Marketing is one of the most important things a business can do. Marketing helps you grow your business by building brand awareness, engaging customers and increasing sales.
Most small organisations tend to ignore marketing because of limited resources and availability of budget. For organisations which understand the importance of marketing but are not able to leverage the benefits of marketing because of limited resources and budget outsourced marketing could be the answer.
Before we go into why marketing is Important to grow your business, let’s understand
What is marketing?
Marketing in simple terms is all or some of the following
- Understanding what the customer needs
- Getting a product designed as per customers needs
- Identifying target customers for the products (Market resaerch)
- Identify what the competition is doing in the market (Competition analysis)
- Deciding on pricing of the product based on features and positioning (Pricing)
- Deciding on how the products will reach to the customer (Direct or indirect channels)
- Go To Market Strategy
- Deciding on the communication channels to reach the customers at the lowest cost (Communication/Advertising Strategy)
- Communicating value of your product to the customers and educating how your product is different than the other similar products (Marketing Communications)
- Generating and nurturing leads and give the same to the sales team to close (Funnel Management)
- Creating a positive impression in the minds of the customer about the brand/ company (Brand Building)
- Getting customer feedback and making improvements to the products (Customer feedback)
- Giving inputs to the product designers to design the products based on the customers requirements.
Based on the size and organisation structure of the company a few things may be handled by some other arms of the company
Now that we know what is marketing let’s look at
Why is Marketing Important?
Marketing plays a very vital role in any organisation. Marketing helps organisations to
- Identify new markets for the products
- Create awareness of the products with new customers
- Nurture and retain existing customers
- Get customer feedback and act on the feedback to make corrections.
- Build a loyal customer base
- Build a strong brand image of the organisation
Business grows by two factors
- When your existing customer base is loyal to you and would prefer to buy the products from you then your competitor (Customer Retention)
- You are able to find new customers who buy from your competitor to buy from you (New customer acquisition)
A good marketing helps you achieve both the above goals – Retain and upsell existing customers and Acquire new customers.
Most organisations aspire to grow fast but depend on the market growth to help them grow. For organisations that would like to grow faster than the market growth the answer is marketing.
Build your brand, understand what customers are thinking about you and use the right communication channels relevant to your business and see your business grow.
If you would like help with developing and implementation of your growth strategy we are here to help
Growth Wizards
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