Every product and service offered by companies hailing from different sectors have one thing in common, they are all dependent on good marketing strategies to effectively reach their goals. In fact, Peter Drucker, a legendary Austrian-American management consultant, educator and author who has contributed immensely to the philosophical and practical foundations of contemporary business corporations, once said that marketing and innovation are the two primary functions of a business enterprise. Sadly, while many entrepreneurs and business leaders are chasing after innovation and forward-thinking creativity today, marketing is getting neglected and sometimes completely forgotten.
However, in a world filled with numerous innovative products, best-in-class services, cutting-edge technologies, new-age business models and advanced solutions, it is marketing in its most accurate form that can give a business edge over contemporaries. Just innovating, creating or building something extraordinary isn’t enough for business. They have to bring their products and services to the market and commercialize them. Simply put, marketing has to go hand-in-hand with innovation for a company to generate revenue and profits. Although marketing and innovation are two different entities with vast capabilities but less potential, together they are the perfect recipe for success.
Against this backdrop, here are a few key reasons why in the modern-world marketing is more important than ever before:
Marketing helps businesses stand out: In the contemporary world where uniqueness in terms of products and services has become highly subjective, good marketing can help a business, and its innovation stand out. Just inventing and upgrading products isn’t enough. Companies must harness the power of appropriate marketing channels, high-end promotions and other strategies to expand their reach and attract new customers.
Marketing helps businesses raise awareness about innovations: Suppose a company has invented an ingenious product, but what then? Unless that business can spread awareness about the products, this innovation will never be able to reach its full potential. This is where marketing comes into play. Unless you advertise, promote and market your product, customers will never become aware of its existence. Marketing assists companies in reaching their target consumers and making them appraised of the product or innovation’s various benefits. It also helps them debunk any misconceptions surrounding the products and reach wider audiences inadvertently.
Marketing helps businesses strengthen customer engagement: The cardinal rule of a successful business is:Customer is king. Business experts have always emphasized that the customer relationship is the most crucial pillar of a successful business. In this context, marketing can play an integral role in boosting customer retention and satisfaction. Companies can build interpersonal connections with their customers through effective marketing campaigns. Similarly, companies can create a loyal customer base by having a consistent presence in the market or by having a reliable influential figure as a brand ambassador.
Marketing helps businesses achieve brand recognition: Nowadays, it is customary for customers to search online and scroll through different websites before purchasing any product or service. This is because the digitally native generation today doesn’t easily trust brands with a questionable brand presence on the internet. On the flip side, with the help of the right digital marketing tools, gaining credibility has become far easier and quicker for businesses. Through accessible, easy-to-read and user-friendly websites, application interfaces and social media pages, brands can connect with their target customers and clarify essential concepts with utmost ease. Similarly, customers can also provide feedback and help others better understand the brand before using their products.
Marketing helps businesses make provisions for the future: Different marketing strategies, be it digital, web, content or pop-up, help companies connect with customers, understand their requirements and devise and innovate products and services that cater to their needs. However, marketing strategies are playing more prominent roles in these uncertain times. For businesses to sustain and stay relevant for a prolonged period, marketers are taking a holistic approach. They are going beyond their standard responsibilities and helping companies rectify and fill any void.
What does the future hold?
Today, businesses need to stay ahead of the competitive curve more than ever. This is where having distinctive marketing strategies will play a pivotal role. By maintaining positive relationships with all stakeholders, gaining customer loyalty, achieving brand recognition and combining innovation with marketing, businesses can have an advantage against their competitors.
To conclude, it is important to understand that, unlike String Theory, various pieces of evidence prove the supremacy of marketing. For instance, Steve Jobs believed in it. People often ask, “Why is Apple such an iconic brand?”. The truth is, unlike most other entrepreneurs, Jobs understood the power of innovation and marketing. He knew that a groundbreaking innovation isn’t enough to remain alive in people’s memories. So, he followed a robust marketing strategy and became extremely clear about what he wanted customers to remember.
So, take a hint from the best, and embark on your marketing journey today. Good Luck!!
Article is authored by Vijay Kumar Mikkilineni, Marketing Head, TCL India.