Marketing in business is the process of getting potential customers and products or services together. Dictionary.com defines marketing as “The action or business of promoting and selling products or services.” In simple words, marketing is the process of attracting potential customers and clients to a product or service. It involves researching, promoting, advertising, selling, and distributing a company’s products and services.
What is the Importance of Marketing in Business?
For businesses, marketing means the process of getting potential customers and products or services together. It seeks to match the company’s products and services to customers’ needs.
Initially, marketing consisted of chasing potential customers with promotions without understanding the needs and wants of the target audience. But today, every organization has dedicated marketing teams which develop marketing strategies focused on – selling quality products and services catering to the target audience’s needs. These teams perform various tasks including market research, product promotion, and selling and distribution of products. In addition, they continuously work towards introducing new plans to increase sales and grow their customer base.
What Are the Goals of Marketing?
The most important goal of marketing is to ensure a company’s growth. This can be achieved by devising an effective marketing strategy and attracting new customers while retaining old customers. Other goals include establishing industry authority, increasing customer value, increasing brand awareness, boosting brand engagement, and improving internal brands.
Marketing Mix – The Way to Create Successful Marketing Strategies
American marketing professor E. J. McCarthy coined the four Ps of marketing in 1960. The marketing mix of these 4 Ps can help you create successful sales and marketing strategies.
Product: A product is a commodity that the business offers, and the consumers buy. The first step to devising a marketing strategy is selecting the product you want to market.
Place: It is the space or location in which the products will be sold. It could be anything from an online store to a physical store. So, while devising a marketing strategy, carefully select the place or platform where you want to sell your product. The right location will make your product accessible to a wider audience.
Price: It is the value at which the product is sold by the seller and bought by the buyer. A product’s price is an amalgamation of various overhead costs like selling, distributing, and others. Hence, price points play a crucial role in marketing your products.
Promotion: It is the media channel through which a product is promoted. It acts as a link between a business and its customers. Furthermore, promotions educate consumers about products. So, while devising promotional marketing strategies, do not forget to highlight the USP (unique selling point) of the product or service.
How Would Marketing Help Your Business Thrive?
Marketing helps businesses in countless ways, and we’ve put together some of them for you.
1. Building Brand Awareness
Every product or service has a unique feature that resonates with its customers. It could be anything, from the product’s name to its form. This unique feature becomes the identity of the product or service, which is called a Brand.
Devising and implementing different types of strategies play a crucial role in building brand awareness among customers. These strategies help people to get acquainted with a brand. Furthermore, marketing helps in building trust between the brand and the customers, which stimulates brand loyalty.
2. Increasing Revenue
One of the major goals for every business is to make more people aware of their products and persuade them to buy the products. It helps in increasing revenue by devising various sales and marketing strategies like optimising the company’s website, and running advertisements on different media channels, among others.
3. Generating Traffic
The emergence of the internet has changed the way businesses market their products. Today, every business has a website that states the mission, and the vision of the brand, along with a product catalogue giving the customers a peek into their brand.
Furthermore, different types of digital marketing strategies help in generating traffic to the company’s website. The increase in the traffic on the website will reflect in the sales. An effective and well-planned marketing strategy will navigate you through this process.
4. Building Trust
A proper marketing strategy stresses communicating the brand ideologies to its customers properly. When the ideologies of the business and customers match, it creates trust between them. Furthermore, marketing strategies contribute to building a high level of trust with promotion and advertising.
5. Tracking Metrics
A business metric is a quantifiable measure to track, monitor, and access the success or failure of various business processes. The marketing team tracks the metrics and changes marketing strategies accordingly.
What Are Different Types of Marketing Strategies?
Here are some commonly known marketing strategies that can help boost your business.
Word-of-mouth marketing is when a customer’s interest in a company’s products reflects in their daily conversations. Word-of-mouth advertisers and marketers create something that is worth talking about and then encourages other people to talk about the same.
It is also known as internet or social media marketing. In this type of marketing strategy, a company uses search engines like Google and social media to promote its products and services. Search engine optimisation, paid marketing, social media marketing, and e-mail marketing are some examples of e-marketing.
In offline marketing, a company uses traditional media like billboards, TV, and print advertisements to market their products. It is referred to as traditional marketing and is one of the most popular marketing strategies.
Relationship marketing is a part of customer relationship management (CRM) that focuses on building customer loyalty and engagement. This type of marketing strategy is undertaken by a brand that wishes to build a long-term relationship with its customer. The goal of relationship marketing is to create a strong bond with their customers.
Master Marketing with the Best Sales and Marketing Courses
The marketing industry is growing exponentially and giving rise to new job opportunities that have great potential. Moreover, with the emergence of the internet and growing online businesses, there are umpteen opportunities in marketing, including digital marketing.
If you are looking forward to developing a career in marketing, consider pursuing an online or offline course offered by Emeritus India. We offer these courses in collaboration with reputed and globally renowned universities such as Indian Institute of Management (IIM) to provide an enriching learning experience. Enrol yourself in any of the carefully curated sales and marketing courses offered by Emeritus India to grow your business.