Did you know that some businesses allocate up to 40 percent of their total budget just to marketing and advertising?
Are these folks onto something, or are they throwing their money down the drain?
It’s actually smart to spend a portion of your annual budget on marketing and advertising.
Why is marketing important, though? How much of a priority does it need to be when you’re trying to grow your business or help it to stay relevant?
Read on to learn more about the importance of marketing and how you can market your business effectively.
Why is Marketing Important?
There are lots of benefits that come with making marketing a priority for your business. Even if your business has been around for years, you still need to make sure you’re doing as much as possible to market it.
The following are some of the main reasons that marketing matters to businesses of all ages and sizes:
Builds Brand Awareness
If you want more people to know about your business and what you have to offer, you need to make marketing a priority.
Could you sit back, cross your fingers, and hope that people learn about your business through word of mouth alone?
Technically, yes, you could. That’s not the most reliable strategy if you want consistent customers, though.
The right marketing strategy makes it easy for people to learn about your brand and start getting interested in your products or services.
Ask any business owner and they’ll likely tell you that one of their biggest challenges is increasing their sales and their business’s profitability. Is this the case for you? If so, then marketing needs to be a priority.
The more people know about your brand, the more people are going to actually make purchases from you.
When you allocate time and resources to improving your marketing strategy, you’ll often see a significant increase in conversions and a nice boost to your company’s revenue.
The right marketing campaign can make it easier for you to start improving your business’s reputation.
This is an important benefit even if your business doesn’t necessarily have a bad reputation. After all, the more people can create positive associations with your business, the more likely they will be to make purchases from you in the future.
Makes Businesses Competitive
Good marketing helps businesses to stay relevant and stand out from their competition.
Think about the other businesses that sell products or services similar to yours. Are they putting a lot of effort into their marketing strategy?
They probably are, and you should as well.
People need to know why they ought to choose your business over one of the others in the space. What makes yours different? Why is it better than another one?
If you can answer these questions, you’ll be able to increase your sales and ensure your business thrives.
Marketing isn’t all about billboards and online ads. It’s also about providing value to your current and future customers.
Marketing strategies like blogging and social media sharing give you a platform to share important information with your customers. You can teach them about your products and explain to them why they are better than those being offered by your competitors.
The more value you can provide to people online, the more likely they are to trust your company and spend their money on your products or services instead of those of another business.
Creates Learning Opportunities
When you develop and implement a marketing strategy, you also gain opportunities to learn more about your customers and what they value.
This, in turn, allows you to streamline your marketing approach and use tools and tactics that appeal specifically to your target audience.
This is especially true of digital marketing, which provides you with lots of opportunities for analysis and assessment.
When you have a good marketing strategy in place, you can figure out exactly where you need to spend your money to see the greatest returns.
Easy Marketing Tips
Okay, you can see that marketing is important to your business’s long-term success. Are you totally lost when it comes to creating a marketing strategy, though?
If you’re not sure where to begin, here are some tips that can help:
Get to Know Your Audience
One of the biggest branding mistakes businesses make is not getting to know their audience well.
The more you know about the people who are buying your products or services and following you on social media, the easier it will be to create a marketing plan that attracts similar people to your business.
Start Using Social Media
A strong social media presence is essential for businesses that want to make it in 2019 and beyond.
Make use of platforms like Facebook, Twitter, and Instagram (find out which ones your target audience use the most) to spread the word about your products or services and get people interested in what your business has to offer.
The more consistent you are with your marketing efforts, both on and offline, the easier it will be for people to get to know your brand and start developing a relationship with it.
Stick to the same color palette and font style, for example, so people can start to recognize your advertisements, and make sure you’re posting information online on a regular basis.
Get Help Marketing Your Business
You now have a clearer answer to the question, “why is marketing important?”
A good marketing strategy can help you grow your business and make sure you’re attracting your ideal customer. It also helps to separate you from your competition and makes it easier for customers to develop a sense of loyalty to your brand.
Do you need help marketing your business? If so, we’re here for you at Brand Bliss. We know that growing a business is challenging, but we’re here to ensure you succeed.
Contact us today to learn more about our marketing services, or to schedule a free consultation.