Marketing is key to the promotion of a company and can have hugely beneficial effects on its public profile, branding and profitability. It is one of the most valuable tools available to businesses looking to expand their reach, and tap into new markets while solidifying their existing customer bases.
The American Marketing Association defines marketing as, “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” So, as you can probably surmise, a massive range of tools and options all contained under one rather unassuming title.
Changes in marketing practices
The process of marketing a company has been a tried and tested way of generating business for thousands of years. In fact, archaeologists have discovered even the ancients took part in early forms of marketing through the distribution of papyrus flyers and painted adverts on the sides of buildings (almost like modern-day billboard ads).
However, while basic marketing may be an ancient institution, the industry has undergone massive changes in recent years – particularly following the widespread take-up and use of Internet technologies. These days, there is a vast range of channels and techniques that can be used to aid company promotion – everything from online videos to email newsletters and posting on social media.
The key advantages offered by successful marketing
Taken as a whole, marketing, advertising and Public Relations (PR) can bring several distinct benefits to your company. However, while the three sectors are traditionally considered distinct from one another, there is often significant overlap between them. More often than not, a successful marketing campaign will consist of elements of each. The key advantages brought by marketing include:
Equalizing the playing field: Unlike advertising, marketing need not necessarily be expensive. Indeed, some of the most successful marketing campaigns have been produced on a shoe-string budget but, through the power of social media and online sharing, have ended up going viral. Even the smallest company – on an equally minute budget – can benefit from successful marketing these days.
Marketing provides information: At its base level, marketing is a tremendous tool for spreading information about a product or brand among your customers (potential and existing). However, contrary to what some people think, this information can go both ways and market research can help companies understand their customers better. By engaging the services of a Market research recruitment company, businesses can hire expert marketers to gain an improved knowledge of their clients’ wants and needs.
Marketing makes for sustainable companies: In the initial stages of starting a company, marketing can help build your brand and make customers aware of your products and services. However, conducted long term, it also helps companies improve their sustainability by keeping them at the forefront of the public’s mind.
Increasing opportunities and improving sales: Bottom line, all companies exist to turn a profit – and they do that mostly through sales. With an improved and increased profile, your company is far more likely to be chosen in the buying process, in turn boosting your profitability and improving overall sales.
