Marketing is an essential part of the business. It drives companies to be successful and makes them attractive so they can grow their products. Marketing aims to create a company or product that is easily accessible and perceivable to the masses so they will choose you over your competitor. It involves all aspects of the business and is an organized approach to promoting and reselling a product or service.
8 Benefits of Marketing
1. Ensures Good Quality Products Free of Defects
Proper planning will ensure that the necessary laws and standards cover your product. Having a plan in place will enable you to ensure that any defects or quality issues are addressed and rectified before they become a problem. If you do not have a plan in place, your customers may encounter problems, which leads to dissatisfaction, which can lead to them no longer buying from you.
2. Greater Opportunity for Growth
By selling better and more products, you are giving your company a chance to gain more market share. Stockpiling goods will not be optimal because it will lead to too much waste and loss. So, by having downtime in your production, you are allowing your company to get more customers.
3. Increases Sales
Most companies have goals for their sales or revenue. When you have a clear marketing plan in place, it will boost your sales. It is because when you have a marketing plan in place and follow it, consumers will know what they are buying and getting, which is essential to gaining more customers and sales.
4. Increases Image
Leaving your company's image to chance can cause problems with quality. If you want to avoid the issues and ensure that your product is premium, you will want to follow a marketing plan you have made. It will increase your products' image because customers will know what they are buying.
5. More Effective Customer Service
Without a marketing plan, it cannot be easy to satisfy customers and make them return to buy from you again. Customers need to know what they are buying from your company, and if you do not have a marketing plan, you may misplace their orders or forget about them altogether. It will cause them to stop buying from you and lead to losing customers. A marketing plan allows you to maintain customer satisfaction by delivering the customer's needs on time and with good quality.
6. Avoid Waste
Avoiding waste will not only keep your business healthy and running, but it will also help to reduce your financial loss. When you have a good marketing plan in place and keep track of the number of products you are producing, you will avoid wasting too much because of quality issues and keeping up with demand.
7. Gives a Voice to Your Company
By having a marketing plan, your company will have a voice amongst the competition. It is because you will be able to convey what your company values and what it stands for. It will give your company an identity amongst the rest, and customers will be able to identify with you.
8. Increases Exposure for Your Company
Customers want to be exposed to companies they can trust and regularly deliver products of good quality. When you have a marketing plan in place and set goals for the advertising you will produce, it will give your company exposure to the public.
Types of Marketing
1. Target Marketing
Market segmentation can be used to identify and market to various segments such as; age, gender, income level, occupation, education level, marital status etc. Using this technique helps companies to target specific groups of people that can help facilitate sales.
2. Product Marketing
It is a generic term for any company's communication to sell or promote its products or services. It can be through traditional advertising, special sales, direct mail, outdoor advertising etc. All production aspects aim to sell the same products and services to all targets.
3. Message Marketing
It is where a company decides who they will market their products/services to and then ensures that the message being delivered is in line with these target markets. They may use numerous ways of communication and combine traditional advertising, sales promotions and direct marketing methods with all other aspects of production, packaging and distributing their products/services.
4. Sales Promotion
Offerings such as incentives, bonuses or reduced prices are designed to encourage people to make a purchase they might not have made otherwise. They can do this either physically or electronically. Electronic sales promotion is relevant when companies are marketing products sold over the Internet and allowing customers to order at home or by telephone.
5. Public Relations
A company will take an active role in increasing awareness about itself, its products or services and any other factors that can positively influence the image of the company. Public relations consists of external and internal communications. Exterior includes advertising or any other form of communication where you can interact with the general public. Internal communications such as newsletters or magazines keep employees up-to-date with current developments.