Marketing is a powerful tool utilised to generate and sustain customer demand, relevance, recognition, competition and so on. Without it your enterprise is doomed to fail because of lack of sales resulting from poor quality. So, just why is marketing important today?
To give you a good answer to that question, let us have a look at some of the key reasons why marketing is important.
Marketing methods generate customer responses by enhancing brand awareness. This is important in two ways, firstly by informing customers about your products or services and secondly by creating a sense of trust between them and you. For example, if your target audience is the youth segment and you market products targeted to the young professionals, then you are effectively informing the public about your brand name and reputation while building a strong reputation for your firm.
It Builds Customer Reputation
A reputable and reliable brand gains credibility and increases the loyalty of its consumers. It creates a positive image and builds a positive reputation. In business, a high degree of trust and respect with customers is very important because it results in increased sales and profit margins. This in turn is translated into more jobs and growth for your company. The only way to achieve this is to market products in such a manner that the consumers recognize you as a company that can be trusted to deliver high quality goods and services.
It Builds Brand
Loyalty is one of the most important benefits derived from marketing strategies. It ensures that your customers will continue to use your brand even after they have developed a taste for another. This is because once a customer has developed a taste for a particular brand, he tends to associate all other brands with that particular brand and is likely to cross check the new brand with his old one. Consequently, a good marketing strategy helps create a brand loyalty among customers and thereby ensures that your company enjoys a prolonged period of stable patronage. This will result in the creation of a database of customers and hence help you target them efficiently.
It Ensures You Earn Reputation
It helps build your brand reputation. This is important because if you fail to do so, you will lose out on a lot of opportunities that might come your way. Your clients will hesitate to do business with you because they will think that you might be shying away from doing business with them. On the contrary, marketing helps make you popular with your clients thereby increasing your chances of doing business. Thus, marketing helps in building a strong and credible name which in turn helps you earn reputation.
Marketing enables you to reach out to a wider audience. More importantly, marketing helps you maintain relationships with your customers which translate to added sales and profits. Marketing is therefore important for your business because it ensures that your customers are happy and satisfied with your products or services and in turn promote your brand name to other potential customers. By marketing you not only assure that your customers are satisfied but also ensure that you generate a steady revenue stream, which in turn helps in building a good reputation in the market.