Importance of Marketing in Businesses (With 19+ Samples)

Check out the following samples to see how marketing is applied in business.

What Is Marketing?

Marketing refers to the process of selling a product or service by getting people interested in what you have to offer through various strategic efforts. This is usually achieved through extensive market research, analysis, and understanding of a target customer’s best interests. However, there’s more to marketing than simply advertising a brand via print marketing or digital marketing, as this component of business management also pertains to every other aspect of a business, including product development, distribution methods, and sales.

Seven Reasons Why Marketing Matters in Business

It’s no secret that the bottom line of any business is profit. After all, it’s impossible for a business to operate without the financial means to support its projects and staff members. But profit is merely a result of successful sales, which makes marketing a key element of an organization’s very existence. Marketing has the ability to generate sales by informing, attracting, and convincing consumers that what you have to offer is of value to them.

Let’s take a look at some of the major reasons as to why marketing is important in business.

1It informs the public. People won’t know about your product unless you tell them about it. Customer education is crucial in most industries, especially to those that require a solid understanding of what a product or service does and how it is designed to function. Communicating your value proposition to consumers is an essential part of marketing that must always be prioritized. 2It equalizes the industry. Today’s innovations have made it easier and less costly for businesses to reach out to consumers by conducting various marketing campaigns. Studies have even shown how several small businesses have managed to successfully compete against leading competitors through smart marketing. By focusing your attention to every client individually, you can slowly pull customers to your direction over bigger brands. 3It engages consumers. Maintaining a strong relationship with current customers is something that a lot of businesses fail to recognize. Face-to-face interactions might seem enough, but keeping your customers engaged beyond store hours holds a greater value that must be acknowledged. Not only can a good marketing strategy attract new customers, but it could potentially transform buyers into loyal consumers as well. 4It sustains a company’s presence. With the number of companies offering the same types of products and services in the market, people tend to forget about another existing brand so quickly. This is something that a business must build and manage every day in order to remain relevant in the eyes of consumers. Think of it as an ongoing strategy that requires constant feeding for the business to flourish. 5It drives sales. How do you suppose a business produce significant sales numbers without a clear marketing strategy in place? Your product might seem like a promising solution to the needs of customers, but letting people know about it first should be your primary concern. Drawing customers and leading them to a purchase is a process that can only be attained through marketing. 6It creates employment. What happens behind closed doors is not something that the general public seems to know much about. But between buying and selling, financing and warehousing, a significant percentage of jobs are directly or indirectly dependent on marketing. This creates a vast range of employment opportunities for modern-day people. 7It grows a business. One of the best ways for a business to grow is by expanding its reach. Fortunately, social media and other online networks have paved the way for the quick and easy delivery of product and service information. Building better exposure through different platforms has helped many businesses widen their market to new customers and strengthen their relationship with existing ones.