importance-of-marketing

The Importance of Marketing in Today’s World

Marketing! Marketing! The word which is familiar to all the people. Without it, the picture of the product will not be made in the minds of people. 

                   “Marketing is the food for business.”

As we all know, we are facing the worst time ever because of Covid-19. Today everyone wants to get out of this situation. The business also gets affected because of this pandemic. Marketing roles also changed in the time of Covid-19. The importance of marketing will never decline, irrespective of the situation. Let’s study it with an example-

In the time of the pandemic, the role of digital marketing comes into the picture. Now almost everyone uses it for promoting their product online. With the help of it, the businessmen create brand awareness and reach potential customers. 

Social media marketing is also booming nowadays. It plays an important role in the marketing of the product. It brings a revolution in the marketing of goods. Facebook, Instagram, Reddit, etc., are helpful in the promotion of goods and services.

Let’s understand the importance of marketing through social media through the stats-

Now 1.12 billion accounts and above are existing around Snapchat, Facebook, Instagram, and WhatsApp. The story trends are increasing on these platforms since 2016. As per the buffer state of social 2019 reports. Social media has become an important marketing strategy part.

The social media mania is continuing. That is why 58.8% of marketers admit that social media is an essential part of marketing strategy. Only 2.4% say that it is not necessary for marketing.

Before understanding the importance of marketing. First, understand the meaning of marketing and its types.

What do you understand about marketing?

Table of Contents

Marketing includes the activities a company does to promote its products and services. It helps in boosting their buying and selling. The activities are advertising, delivering products to customers, etc.

AS per AMA (American marketing association), “Marketing is 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.”

Types of marketing

There are three types of marketing-

Online marketing

In this, marketers do marketing on online platforms. For example, they are promoting products on social media platforms.

Offline marketing

In this, marketers do marketing on offline platforms. Such as Television advertisement, radio advertisement.

Word of mouth marketing

In this, marketers do face-to-face marketing. For example, door-to-door selling of products and services.

What are the reasons behind the importance of marketing?

The following are the reasons that help you to know why marketing is important-

Helpful in engaging customers

Your business needs to engage its customers. Marketing is a helpful tool in doing it. Engaging clients is not the same as pushing your offers. It involves Providing useful information about your products and services to your consumers. In contrast, it’s all about coming up with new ideas.

Telling your consumers what they don’t know is a good idea. Make it interesting and worthwhile for them to spend their time on.

Important point- 
One of the most effective ways to engage your consumers is through social media. Several businesses use short videos, and others use humorous techniques to engage consumers. Moreover, marketing provides customers a sense of belonging by engaging them.

Helpful in building and maintaining company’s reputation

The reputation of your company has a favorable correlation with its growth and longevity. As a result, it’s safe to conclude that your reputation defines your brand equity.

The majority of marketing initiatives are aimed at increasing the company’s brand equity.

When you meet the expectations of your consumers, your company’s reputation develops. Customers are happy to be linked with your goods. Marketers apply excellent communication, branding, public relation. And CSR tactics to sustain a company’s reputation.

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Helpful in building a relationship between business and customers

Customers need businesses to have a trusting and understanding connection with them. How will marketing create this connection?

Marketing research helps in identifying the segments. It is based on consumer behavior, demographics, and psychographics.

Segmentation enables a company to address the demands of its clients. It helps in acquiring their trust. In addition, The product team guarantees that the company delivers on its promises on time. Customers become brand loyal as a result of this.

Customers that are loyal to you will be more likely to buy extra items from you. Your commercial actions will be more profitable. If the trust and understanding between the business and its customer are built.

It acts as a communication channel.

It is one of the importance of marketing. Marketing is the process of informing your consumers about the services or goods you are offering. Through it, customers learn about the product’s value, how to use them, and other information that may be useful. Moreover, it raises brand awareness and recognizes the company from others.

Remembering point- To satisfy consumers, you must be a continuous voice. Therefore, informing your consumers about any discounts or other offers is essential. Marketing supports your company in becoming a market leader by facilitating communication.

Helpful in boosting sales

Marketing uses a variety of strategies to advertise your products or services. When you market a product, it’s already on people’s radar. As a result, it boosts your chance of selling. Customers may wish to try out your items or services before making a purchase.

When customers are happy with your products or services, they become brand ambassadors. They’ll spread the word, and your business will begin to grow. In contrast to complement your marketing efforts, make sure you offer high-quality products and services.

Helpful in providing information about your company.

Every marketer recognizes the importance of focusing on the correct audience. You must have the appropriate content to share with such a group. Your marketing techniques can assist you in determining what type of corporate messaging you must use. Furthermore, it will help you in persuading your target audience.

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At this stage, you must experiment with various messages to discover what works. You’ll establish a suitable base for your marketing efforts by trying different messaging sets on the target audience. In addition, it serves as a tool and gives you the information you need to stop guessing.

Helpful in maintaining relevance.

Most businesses think that they will always be the customer’s favorite brand. It is the incorrect mentality. Therefore, you need to figure out how to stay on the client’s mind.

Remembering point- Every relationship requires maintenance from time to time. Marketing keeps your company relevant to clients. Also, it helps in allowing you to keep a positive relationship with them.

Helpful in creating a brand image.

Building and sustaining a favorable brand image relies heavily on marketing. You may utilize brand awareness initiatives to change people’s perceptions of your business. You can also use marketing to give useful information or to try to correct a problem.

Suppose that your company began donating 30% of its earnings to a local non-profit company. It is absolutely useful information that should be conveyed to the general public using various marketing platforms such as email, social media, and an online blog.

Helpful in the expansion of business

The main reason behind the importance of marketing is business expansion. Opening new franchises, extending a restaurant’s terrace, or growing your monthly customers of an eCommerce firm are all examples of expanding your business. Despite a particular situation, the need for strategic marketing is there to support your company’s growth.

Let’s sum up

From the above discussion, now you come to know about the importance of marketing. We hope you will find this blog helpful. 

Many students pursued marketing as their main field. For this, they must have complete marketing knowledge. This blog will help you in knowing how marketing is used for the growth of the business. if you need help with marketing assignment, then contact our marketing assignment help experts.

           If you want more knowledge, stay in touch with statanalytica blogs.

Frequently Asked Questions

Why is marketing so important?

It is the single most crucial factor in building your business. Marketing is a critical stage in your company’s growth as well as revenue growth. It might take a lifetime to become an expert in marketing. But it is critical to continually enhancing your present efforts to keep expenses low and profits high.

What impact does marketing have on our lives?

Marketing has a significant influence on consumer behavior and influences many aspects of our lives. We utilize promotional items daily, from toothpaste to clothing. Consumers’ purchasing decisions are shaped by marketing.

What do you understand about strategic marketing?

Strategic marketing includes these strategic activities-
Discovering the demand for a product through consumer research.
Transforming current products or designing new products to match consumer needs and wants
Learning how properly to influence potential customers to make them informed of your products. And convince them to purchase them.