What is the importance of marketing for businesses?
There are several critical questions to ask yourself:
Are you aware of the needs of your customers?
Do customers trust your products?
Have you observed messages or posts that the customers make about your products/services?
The importance of marketing for your business is that it makes the customers aware of your products or services, engages them, and helps them make the buying decision. Furthermore, a marketing plan and part of your business plan help in creating and maintaining demand, relevance, reputation, competition, etc.
Therefore, as marketing has a vital role to play in making your business a huge success, without understanding the importance of marketing, it may be a little difficult to manage and run a profitable business in today’s world. To understand the importance of marketing for your business and why it is needed, we need to first understand what marketing is.
Marketing and its importance for businesses:
Effective consumer engagement: Businesses must engage customers, and herein, marketing proves to be an effective tool. Customers can be engaged by telling them what they do not know and creating good content around your products and services.
Building and maintaining reputation: The reputation of your business depends on how it grows and what its lifespan is. This is where marketing comes across as a way to build the brand equity of businesses. This happens when the expectations of the customers are met.
Relationships between customers and business: For businesses to grow, they must build long-lasting relationships with their customers. Marketing is based on demographics, psychographics, and consumer behaviour and therefore, gives an understanding of what customers want.
Boosting sales: Marketing utilizes different ways to promote products/services, which helps increasing better sales.
Staying relevant: Marketing helps a business to remain relevant in its domain. It helps in maintaining good relationships.
Making informed decisions: The basic questions that every business has are around the how’s and why’s of producing products/delivering services. This underscores the importance of marketing for businesses and that it links a business and society.
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