WHY MARKETING IS THE MOST IMPORTANT FUNCTION OF ANY BUSINESS?
Without a doubt, there are few other essential things you need to do to operate a business – handle your finances and people for instance. Nevertheless without marketing you will have no customers meaning little or no business!
We’ve held the following argument (sorry conversation) with lots of businesses over a number of years:
- I don’t do any marketing
- Sure you do
- No , I don’t have to , I get all of the business I want from xxx – OR well , I attempted it once , it didn’t deliver the results so I gave up
Exactly what these types of conversations make known is deep-seated misunderstandings as to what marketing is – and that ( due to the fact that every person who has a business with customers is carrying out marketing ) there is certainly lots of unaware effort going into it . This happens to be fine if you happen to be achieving the results you desire and achieving your goals.
Otherwise it’s time to get extra conscious!
Marketing is everything you do to produce satisfied customers profitably – which is individuals who purchase your good/services and who are willing to keep on returning for more! Certainly, there exists distinctions on the customer/supplier model, you may generate money from one source to enable you to offer services to a different group, for instance, however the exact same principles hold true.
A few of our favorite quotations sum this up far better:
“Because its purpose is to create a customer, your business has 2 purposes and two purposes only: Marketing and Innovation.”
“Marketing is far too necessary to be left to the marketing department.”
“The only intent behind marketing is always to sell a lot more to more and more people, more regularly and also at a higher amount.”
What exactly is marketing then?
All perfectly – but what exactly do we truly imply by marketing? We have seen some seriously wordy intellectual efforts to explain marketing , however I don’t presume anybody can go far entirely wrong with the old school Chartered Institute of Marketing definition :
Marketing is . . . just about having the appropriate services or products to the customer at the appropriate price, in the right place, at the perfect time.
Thus giving us the popular 4 p’s:
Product (or service ) – this is all the components of the way you give value and gratification to your customers , support levels , product packaging , branding , and so on .
Place – where do you display your product/service, how exactly do you get it there (logistics/distribution) , and how effortless it is for customers to purchase whatever you offer
Price – having this right is vital to profitability, but likewise makes a huge difference to perception of value and need
Promotion – you all are aware of this aspect, if you do not want inform people what you can do for them and also how they can purchase from you then why should they?
Understanding a lot more regarding marketing as a discipline aids you take wiser decisions across each one of these aspects – becoming more efficient and eliminating squandering money.
Do you happen to be doing enough?
At this point you understand exactly how crucial marketing is for you to your business the question is have you been performing enough to obtain the outcomes you desire? And if not, what can you do concerning this?
The starting point, as clearly explained above, is usually to be a lot more aware that you are taking marketing decisions each day – no one of you are performing no marketing entirely. When you understand that you could examine whether or not you are taking advantage of every opportunity or selling your own self short in some way.
At this stage we say you fundamentally possess two choices:
- Pay somebody to get it done for you (hiring or outsourcing to an experienced person ) , or
- Make improvements in performing it yourself!
Honestly, even though you end up paying somebody else, there is a whole lot to be said for enhancing your own personal expertise in marketing simply because it is so important to the success of your business.
Just like anything you want to learn about there exist diverse paths to take to achieve it: study books, search on the internet, attend training seminars, courses or coaching. You have to work out what’s best for you.
Marketing is the most important business function – you can’t afford to neglect it.