Visit any marketing blog and you will see endless articles about the different techniques and tactics you can use to market your business. Don’t get us wrong, this is interesting and useful stuff…but it never really tells us why.
As a general rule businesses want to spend as little as possible whilst making as much as possible, it is just common sense. So why do so many blindly spend on marketing just because they have been told they should?
Not only is this ridiculous, but if you do not know the why then you are also likely to get lost on the how. In this article we run through the key reasons businesses should be investing in their marketing efforts.
Grow your business
Let me ask you a question. Do you want your business to make more money?
It is likely you answered yes. If you answered no, we have a whole different issue to deal with.
By marketing your business you can grow your profit in two main ways.
The first is by increasing your reach. This can be done through a number of methods in the digital marketing space. Fundamentally, the aim of digital marketing is to get more traffic to your website where you can educate potential customers about what your brand offers through powerful content. Once hooked you are then able to convert those website visitors into paying customers for your business.
Look at it this way. It doesn’t matter how awesome your service or product is, if nobody know about it, nobody is going to buy it.
Secondly, marketing helps you to establish your brand better with current customers. You can market to your current customers to remind them of how awesome your business is or advertise new and associated services you are offering. Existing customers should be the easiest area for business growth if they have already had an excellent experience.
Strengthen your brand position
Even if you don’t want to attract new customers or grow your accounts with current ones, you still need marketing.
Modern markets tend to be volatile and when lean times come only businesses that are most established tend to survive. A big part of this is the level of service and quality you offer your customers, but it also comes down to how well your brand value is understood.
When money is tight, people tend to take less risk. Getting your brand well known via marketing generates a level of trust from customers that can help businesses get through hard times.
When you think marketing you probably think about attracting customers (see our first point). However, it also allows you to attract top talent to your brand.
To market your business effectively you need to be able to understand and communicate your purpose. This in turn builds a strong brand identity which establishes you in the market amongst your customers, but also those who may work for you.
This position appeals to talented individuals who want to work for businesses that offer security, job satisfaction and career progression.
Stand for something
Consumers are becoming increasingly more concerned about purchasing from businesses that align with their own values.
Marketing allows you to communicate to customers what your brand stands for and why that fits so well with their own way of doing things. For example, a brand which takes responsible sourcing of products seriously is likely to see an increase in sales when they make other ethically aware customers aware of the fact.
Regardless of whether you are a small start-up or an established business it is clear that marketing is an important element to help your business succeed. By understanding your business goals and implementing marketing strategies to help you achieve them you will strengthen and build on your businesses position.