Importance of marketing in business: Marketing is the activity, method, and strategy that we choose to connect, communicate and help people with our products and services. It is an act of courage, confidence, and skills that inspire someone to help others through product and services. It is a strategy to break out the monopoly in the market. It is a method to improve employment and increase economic development and activity.
In simple words, marketing is a method to educate and attract people towards the right product and services. It’s not It does not matter that you do the marketing of your business online or offline. But the important part is that you do it. Who is not marketing? Not only businesses do marketing but politicians and governments also do it.
Let’s understand in details, Importance of marketing in Business Success:
1. No business can survive without marketing
You have bought the products from manufacturers or you have created on your own and now you want to sell them. And you have to sell them to make the profit and to prevent loss. You have to cover your cost, operating expenses and have to make the profit. You need money to live in the market. People don’t give you money without the benefits your products bring in their life. But before they pay you and think about your product, you have a need to marketing. You have to educate them to buy. It’s marketing. You have to do that.
Marketing is the way to help people to choose you over others. Without doing marketing online and offline you can’t sell more. You can’t buy new stock. You can’t pay rent, salary, and other operating expenses. And most importantly you’re not in business to survive, you’re here to make the profit. But to these all things you have to do marketing.
2. Help others but before that, you have to tell them you’re helping:
Not all do the business of helping others. They do to make maximum profit, they believe in numbers and not emotions. But don’t be like them especially if you’re starting small.
You will be the biggest brand one day in your country but if you help people honestly with your services. But can you become the brand, that people stand in lines to buy? Can you imagine your future to be successful?
If yes, then tell people that how your services will help him. And tell them very easily and in simplest ways.
3. You need money to help others:
Your business needs money to grow and help more people. You need money to open a branch in the new city. You need money to hire digital marketers. You need to money to sell online. You need to money automate your business. You need to money to help your family. You need money to educate your kids. You need money to help in the social development. You need money to feel confident and successful and you need money to educate others.
But for that, you can’t do any wrong work. Then what you can do? Yes, you can market yourself, your products and services on your own. And without marketing the works you’re doing, no one notices your talent, skills, and product. And no one will hire you and buy anything from you. It’s because they don’t know your business existed. That’s why you need marketing to help more people.
4. Marketing brings consistent cash flow into your business:
You’re getting customers, people are working for you and distributors giving you the extra stock without upfront payments and you’re making a profit. and it’s a perfect situation in your business.
It’s like a cricket player hitting record centuries in each innings from last 10 matches. It means he is in his best form. But can he stop practicing, can he stop playing and sit down at home to keep watching his past innings? Can he hit centuries in next 5 innings?
No, it’s not a guarantee and he can’t stop practicing. it takes consistent efforts to remain in a successful situation. It’s because there are other people and businesses also providing and marketing products and services.
That’s why you need to be consistent in marketing to remain and grow your business. It will bring cash flow into business. And you can use that cash flow to invest in weak areas of your business, you can invest that money to improve the quality of your products and services. You can save money, you can build a method to automate your business. But you can only do that when there is consistent cash flow in the business and when income is more than expenses. But it will be when you market your business. And that’s why I think marketing is important.
5. To become profitable, you need marketing:
Many businesses earn 50 to 70% profit on the cost. Many works only to make 2% or 10 %. For example, a travel agency earns 10% profit, a website design business earn 20%, an online business earns 40% profit etc. in 30 to 50,000 cost or per client. I am not good at this type of calculation. But one thing that is important that you have to make the profit of at least 30 to 40% in the same sources you’re using to generate a 10% profit in your business.
I know it’s not that easy. But there are many things with the help of technologies, you can reduce the cost. Such as instead of doing traditional marketing, you can use digital marketing that is less costly and more effective.
But to remain in the profit each month in the cost of 30,000 to 50,000 it’s important that you get clients regularly.
For example, today you’re getting clients from traditional marketing. And you think it will continue. Many hope it will. but no one sees the future. What you can do is to start creating new ways to get customers such as listing your business on google my business, using social media, search engine marketing, and content marketing on business websites.
You can’t depend on the single source of marketing. You have to explore more to be profitable and make more profit in the business. It means you have to reach new customers regularly. Marketing is a continuous process that ensures a secure and stable future for business.
In conclusion, I will say that to be successful in any business, without improving the quality of products, without adding new features in the product and services and not marketing product/services qualities/features/benefits online/offline with creative and attractive ways regularly etc. it’s very tough to make any business successful.
So to make your business successful, think about the ways and methods that are so much helpful for people and market them with confidence and courage.
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Vijay Kumar is Entrepreneur, IT Career/Leadership Skills Trainer and likes to help students, freelancers, and job seekers with his personal and professional experiences and ideas. The goal of writing is to help students to grow IT related Career and Leadership Skills.
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