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Marketing is a set of activities that any organization launch to promote sales of its products or services. Simple!! right? The task itself may not be that simple as it involves employing expertise and the technology to achieve what an organization wants to achieve. Marketing is very crucial to the success of any business because it works as a driving force behind the revenues in addition to the other initiatives corporations take for growth.
Marketing is broadly categorized into two types,
Whichever method you employ, your end goal will always be growth and revenue generation.
Here are a few most important reasons why companies must take marketing very seriously and have a clear marketing strategy, be it a start-up or a big corporation.
If a person doesn't know a brand or a company, it is more likely that he/she will never buy its products or services. So, it is consequential that your brand's logo, name, products, and other assets make a buzz in your target market.
Brand awareness generates trust, the more people know about your brand, the more successful your brand or business will be. It is the foundation of acquiring a customer audience and helping them understand and become comfortable with your products and services — increasing your brand market share.
Marketing campaigns and initiatives help companies build and increase awareness among target audience. The more people know about the brand, the more likely they are to consider it when making purchasing decisions.
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There are a set of potential customers which need extra efforts in addition to brand awareness to opt for services/buy products. Various marketing practices help businesses attract new customers and expand their customer base. Strategies like advertising, promotions, and content creation help in reaching and convincing potential customers.
Businesses grow when they acquire new customers, however if they can’t retain existing customers, the customer base is going to be stagnant. So, building loyalty among existing customers plays a key role when striving for growth. Some of the initiatives like Loyalty programs, personalized communication, and customer engagement strategies help keeping current customers satisfied and generate repeat sales.
What’s your USP? A frequently asked question in a competitive market. If businesses employ effective marketing strategies, they tend to offer some help their potential customers to differentiate their products or services from those of the competitors.
Unique selling propositions (USPs) and compelling messaging can give you a competitive edge.
Why are you in the business? Or What’s the ultimate goal of marketing? Money or earning. Isn’t it?
Marketing DIRECTLY contributes to revenue generation by driving sales. A well planned , executed, and targeted marketing campaigns lead to increased sales and business growth.
Wouldn’t it be nice if you know your target audience, their needs, and current market trends? Won’t it make your job easier? And help you achieve your sales and revenue targets much easily and quickly?
Certain marketing campaigns involve gathering this data and help take informed decisions about product development, pricing, and positioning.
Markets are dynamic, and consumer behavior evolves. Marketing enables businesses to stay agile and adapt to changing market conditions, technology trends, and shifts in consumer preferences.
Communication helps us build relationships be it personal , professional, or business.
With the effective communication, you can convey your brand's message, values, and benefits to customers. Clear and consistent communication helps build brand trust and credibility. This not only helps attracting new customers but also maintaining a positive brand image and fostering loyalty.
If your prospective customers are educated about your products or services, you don’t need to convince them hard to buy them. Informative content, tutorials, blogs, articles, creatives or videos and demonstrations can help customers understand the value and benefits of what you offer.
In summary, if a business wants to excel, there’s no option to defining and planning a clear marketing strategy. It will only help accelerate the business growth by creating brand awareness, attracting, and retaining customers, generating revenue, and adapting to the ever-changing business environment. Marketing must be an integral part of a comprehensive business strategy that focuses on understanding, reaching, and satisfying the needs of the target market.
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