Business owners spend a lot of money on various aspects of their company such as the product, packing, customer service and so on.
One aspect of the business, however, that many business owners debate spending money on investing in is marketing. This is because many business owners do not see the benefits of marketing and do not see why they should bother with it.
In reality, every business needs marketing as every other aspect of business cannot succeed if the business’ products and services are not well marketed. Some of the reasons for why businesses need marketing are as follows:
- Ensuring sales: The purpose of businesses is to make a profit. For this to occur, the business must make sales and for the business to make sales, people must be aware of their products and services.
There is no point in a business creating a good service or product that no one will know about.Therefore, it is important that businesses invest time and money into their marketing.
Beyond this, they can also employ the service of a digital marketing agency such as Broad Place, and this is to make sure they are marketing your business to the right demography and in the correct manner.
- Gaining new customers: The only way a business can expand is by acquiring new customers. The single best way to acquire new customers besides referrals from existing customer is to market their products and services to them.
This includes online marketing, billboards, radio commercials and what not. This also includes finding the right target audience that will be interested in their products.
If a marketing campaign is well executed on the part of a business, the business’ goods and services can be discovered by groups of people who otherwise might not have heard about them or patronised them.
- Retaining current clients: According to studies, it is almost ten times more expensive to acquire a new customer than to keep an existing one.
As much as a business should strive to bring in new customers, they must not neglect their existing ones. While an individual might benefit from a business’ goods or servos, it is possible that they forget about them with time and eventually stop patronising them,
This is why it is important for businesses to regularly advertise even to their existing customers to remind them of their existence.
For long-term customers, discounts and promos could also be offered to reward them for their loyalty.
- Building public awareness: Not all marketing a business engages in is meant to bring in new customers. Some marketing is done purely to increase public awareness of the brand.
The average human being is aware of dozens of brands even if they do not patronise all of them.A brand having a high level of public awareness boosts its image, increases their goodwill and also helps to increase its value as a brand.
If there is any aspect of a business that should not be neglected, it is the marketing part of a business.Marketing helps to secure profits for the present and future, keeps customers interested and increases public perception of a business.