Importance of Marketing on Business Growth

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 Importance of Marketing on Business Growth

Introduction

Marketing has always been an essential factor in an organisation's success. Marketing informs and engages the customers while creating brand awareness. Marketing plays a significant role in the growth of a business at present more than ever. The world is now full of innovative products. However, the innovation will lose its value if the service or the product is not marketed correctly.

Marketing Creates Brand Awareness

Marketing helps in building brand equity. Customers want to buy something valuable, and the value is created in their minds. An organisation can not produce high brand equity of their product or service without the use of marketing. The motto of brand marketing is to educate the audience about the product and service. For instance, Colgate doesn't only advertise about their products but also created a series of videos on oral hygiene. This brand marketing strategy helped Colgate to become a globally trusted toothpaste brand. Apple is an exclusive brand because of its brand equity. Thus, marketing allows the business to create brand awareness that affects the organisation's long-term success.

Marketing Engages the Customers

In the current competitive market, customer engagement is very crucial in the growth of a business. Marketing engages customers by making them aware of the business's new product or service, discounts, and special offers. Marketing also gives customers the personalised touch by sending customised email or messages, solving customers' queries in different communication channels like community forums, social media, website, and more. Many small and large organisations are focussing on Artificial Intelligence (AI) to provide customers with customised service or launch products that are high-on-demand.

Marketing Influences Sales

Marketing boosts sales and helps in the growth of a business. Companies make better sales when their marketing strategy is decided based on the sales goal. Marketing takes an essential role in generating leads. For instance, Netflix uses marketing strategies to know the choice of their customers. After that, it shows people customised advertisements which takes an essential role in selling subscriptions. Marketing builds the trust between the organisation and the customers, which helps in gaining recurring customers.

Marketing Helps to Compete

The innovative marketing approach can help organisations to stay ahead of their competitors. For instance, some viral advertisements give instant fame to some organisations. Even if an organisation decides to launch a special offer for its customers; it will not be successful without proper marketing. Large brands hire celebrities as part of their marketing to beat their competitors. Marketing finds out the strength and lacking an organisation's competitors to create unique strategies.C

Conclusion

Marketing is a crucial part of an organisation's success in the 21st century. Marketing helps in attracting, engaging, and retaining the customers. Nowadays, most of the companies, including startups, mid-sized organisations, and large brands, use different marketing approach to build the bond with their potential customers. Though innovation is an integral part of the business of this era, marketing has the potential to bring innovation to customers. Marketing can take a business from the state of surviving to thrive.

Location: India

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