Behind the doors of a thriving business are departments and the members that push it closer to the brink of its success. From administration, which manages, runs and organizes a business, to the operations department which oversees creating a high level of efficiency and focuses on creating and converting labor and materials into services and goods, lies a third branch that holds great importance- marketing. Marketing has come to be a major key to a company’s success and relevancy. Whatever it is that the focus of the business may be, marketing will always be fruitful. Over the years, it has also changed its ways and has adjusted its strategies to fit just about any business, its services and the people they serve. Although there are various ways to sell goods and services, we should start off by answering the important questions: what is marketing? And how will it help a business grow?
What is Marketing?
Marketing has been around for quite a long time. Before technology and social media, businesses often used marketing strategies like word-of-mouth, events, and printed articles and newsletters. Given strategies have two things in common: there was no internet used and it often required people to get together, talk about the businesses and the services offered and/or read printed articles and newsletters to learn about what is being offered. With the internet at hand, business owners and marketers have taken advantage by creating new and modern ways to sell what a business has to offer. Now, people will rarely have to read a printed article because by the time it gets in their hands, it has already been sent to their e-mail. Consumers who use social media regularly will often hear about a business through advertisements on their Facebook, Instagram, and Snapchat accounts. Like technology, marketing is advancing, and it is moving as progressively- putting many businesses out there and informing consumers about what is available to them.
As previously stated, when a business is marketed it is advertised as much as possible to draw in potential customers and people that are in need or simply interested in the services and goods that they provide. This is done differently depending on the strategy that is most convenient for the type of business. For example, a restaurant will advertise differently than a plumbing company and they are more than likely to use different strategies because the audiences they are trying to reach differ from one another. According to the article 52 Types of Marketing Strategies by The Cult Branding Company, there are various strategies to choose from. All the listed strategies can draw people in and keep businesses at the top of the market. From advertising a business on a billboard, through a television commercial, on the pages of magazines and through ads on social media websites, there is nothing bad that comes from investing business dollars into good and strategic marketing.
How Does Marketing Help a Business?
When it comes to owning a business, and administering the money that comes in and out, owners often want to ensure that their money is going to the right places. Marketing is one of those things that have a fruitful result when handed over to someone who knows what they are doing. If the marketing is not done accordingly, the business will suffer loss of money and irrelevancy in the market- leaving it behind any competition they may.
Here are a few ways in which marketing benefits your business and how the money you invest can turn into the best decision you can possibly make.
- Marketing your business can attract relevant clients and customers.
- The general promotion of your business and the enhancement of its brand
- It can keep your business relevant and on top of the market.
Marketing Your Business Can Attract Relevant Clients and Customers. This is true to any business that invests money in marketing. Time, energy and effort are often put in by marketing companies to ensure that they are attracting the right people- those who are looking for and in need of the goods and services that a business offers. Although marketing may come off as a bit pricey at times, the production of high quality information pays off. A business’ consumers will find exactly what they are looking for and search no where else; you can say it provides exclusivity to the business because those looking at the business and the information provided will be more than likely to invest especially if it resonates with their needs.
The General Promotion of Your Business and the Enhancement of its Brand. Think about the big brands and how before they were well-known, they kicked off with a name and logo. As soon as consumers gave their products and/or services a shot (given that the consumers liked them), there was an association between brand and logo. The brand became known by its logo and as word-of-mouth and other strategic forms of marketing took place, the business was able to grow exponentially. The same thing can happen to smaller businesses; if effective marketing is done, potential customers are reeled in and, depending on their satisfaction, the brand, the logo and its services are promoted and enhanced all together.
It Can Keep Your Business Relevant and on Top of the Market. A business owner’s goal is to beat the competitors and stay on top of a consumer’s phone book; it is to stay relevant in their field to become well known for the services that they provide. In today’s world, marketing can do this and so much for business. It starts off with bringing in more potential clients and business along with boosting the sales, therefore improving the business profits.
Like anything else, business marketing is not easy… nor cheap and to make money in the business world you must be willing to spend it and invest it in the right places. There are however, general cons that also come with spending those marketing dollars. Here are two of the most common:
- Marketing is expensive.
- Marketing requires time… a lot of it.
- Lack of certainty
Marketing is Expensive. We cannot deny that a business should be very careful with how they spend their money and what products/services they invest in. Although money may come and go, business owners need to be smart and should handle their expenses carefully. This includes marketing dollars. To successfully advertise and sell a business’ services, a lot of money must be invested. Prior to spending money, there should be enough research done on things like: different and successful strategies (depending on the business type), different audiences and who should be targeted, along with other things like deciding whether to hire others to do the marketing. Making mistakes comes with targeting the wrong people by using the wrong strategy; it is not only costly but also irreversible.
Marketing Requires Time… a lot of it. Aside from having to spend so much money, business owners tend to spend a lot of time working on the marketing of a business. Things like research take a long time, especially when your business is new, and your audience is unknown. Finding the right strategy also takes a lot of time because it requires thorough research. Another thing that requires time in marketing is keeping track of the campaigns created. It is essential to be all over the campaigns to ensure that the choices you made are working for your business; it takes time to track a campaign’s success and failure (given that failures already count as a huge waste of time).
Lack of Certainty. There is no guarantee of success when it comes to marketing. There have been instances where businesses have spent thousands of dollars on campaigns that have generated little to no new customers. There have also been instances where paying high amounts of money only creates campaigns that come to be total disasters and negatively affect a business.
The important thing to remember when considering marketing is to do the research, learn the business, grasp the different marketing strategies out there, and get familiar with type of audience the business is trying to reach. Doing all of this will lead to making the right choices and deciding whether or not investing and spending money on marketing is something that is necessary.