The exchange of goods and services is one of the earliest forms of human interaction. What began as a simple exchange of food and resources, has grown a great deal, both in how we understand it and how it is done.
Marketing is the way we devise and perform the exchange of goods and services, or in more modern terms, trade. Marketing is the process of conveying the value of a product or service to a consumer, intending to sell a product or service. Marketing is the specific way to carry out a commercial relationship, which consists of identifying, creating, developing, and meeting demands by consumers. Marketing is used as a process intended to attract potential customers and retain current customers. It creates brand awareness and makes your business stand out.
The arrival of new technologies in recent years has revolutionized the way businesses market themselves. Technology has created a path for more innovative, participatory, and connected kinds of marketing, with the use of traditional tools which are now supplemented by new ones, such as the internet, social networks, and mobile apps.
Why is marketing so important?
1. It is an effective way to engage with customers.
Marketing keeps your business in the minds of the customer after the purchase has been made, and before they need you again. To turn potential customers into lifelong clients who will sustain and support your business, you must be able to establish and build relationships with the people who've interacted with your business. Social media is one of the best platforms where you can engage your customers.
2. Marketing helps build and maintain your business reputation.
The growth and lifespan of your business are positively correlated to your business's reputation. Therefore, it's fair to say your reputation determines your brand equity. A majority of marketing activities are stirred towards building the brand equity of your business. The reputation of your business is built when all expectations of the customer are effectively met. You need to highlight all the positive qualities of your business and effectively convey/ promote them to your customers.
3. Marketing helps build a good relationship between the business and its clients.
As a business, you have to build a strong relationship with your customers. Marketing research segments are based on Demographics, psychographics, and consumer behavior. When a business knows what segments, their customers are in, they are in a better position to satisfy their needs. Customer satisfaction leads to customer retention and customer brand loyalty. Loyal customers have more trust to purchase products from your business, therefor a good relationship is built between your business and its customers.
4. Marketing helps boost the sales of your business.
Marketing utilizes several different methods to promote your product/ service to potential customers. Once your product or service is on the radar, it increases the chance of it selling. When customers hear about your product, they will want to try it, this triggers a purchase decision. If a customer is satisfied with your product, they automatically become ambassadors and spread the word, which will lead to an increase in sales.
Marketing is a useful tool that creates and maintains demand, relevance, reputation, and competition. The absence of marketing will mostly result in a decrease in sales, which may lead to your business collapsing. Establishing a phenomenal business is merely the first step. Attracting and retaining customers requires lots of market research and knowing exactly who your target market segments are, to successfully satisfy their needs.