If your business isn’t reaching your audience they will simply turn to your competitors. Worse than not marketing, is cutting all marketing costs when your business is in trouble. Without active marketing, your sales rely solely on word-of-mouth and what happens to your business when that dries up?

Marketing is all about maximising profitability and sales, so spending is an important part of generating profit while sustaining your business. 

Whether you are a new business looking to launch a new product or service in the market, an established business hoping to re-position your brand, you’re going to need a robust marketing plan. Here’s why:

1. Your competitors are marketing their businesses

By not marketing your business, you are simply making it easier, and in some instances cheaper, for your competition to dominate in your market. By marketing your business you introduce yourself as a serious player in the market.

2. You will make more sales

If your marketing campaigns are doing their jobs properly you will see an increase in sales. Maybe not immediately, but your sales will certainly increase. If the right target market is made aware of your brand/product/service, they are likely to become a customers.

3. You will increase awareness around your brand and its products or services

Some of your best customers might see your ad a dozen times before purchasing. By raising your brand awareness you are building an audience of potential clients who know who you are, what you offer and exactly how to find you.

4. You will understand how much marketing revenue you will need

Once you can pin-point exactly what each sale is worth to you, in terms of profit, and can measure your ROI, you would have a better understanding of how much you can afford to spend on marketing to acquire each sale.

5. You will gain your consumer’s trust

The more familiar consumers become with your business or brand, the more likely they are to trust you. The more consumers trust you, the higher the likelihood of them purchasing from you.

6. You will identify your ideal customer and your closest competitor

Marketing will give you insight into who your ideal customer profile is, what their demographics are, what technology they use and the best way to reach them. It will also give your insight into who your closest competitors are and understand your industry for what it is – a vast network of business potential waiting for you to seize it.

7. You will discover what works and, more importantly, what doesn’t

With marketing your business, you quickly learn which type of advertising is effective and which isn’t. Also, by profiling your customer you will begin to understand exactly who they are, what makes them tick and how best to engage with them.

8. You will build a powerful brand and gain credibility in the market

A brand is much like a person’s reputation; you ‘earn your stripes’. Some marketers set out to sell more products, more experienced marketers set out to build their brands while selling their products. A successful marketing campaign separates your business from your competitors with a memorable, powerful brand that makes clients pick you over your competition time and time again.

So now that you know how powerful marketing can be, where do you start? First, by defining your business clearly and creating a sound marketing strategy to achieve your goals.

Before undertaking any form of marketing it’s important to have clear answers to the following questions:
  • What are my business’s key products and services?
  • What are the features and benefits of my products and services for a potential client?
  • What makes my product/service stand out?
  • Who are we marketing our products and services to, i.e. is this business-to-business or business-to-consumer sales, or both?
  • What, if anything, do I already know about my target market?
  • Who are some of my competitors?
  • What do I want my ideal client to think and feel about my product and service?
  • What does success look like to me and my business?
  • What is my immediate budget? (And how do I do this in the most cost-effective way?)
The last question you might ask is: How do I do this in the most cost-effective way? The answer: By providing this information to an experienced marketer.

Whether you choose an advertising agency or hire someone in-house, turning to an experienced marketer will reduce time spent on creating a marketing plan, researching your customers, investigating the competition and identifying gaps in the market. An experienced marketer will be a lot more efficient at gathering this information and offering you the best marketing strategy. 

Be smart. When it comes to cutting-down costs, understand that the success of your business lies in its marketing. Your business may have the best product or the most revolutionary service but that simply doesn’t matter if your audience doesn’t know about it.

For more information, visit www.arcinteractive.co. You can also follow Arc Interactive on Facebook or on Twitter.