How can marketing help a business?
Marketing is beneficial to any business, whether large or small, in terms of helping it to grow and become more profitable. As such, it should be an ongoing activity for all businesses – equally important for those with strong sales and a healthy cash flow as it is for those that are struggling financially.
Marketing as a promotional tool
The primary goal of marketing is to introduce the public to your product, services or brand. Even if your products are the best in the world or you offer a brilliant service, if nobody knows your business exists you won’t have any customers. And no customers means no sales.
It’s also worth remembering that even if you’re not getting the message out there about your business, your competitors will almost certainly be promoting theirs. Their products or service may be inferior to yours, but if your prospective customers hear about these – and don’t know about yours – they will get the sales.
Showcase how you solve customers’ problems
In addition to letting prospective clients know who you are and what you offer, marketing also lets you demonstrate how you can help them solve their problems. It’s the ideal platform to show how flexible and adaptable your company is – able to handle certain issues or address particular pain points that clients might be experiencing. Two effective ways to do this are through testimonials and case studies.
Shaping opinion and managing expectations
Marketing allows you to directly shape the view held by others about your company by telling the story of your brand promise. Of course, it’s then up to you to ensure that this promise is fulfilled when people engage with your company. Through internal communications, marketing also helps explain what your business is all about to your employees who are the ones expected to actually deliver the customer experience.
Worth the investment
In terms of investment, marketing does require time, effort and money. All of these may be in short supply, especially if you’re trying to rescue the business from going under, but it will pay off if it is done properly.
However, marketing can’t wave its magic wand and save your business from financial ruin if things have already become that bad. If that is the case, you need to speak to a Licensed Insolvency Practitioner – not a marketing consultant.