The biggest companies in the world spend as much as 6 billion dollars on marketing. While you don't have to spend anywhere near that amount as a small company to stay alive, investing liberally in marketing can have a profound impact on your ability to run a successful business.
If you're curious to know why marketing is important, keep reading. As you go through the information below, you'll find that a robust marketing plan does a lot more for a company than simply boosting sales.
1. Customers Can't Buy What They Don't Know Exists
Our first reason why marketing is integral to the operation of a successful business is obvious. If your customers don't know that your product exists, they can't buy it.
Through effective marketing, you'll be able to get the word out about your product, what it does and why your target market needs to own it. That will, of course, have a positive impact on your ability to sell.
2. Marketing Improves Your Team's Product Knowledge
In three words, why do consumers need to own your product? Off the top of your head, answering that question can be difficult.
When you build a marketing campaign around a product though, you're forced to think about what you're selling and why it's important.
Taking the time to understand your product's intimately through the creation of marketing campaigns can have a profound effect on your team's investment in what you do and your ability to keep improving.
3. Great Insights Can be Derived From Marketing
How consumers react to marketing can give you insight into products that can lead to game-changing adjustments.
For example, let's say you produced two ads for earplugs. In one ad, you focused on noise-canceling technology while in the other, you focused on comfort.
If the noise-canceling ad sees nominal traction while comfort gets tons of engagement, you know that consumers are interested in comfortable earplugs above all else. That insight can help you redesign your product's packaging and focus more heavily on comfort for future models.
4. Relevant Companies Market
A company that spends a lot of money getting their name out there is seen as relevant and stable. Compare that to a company that has little to no name recognition and you can see why perception typically favors those that invest in spreading their message.
5. Informed Consumers Mean Better Feedback
A lesser-known reason why small companies splurge on a marketing consultant and put so much time into presenting their products to consumers is satisfaction.
Consumers that know what to expect from products via effective marketing have a higher chance of being satisfied with what they get. That means less poor feedback online and a lower chance of having to field returns.
Owning a Successful Business Becomes a Lot Easier With Investments in Marketing
Good investments in marketing make running a successful business a lot easier. With the right campaigns in place, you'll find that your products will sell more consistently which will enable you to confidently manage your company for years to come.
If you're sold on the virtues of marketing and would like to learn more about how to invest in various methods of promoting your company, check out content to that end on our blog!