Businesses have been the backbone of any economy since time immemorial. It is what drives employment, income and the standard for living provided the business is a successful one. But for a business to succeed and actually make a profit to benefit the society in large, it needs the assistance of various tools and marketing is one of the major tools if not the most important tool. As the world have evolved, so has marketing. The marketing strategies that help a business today, might have not even been conceptualized a few decades ago and this aspect is what makes marketing such an interesting and ever-evolving tool.
Marketing strategies helps a business in a number of ways. Some strategies may be aimed towards building awareness and visibility, others might be designed towards increasing sales and revenue. There are multiple business functions that arise from a good marketing strategy.
Four factors that make marketing strategies extremely important:
- Creates a differentiator: For any business especially in today’s time to cut through the competition and make a brand name for itself is a no-brainer. A business cannot succeed for a long term without having a USP and making itself be heard and seen above the rest.A comprehensive marketing strategy can definitely help in creating that much-needed USP. Another important factor that can create a differentiator is being online. Especially after Covid-19, brands that want to be successful must have an online presence.
- Improves Brand Awareness and leads to more engagement: A critical aspect of utilizing marketing strategies is to build a brand awareness and create a favorable reputation of the brand. Marketing also helps in creating a conversation through content that is engaging and meaningful to the audience. This engagement keeps the brand alive in the minds of customers and audiences.
- Boosts sales and Creates Revenue: Marketing helps in providing information to the consumers and make them aware of the product and service and also let them know and gauge the benefits of making the purchase. Keeping them updated beforehand about the offerings helps in increase of sales. Marketing is also another great option for businesses to explore and work out other revenue options.
- Helps in Decision Making: The ultimate aim of most businesses is to make a profit by selling their products and services to a customer. So, knowing the customer can help improve sales and increase profit. Marketing helps in understanding one’s customer and only by this understanding can better decisions be formulated that lead to even more profits and sales.
Just knowing marketing cannot help any business. It needs to be implemented in the right way so that it yields results. And this is where the ever-evolving nature of marketing comes into the picture. A strategy that was useful yesterday might become useless by today. So to use marketing in the right way one needs to be aware of the trends and needs of their customers and prepare their marketing strategies accordingly. Listening to the customer and acting accordingly is the key!
This article is authored by Tejaswini Bhandarkar, Founder, Tezztech.