Marketing has often been defined as the process of moving products or services to the ultimate consumers. In other words, it’s a systematic way of acquiring potential customers, converting them to regular buyers and maintaining them. That’s why it is important you view marketing as an investment rather than an expense. In today’s dynamic marketplace, in addition to traditional marketing, it’s essential to incorporate a digital marketing plan into your marketing mix to reach all available platforms. Following are some reasons why marketing is so vital for your company’s success.
1. Establish A Target Audience
Marketing enables you to establish a target market. These are people who are most likely to purchase your products, whether by sex, age, income, ethnic background, region or lifestyle. By targeting certain demographic or psychographic groups, you apprise buyers that the products you promote are for them. Most importantly, you can generate more revenue targeting the right audience (especially when it comes to Paid Ad Campaigns).
2. Building Brand Awareness
No one will know who you are unless you get out there and market your business. Today’s savvy buyers are much more likely to purchase brands in which they’re familiar. If you’re new in business, you must prove to buyers that your products and/or services are worth it. Marketing enables you to become a household name, so customers think of you first when they’re ready to purchase.
3. Expanding Your Customer Base
Whether you generate $5.00 for every $2.00 you spend, marketing is the only why to expand your customer base. This return is known as marketing ROI (Return on Investment). And the more regular you acquire customers, the higher your profits. But before you can calculate ROI, you must have a tracking system in place. This is where a digital marketing plan has its advantages. It’s much easier tracking where you’re customers originate online, whether it’s through an ad or specific search engines. Once you have these analytical tools in place, you can develop an inbound marketing strategy to better allocate your marketing dollars.
4. Managing The Product Life Cycle
All products have a shelf life, whether it’s due to regulations, changes in consumer tastes or technology. Marketing research, a crucial facet of marketing, helps you track consumer wants and preferences so you can develop products they want and extend their lives. With online marketing, you can readily combine pop-up surveys with your inbound marketing strategy to garner feedback from customers, tweak your products and inform them about your brand’s improvements.
To learn more about Digital Marketing or to schedule a consultation reach out to modmar creative consultants today!