Starting and running a successful business takes time, commitment, and a good strategy. Not only does thoughtful planning come in handy when developing unique business ideas, but it is also an essential part of the process even after your business is well-established. Among the most critical strategies in building and maintaining any business, marketing consistently ranks near the top of the list. Here are a few reasons why marketing is one of the most powerful tools at your disposal when it comes to building a business.
1. Create Awareness
One of the first challenges a new company faces is figuring out how to introduce their product to the world. Even if you offer one of the best products or services available, it does not matter if no one is aware your brand exists. This is where marketing comes into play. The job of marketing is to take a small idea and turn it into a household name. A skilled marketing strategist will know the ins and outs of advertising on multiple platforms and understand what it takes to create the necessary brand awareness to get your company started off on the right foot.
2. Build Relationships
Consumers prefer brands that they trust and feel an attachment to. As chief marketing officer at Zume Inc., Mark Crumpacker Zume has over 20 years of experience working in high-level marketing. He says one of the best ways to connect consumers with a brand is to utilize the art of storytelling. If you want your product to stick in someone’s mind, use a noteworthy story to sell it. In recent years, storytelling has become a prime method of forming a deeper connection between companies and consumers. It taps into one of the most ancient forms of human communication and allows people to build an emotional association with your business.
3. Remain Engaged
Marketing that draws people in is one thing, but truly strong marketing stays with them for the long haul and keeps them coming back. Consider using your company to develop a presence in the community and get your name out there. This may involve sponsoring events, giving out free samples of content, or volunteering locally. Even if your organization is not yet big enough to tackle such large-scale marketing, there are still great ways to stay engaged. Today’s businesses are fortunate enough to be able to take advantage of the internet to foster an ongoing dialogue with audiences. Utilize review websites, maintain an active social media presence, and respond in a timely way to calls and emails. Keeping an open-door policy sends a positive message to customers. It shows that your company is responsive and cares about receiving feedback.
4. Give Them What They Want
Marketing facilitates a better understanding of the consumer’s needs and wants. Solid marketing research typically offers comprehensive information on who the audience is for a product. This may include age, income level, gender, and more. Not only does this information improve a company’s ability to target advertisements, but it also helps inform the creation of additional products that are likely to sell. Market research plays a key role in business expansion and product development. For example, if you are aware of a market with a need or a desire for a particular service, your company can be the first ones to step in and provide that service. Thus, you give yourselves a leg up over the competition by carving out a niche of consumer demand that your business alone can fill.
5. Stay Competitive
If you are competing for a slice of a larger market share, it is even more imperative to find a marketing strategy that sets you apart from the rest. The first step in the process is using market research to take a serious look at your competition. Determine ways that your product or service is better than theirs, but also do not be shy about admitting where their offerings are superior. This gives you a basic starting point as to where your advertising efforts should be focused. It also tells you what to emphasize and what to steer away from. If you cannot compete with others on low pricing, do not make prices the highlight of your advertising. Instead, concentrate on something your business does well such as product quality or customer service.
6. Keep on Growing
While keeping existing customers should always take precedence, growth is an important part of building a prosperous business. Once you have established a solid base, ideally you will want to continue expanding well into the future. Marketing tackles both objectives at once. It maintains an active customer base, but it can also reach different types of audiences, generate new leads, and allow your brand image to make a wide-reaching impact that grows over time.
Marketing is a critical aspect in every stage of business. Whether you are managing a Fortune 500 organization or hosting a start-up out of your own home, a high-quality marketing strategy gets your company where it needs to go and helps it stay at the top.