Importance of Marketing in a Competitive Market

Importance of Marketing in a Competitive Market

The heart of your business success lies in its marketing. Most aspects of your business depend on successful marketing. It will provide you with all the information you need to make an enhanced business decision. The overall marketing umbrella covers advertising, public relations, promotions, and sales. Marketing is a process by which a product or service is introduced and promoted to potential customers. Without marketing, your business may offer the best products or services in your industry, but none of your potential customers would know about it. Without marketing, sales may crash and companies may have to close.

Importance of Marketing in a Competitive Market –

  • Getting Word Out

For a business to succeed, the product or service it provides must be known to potential buyers. Unless your business is known in the community and has communication with your customers readily ‘available, you have to use marketing strategies to create product or service awareness. Without marketing, your potential customers may never be aware of your business offerings and your business may not be given the opportunity to progress and succeed. Using marketing to promote your product, service and company provide your business with a chance of being discovered by prospective customers.

  • Higher Sales

Once your product, service or company gets on the radar screen of your prospects, it increases your chances that consumers will make a purchase. 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. Once your marketing messages are out in the audience, your chances of making a sale will increase. Your sales will steadily increase as the word spreads. Without employing Marketing strategies, these sales may not have ever happened; without sales, a company cannot succeed.

  • Company Reputation

The success of a company often rests on a solid reputation. Marketing builds brand name recognition or product recall with a company. When a company reaches the high expectations of the public, its reputation stands on firmer ground. As your reputation grows, the business’ expands and sales increase. Your marketing strategy which includes your social media presence, website content and user-generated content, forms the base of your business’ reputation. The reputation of your company is built through active participation in community programs, effective communication externally and externally and quality products or services, which are created or supported by marketing efforts.

  • Healthy Competition

Marketing also fosters an environment in the marketplace for a healthy complexion. Marketing efforts get the word out on pricing of products and services, which not only reaches the intended consumers but also reaches other companies competing for the Consumers’ business. As opposed to companies that have a monopoly on products and services that can charge almost any price, marketing helps keep pricing competitive for a business to try to win over consumers before its competition does. Without competition, well-known companies would continue to sell while lesser known companies or new companies would stand little chance of ever becoming successful. To summarize this point, marketing provides security for your business through continuous customer engagement. Marketing facilitates the healthy competition that allows small businesses and new businesses to be successful to enter and grow in the marketplace.

  • Considerations

Although marketing is hugely important for a business to succeed, it can also be very expensive. In its first year, a company might spend as much as half of its sales 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.