Importance of Marketing Strategy for Small Businesses

Almost everything within your business is effected by marketing and as a result the overall success of your business relies heavily on your Marketing Strategy. You could have the most innovative product ever or the worlds most delicious meal but without marketing no one would ever know about it. Marketing takes many shapes and forms such as graphic design, public relations, communications, advertisements, branding, word of mouth referrals, email lists, promotions and sales. Put simply, marketing is the process by which a product or service is introduced and promoted to a potential customer. So why do you need a marketing strategy?

Creates Awareness

Before anyone can try out your product or services they first need to know that it exists. Like I said above, you could have the best product the world has ever seen but no one will ever buy it unless they know it exists. Marketing puts you in front of your customer and gives you a chance. You need to have a chance before you can convert potential clients into paying ones.

Creates value and competitive advantage

People buy because of the value they see in products or services. They buy items because of the quality they see and because it fits their needs. But unless you are the first person to ever sell a particular item or service, chances are you have competitors and they have similar products or services. Effective marketing creates value and shows customers why they should buy from you and not your competitors. It gives you a competitive advantage.

Higher Sales

If you put focused marketing tactics and strategies in place, you will start to see higher sales. More and more people will know about you and your product and that creates more chances for you to convert them into paying customers. These same people will also start to talk about you and your product and tell their friends and family about you. They will be doing some of the marketing work for you. But that’s the key, your marketing should be so good it will make people want to talk about it.

Reputation and image.

Effective marketing creates an image of your company, organization or brand. This image is incredibly important for when you do anything as people do business with people they trust. Trust takes time to build and marketing puts you in the mind of your customers before they ever meet you, making the eventual meeting that much easier. At that point because of your marketing, they feel like they already know you and have a good idea if they want to buy.

You may not think that you are marketing your business currently or that you don’t know how but I bet you are. Every small communication you make with people that can become potential customers is marketing. The sign outside your door is marketing. Your logo is marketing. But without a more concentrated focus on marketing or a full blown marketing strategy, your small business could suffer.

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