Why Marketing play a vital role for all business?

What is marketing?

Marketing is the process of getting potential customers or clients interested in your products or services of your business. It involves researching, promoting, selling, and distributing your products and services to the clients. Today marketing is something that every business or organisation must implement in its growth strategy. These days, marketing is one of the key features of businesses.  

People mostly don’t know exactly what marketing is and, when asked, they define it as selling or advertising the products. While these answers are not totally wrong, this is only a part of marketing. There are many other aspects to marketing like product supply, promotion, designing and creating materials like landing pages and social media content, online ads, improving customer experience, doing market research, establishing market segments, and much more.

Marketing is very broad and includes all the strategies that help a company, brand, or individual achieve its objectives and goals.

The 4 Ps of marketing

According to E. J. McCarthy, the 4 Ps of Marketing are a simple formula for identifying, recognizing, or working with the essential elements of your marketing strategy. There are as follows:

Product: It’s the key factor or root of any marketing strategy to grow your business. A product could be anything to fulfil the customer's needs. The best thing to do is to figure out your product or service based on the needs and motivations of consumers and how the product would benefit the consumer, rather than on the object’s physical features or qualities.

Place: Strategic marketing locations can be anything from an online store to a channel of offline stores across multiple towns or countries. The goal of the distribution strategy is to enable prospective clients to have easy contact with your products/services as well as offer a good experience throughout the purchasing process.  

Price: How many price you charges for your products it’s an extremely important part of the marketing strategy. And this factor affects other factors such as:

The margin you hope to achieve, what market you want to target, and what will be the customer purchasing power to buy your products? The financial goals of the company, how will be the competition for products price in the market, and what possible product substitutes are there? Or Trends and fashions.   

Promotion: This refers to all the marketing and communication that is done in order to show the benefits of your product or service within the market. From this, you will increase your quality leads. 

Object of marketing

Your marketing strategy won't work unless you know what you want to achieve.

Here are some examples of marketing objectives:

1.     Increase brand awareness among the target customer: With new brands, their primary objective is to increase brand awareness and visibility. To do this, you have to define your marketing actions and campaigns to let consumers know you’re products and services what you provide.

2.     Increase market value: The existing competition in the market will determine how much market share your brand is able to acquire.

3.     Increase sales: This is the most important part of any marketing department to get successful ROI.

4.     Launching a new product: The product or service you are launching must always be created to fill consumers’ needs points.

5.     Improve ROI: Return on investment is one of the most important marketing metrics as it is a direct indicator of how well a campaign is performing. 

6.     Increase business profits: You should aim to ultimately increase business profits for your company with your marketing plan. 

7.     Optimize the conversion funnel. Optimize each stage of the funnel by creating re-targeting strategies for customers who have left out their cards during the checkout process. 

8.    Customer loyalty. Enhancing the loyalty of customers in marketing is a great example of a marketing objective

What does Marketing do for your business?

Marketing can help you in your business with countless ways but let's take a look at a few of the most impactful ones.

1.     Raising Brand Awareness: This is important because it gets people aware of your brand and the products or services you provide. It also makes you unforgettable to customers who can begin to trust your brand, become loyal clients, and tell their network about you.

2.     Generating traffic: Increasing the number of visitors to your site means getting the quality of leads and that is ultimately increasing your sales. A successful marketing strategy will help you through this process.  

3.     Increasing Revenue: Every business wants to increase its sales and marketing can help achieve this goal through a variety of strategies like online marketing, optimizing your website and SEO, creating email campaigns, and performing A/B tests to pinpoint the best strategy for you, run ads, and much more.

4.     Build trust in your brand: Creating a high level of trust in your brand to increasing customer loyalty and repeat purchases. This not only increases the revenue of business but also leads to great reviews both online and by word of mouth, which is still one of the most operative types of promotion.

Salary of marketing person:

Marketing Executive: the average salary of a marketing executive is 291,991 and it will increase with their experience.

Marketing Manager:  A marketing manager career with about 1-4 years of experience can easily earn an average of 508,364.

Business Development Manager: A business development manager with about 1-4 years of experience can earn an average of 456,828 and it will increase with their experience.

Assistant Marketing Manager: An assistant marketing manager with about 1-4 years of experience can earn an average of 538,842. After increasing experience, about 5 to 9 years will be manager’s salary like this 756,502.

Most Demanded Marketing field; Digital Marketing

The growth of the digital platforms in India and e-commerce boom have led to an ever-expand demand for skilled Digital Marketing professionals. This industry attracts fresh graduates as well as seasoned professionals and has abundant opportunities to offer to individuals with varied skill-sets. 

 

                         "Behind the successful business, marketing play a vital role."

 

 

 

 

 

 

Comments

Popular posts from this blog

Top 8 Benefits of Reading books - stress reduction, improve personality, sharp memory

Data Science with Job Placement in India

Which course is best after graduation to a lead successful life?