones they don’t have to pay for.
4. Social media
The way companies have marketed themselves in the last 20 years. It has changed a lot. Newspapers and magazines were considered the best way to reach the masses in order to advertise a product. Nowadays, social media and online advertising play a huge role, and for good reason. With a click of a few buttons, a company can send a mass email to millions of consumers with a simple ad. Almost every webpage on the Internet has an ad attached to it. More and more companies are creating Facebook pages to do their marketing in social media. Thanks to the Internet, getting into social media marketing is fast becoming one of the best ways to advertise.
5. Understanding your industry
Using marketing can give you a better understanding of the current industry and your competitors. Every company needs to use trial-and-error to see what’s working, and what’s not. Some industries like fashion change frequently. Because trends regularly come and go. It is important to be on top of the current fashion trend or you can easily fall behind. And when you know your industry well. So you can learn more about your competitors and their strategies.