The Importance of Marketing for the Success of a Business
Marketing is the backbone of any business:
People must know YOU – Get your name Out
For a business to succeed, the product or service it provides must be known to potential buyers. Unless your business is known in your community or target market and have communication with your customers readily available, no one will buy from you.
It helps get more sales. As awareness becomes a reality, it is also the point where new customers start to spread the word, telling friends and family about this amazing new product they discovered. Your sales will steadily increase as the word spreads.
Brand image can only be build with the help of marketing.
Marketing also fosters an environment in the marketplace for healthy competition. With marketing efforts you will set out your pricing, discounts, promotions, new product developments, etc, which not only reaches the intended consumers, but also reaches other companies competing for the consumers’ business and this will give you edge over your competitors.
Although marketing is hugely important for a business to succeed, it can also be very expensive. In its first year, a company might spend more than what is expected on marketing programs. After the first year, a marketing budget can reach as much as 30 percent—sometimes more—of the annual sales. A marketing program that gives your company 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, etc.
And in order to achieve all this you need a marketing plan. Your marketing plan would have a comprehensive marketing strategy, sales tactics and your projected sales verses your expenses. This marketing expense could be converted into your investment as you are expecting a return out of it.
A million dollar question – Do you have a marketing plan?
Give us a call at 604-679-8213 or write at firstname.lastname@example.org and will guide you on how to market your business.