The importance of marketing

Written on the 26 November 2011 by Irene White, Marketing Manager

Financial success often depends on marketing ability. Finance, operations, accounting, and other business functions will not really matter if there is not sufficient demand for products and services so the company can make a profit.

Marketing ability involves the ability of your business to understand its target market and communicate its products and services offering to them. Good marketing will create a positive effect on the revenue and profit of your business through increasing your exposure to potential clients and consumers, and allowing you to grow your business and increase profits. However, by not actively marketing your business or communicating messages to your intended audience, business growth may stall and demand decline.

The companies at greatest risk of not growing are those that fail to carefully monitor their customers and competitors, and continuously improve their value offerings. Success in marketing also depends of a business’s ability to establish and continually develop its value proposition. This is a clear statement which communicates the unique value of your company, product and services provide to your market and differentiates you from your competitors. Values may be quantitative (e.g. price, speed of service) or qualitative (e.g. design, customer experience).

Once you have established your target market and value proposition the next important task for a business is to develop a strategic marketing plan. A well-written, comprehensive marketing plan is essential to any successful business. It is the basis from which all other operational and management plans are derived and provides the focal point of all business ventures because it describes how you plan to attract and retain customers.

Creating a marketing plan will help you in evaluating where your business is currently, where you want it to go, and specific strategies to get you there. Through implementing effective targeted strategies, you can boost your sales and increase your profit margins. Its important to remember that marketing strategies need not be costly or require a lot of investment, and many strategies do not show a return on investment until months down the track. However, knowledge is power, and by developing a marketing plan and strategy, you are gaining a wealth of information on your business and customers, which will enable your business to succeed.

Business advantages of a marketing plan:

• identifies needs and wants of consumers
• determines demand for product
• aids in design of products that fulfill consumers need
• outlines measures for generating the cash for daily operation, to repay debts and to turn a profit
• identifies competitors and analyzes your product's or firm's competitive advantage
• identifies new product areas
• identifies new and/or potential customers
• allows for test to see if strategies are giving desired results

Contact Macmillans Waller Fry for professional assistance with developing your marketing plan and strategies. It may be worth the investment.

Author: Irene White, Marketing Manager




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