Marketing: Benefits of effective marketing
Gets the Word Out
Brand awareness is important. How often do you buy something you have rarely or never heard of, and it’s not likely you’re going to make a sale on your charm and good looks alone. Driving brand awareness gives consumers an understanding of who you are and introduces them to your company (most successful marketing plans are built around making an emotional connection with consumers). Marketing gives your business a fighting chance to progress and succeed.
Higher Sales Rates
Once you tap into the market and consumers understand what you offer you will see sales begin to increase. Driving your brand awareness not only brought you customers but has bought you free advertising through word of mouth consumers will begin to spread the word of your excellent product or service to their friends and family. Word of mouth brings in over 50% of your new customers, these sales could never be possible without a successful marketing plan.
With generating word of mouth comes higher expectations of a company and your reputation begins to build. Your success often relies on a solid reputation and when your company meets the expectations of the general public your reputation stands more firm. Marketing builds public relations by showing active community involvement programs, shows effective communication skills inside and out, and proving you have the best quality product or service every time.
Marketing fosters healthy competition from small business owners alike. When we market our product or service it not only draws the attention of consumers, competitors take notice as well, taking an interest in your pricing structures and comparing company features to their business. Marketing helps keep pricing competitive for a business to try to win over consumers before its competition does.
Without healthy competition, well-known companies would continue to sell while lesser known companies or new companies would stand little chance of ever becoming successful. Marketing facilitates the healthy competition that allows small businesses and new businesses to successfully penetrate and grow in the marketplace.