Whether you have the finest line of products or the best services in your industry, the success of your business is directly dependent on how well you are able to attract customers.
However, many people think of marketing simply as advertising, however, marketing is far more than that. It is not just about pushing out products or services to the masses, but how well you are able to convince them that they need your product or service in their life.
In this post, we will discuss what marketing is and why it is so crucial for your business.
What Is Marketing?
Marketing refers to the process and activities of getting potential clients and customers interested in your products and services. The keyword here is a process, as this involves market research, promoting, advertising, selling, testing and distributing.
Marketing is very broad and encompasses all the strategies that help a company, brand, or individual achieve its goals. However, E. J. McCarthy has identified a simple formula for identifying and working with the essential elements of your marketing strategy. This is known as the 4 Ps of Marketing.
- Product: Having a product is key and is the root of all things marketing. Does your product or service satisfy a need? How does it benefit your potential clients?
- Place: Where will people purchase your product? Distribution and availability is key element of marketing. It is important to remember that everyone has different needs and preferences, hence the importance of having multiple distribution channels.
- Price: How much will people pay for your product? The price of the product or service should not only take into account raw materials, research and development costs but lifestyle factors as well.
- Promotion: This refers to all the marketing and communication that is done in order to fully showcase your business, products and services.
The Importance Of Marketing
Marketing is the lifeblood of any business. It is what helps spread the word about your product or service. Good marketing has the power to transform your business and is what defines the relationship between you and your customer.
- Informs: Marketing can inform potential clients about your business, products and services, even in a saturated marketplace. This is where marketing educates your current and potential customers about your business and how it serves a need they have.
- Engages: Marketing can effectively engage with your potential clients and customers. It keeps your business in their minds long after the interaction and transaction is over.
- Builds Authority: By interacting with the marketplace, you build credibility and authority. If done right, marketing can help establish you as an expert or influencer in your field.
- Sells: In the simplest term, marketing helps sell your product or service. This is where a carefully crafted advertising campaign will highlight all the benefits of your product and how it can help potential clients.
- Grows: By identifying the market trends, you can adapt your business to cater to more people. By expanding distribution channels and creating new products you can meet the demands of your current customers as well as potential clients.
Let Marketing Coaching Help You
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