Marketing. It’s a commonly used term (some would say overused), but also frequently misunderstood. In this article, we cut past the hows of marketing to focus on the whys. Why is marketing important to your business, and why is it so important for your growth and stability?
‘Brand awareness’ is one of the most important catchphrases you might hear in marketing. This essentially means that before a customer can purchase from your company, they have to know it exists! Most B2B research and sales decisions now take place online, and unfortunately, you don’t automatically gain good search visibility for the keywords and phrases your customers are using. A marketing strategy is how you create awareness for your business, its products, and services. Invest in marketing on the platforms where your target buyers spend most of their time. Through search engine optimisation, content marketing, paid advertising, social media, and other strategies, you can improve your search visibility on the search engines, drive traffic to your website, and position your business as a credible choice in the minds of your target buyers.
Without a marketing strategy, it’s difficult to attract new customers to your business in a systematic and measurable way. But the same goes for keeping your existing customers engaged and loyal. Businesses that fail to communicate with their customer base effectively often experience higher levels of churn and a lower average customer lifetime value. You can always use marketing tactics, such as educational blog content and email marketing, to strengthen your relationships with existing customers and increase cross-sell and upsell opportunities, even if you are not currently focused on growing your business.
Marketing is directly tied to revenue growth, with the goal of most marketing strategies to convert more leads into active customers, drive more sales, and increase the value of each sale. If you previously thought that marketing is a fluffy kind of PR type exercise, then you are mistaken. Every aspect of marketing is calibrated to this goal – there is no wasted effort or ‘nice to have’ actions in modern marketing. This has always been the case, but modern marketing platforms and analytical tools now make it easier for businesses to track their touch points and customer engagements, define what works and what drives the most revenue, and target their marketing budget on the most profitable channels. This helps to maximise short-term sales and also encourages repeat purchases, driving down your cost per sale and delivering an excellent ROI.
The needs and priorities of your customers and the technologies used in your sector may well be different from when you set up your business. A marketing strategy allows you to stay continually in tune with changing preferences and trends, to avoid falling behind and becoming outcompeted by newer and more agile businesses. Marketing tools such as feedback forms, surveys, and social listening give you crucial insights into your market and allow you to adapt your services, messages, and content strategy accordingly. By pivoting your value proposition to align with your customer’s current priorities and challenges, you maximise your relevancy and therefore your chance of conversions.
Marketing is, ultimately, the way in which you communicate your value, attract your target customers, and cultivate lasting relationships with your customers. It is the key to growth, prosperity, and consistent revenues for all companies, and we can help you achieve these benefits for your business. To find out more about marketing and the approaches we use at JDR to drive success for our customers, please click here to send us a message, or feel free to call us on 01332 343281.