‘Marketing’ is a familiar term in the business world, yet, many small and medium business owners do not understand it and its role in their businesses. Understanding the power of marketing, and mapping out marketing strategies is the fastest way to achieving your objectives as a business.
What is marketing?
The basic meaning of marketing is this; it is all the activity that involves building a relationship between you (your business) and the public, which includes your prospective customers and the people who may never patronize you. Your business needs to employ strategic marketing to thrive and outdo your competitors.
“Marketing is the activity,” The American Marketing Association (AMA) defined, “…set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
By continuously offering value to your customers, partners, and society, and regularly exchanging communications, you build a beneficial relationship with them. The entirety of these processes is marketing.
Getting marketing to work for you
To effectively use marketing, there are a few things to note. They include
1. Understanding that your brand perception is dependent on this: Marketing achieves the objective of building a good relationship between you and your customers. It molds their perception of you. Your prospects and customers feel that you satisfy their needs and serve them well when your marketing activities prove it.
For example, Content marketing requires that you show your expertise and create awareness of your business in the content you create.
When you realize that every marketing channel creates an impression of your business (call it your brand), you make your marketing more effective by continuous research and targeting. Why?
Because research and targeting enable you to consistently engage your prospects and customers in educative and entertaining ways. It enables you to speak their language, tell your story in ways that connect to them, and to convince them that you are a better option than your competitors.
Every content, product, or service (that bears your identity as a business) comes together to form your brand; how you are identified, and most importantly, how you are perceived.
Also, when you understand that your marketing activities give the public an impression, it enables you to incorporate a brand you want to be known for. This is where your logo, brand colors, voice of content, etc. matters.
You put in more effort and achieve greater marketing success when you understand that your brand perception is dependent on your marketing activities.
2. Knowing that relationships built will build other bridges to your business: Public relations and advertisements are an essential part of your marketing.
You win over the hearts of your customers, prospects, and the public when you leave a good impression on them. This could be through your advertisements that prove your competence or through public relations, examples, high engagement levels on social media (where you interact with them), and quality customer service (where you are the brand that solves their problems best and makes them most comfortable).
By satisfying their needs, you gain their loyalty to your brand and open the door to more prospective customers. How?
A satisfied customer or loyal fan of your brand goes ahead with the cheapest, most effective marketing method; word-of-mouth marketing, and this is powerful enough in itself to bring you more customers than many other methods will.
Great marketing activities lead to an increase in loyal fans, which include customers and prospects, who are potential marketers of your business. You never go wrong with good marketing, and when you know that solid relationships built only build more relationships, you are motivated to employ effective marketing strategies.
3. Realizing that marketing drives sales: Many marketers believe that all marketing should ultimately end in sales. I agree.
Just like I said in the points before this, marketing creates an impression of you. It also increases your customer base and market share. All of these aim at one thing; an increase in sales and revenue. Marketing aims for one thing; more profits.
Realizing that every marketing activity should move your prospect closer to making a buying decision, and move your customer further down your funnel as a loyal customer, makes you employ marketing intentionally.
One major way to do this is by creating amazing, supportive experiences around your brand or product that generates leads that positively influence your sales.
Your marketing should influence people to patronize you and make you more money.
So how does marketing boost your business? It creates a great brand impression, increases your customer base, and ultimately turns in more sales.
Did you find this helpful? Have you taken note of any reason here to employ effective marketing strategies? Which is it?