Latest posts by Mary Mbuti (see all)
- Final Steps To Launching Your Online Store - March 12, 2018
- She Was Denied A Visa to Study Abroad. But That Discouragement Did Not Stop Shirlene Nafula To Build Crystal River products - February 19, 2018
- What You Need To Know Before Starting An E-Commerce Business - December 13, 2017
Almost every aspect of your business relies on successful marketing. The overall marketing umbrella covers; advertising, public relations, promotions and sales.
Your business may be offering the best product or service in the industry but without marketing, none of your potential buyers would know about it. Your sales may crash and your company may be forced to close. You may wonder why marketing is important. Well here are some of the reasons why you need to implement a successful marketing strategy right away.
- Marketing helps in getting the word out.
The initial step to take to succeed in business is to make your potential buyers aware of the product’s existence in the market.
Unless your business is already well known and you have established a customer base, you have to create marketing strategies to create product and service awareness.
Without marketing, your potential customers may never be aware of your business offerings and your business will not be given the opportunity to progress and succeed.
- Marketing helps in realizing higher sales.
Once your product, service or brand is familiar to your prospect clients, it increases the chances your clients will make a purchase. As awareness increases, new customers begin to spread word, telling their friends about this amazing new products that they have discovered. Your sales will steadily increase as the word spreads. Without employing marketing strategies these sales will not happen and you are likely to fail in business.
- Brand reputation.
The success of any brand rests on a solid reputation. Marketing helps to build brand recognition. When a brand reaches the high expectations of the public, its reputation stands on a firmer ground.
As your reputation grows, your business expands and the sales increase. The reputation of your brand is built through active participation in community programs, effective communication internally and externally, and creating quality products and services.
- Marketing fosters an environment in the market place for healthy competition.
Marketing efforts get the word out on pricing of products and services, which not only reaches the intended consumers, but also reaches other companies competing for the consumers’ business.
Marketing will help keep your prices competitive for your business to try to win over consumers before the competition does. Without competition, well-known brands would continue to sell while lesser known or new brands would stand little chance of ever becoming successful.
Marketing facilitates the healthy competition that allows small businesses and new businesses to be successful, enter and grow in the marketplace.
Although marketing is hugely important for a business to succeed, it can also be very expensive. In its first year, a company might spend as much as half of its sales on marketing programs. After the first year, a marketing budget can reach as much as 30 percent sometimes most of the annual sales.
A marketing program that gives your brand the best chance is a healthy mix of different forms of marketing, such as website development, public relations, print and broadcast advertising, design and printing for all print materials, trade shows and other special events.