The Importance of Marketing and Advertising
Marketing and advertising are two of the most important aspects of running a successful business, no matter what type of business you run. If you’re new to either marketing or advertising or both, you might be wondering why it’s so important. There are many reasons, but if you don’t know where to start, this guide will help you understand why marketing and advertising are essential parts of any business strategy. It will also give you suggestions on how to best implement each type of marketing strategy in your company and how to use social media to advertise your products effectively.
What is marketing?
Marketing is a human activity directed at understanding, creating, and satisfying customer needs profitably. In simple terms: to build awareness for your brand and get people to buy your products or services. It’s also important to know that marketing is not advertising—the two are often confused but they’re very different. The key difference between marketing and advertising? Marketing creates long-term value, while advertising creates short-term value. If you’re interested in learning more about how marketing works (and how it can work for you), keep reading!
What does advertising entail?
You might have heard people say, I have no money to advertise or, I don’t need marketing. I do my own advertising. Both statements might be true in some cases, but they usually result in missed opportunities and less-than-expected results. The truth is that if you really want your products to succeed and your business to flourish, you must invest money in advertising because it works!
Why does it matter?
Good marketing and advertising does two things: it makes consumers aware of your business, and persuades them to give you their money. Good marketing doesn’t just attract new clients—it helps keep current customers coming back. If people don’t know your business exists, they won’t know how much they need or want what you offer. And if they aren’t convinced that your products are worth paying for, then even if they do find out about you, there will be no reason for them to buy from you instead of someone else. For both reasons, marketing is crucial to any business looking to grow its customer base.
How will you do it?
The first thing you need to do is consider your target audience. Who will be interested in your product or service? If you sell cars, maybe it’s other car dealers looking for new inventory; if you provide IT services, it might be small businesses struggling with security issues. Understanding your ideal customer can help create a focused marketing plan—and a successful business. In fact, knowing who you want to reach and why they should care about what you have to offer is critical for any marketer. You have to think about who are your customers really are, says Karla Erickson of ERIE Insurance Brokers & Consultants Inc., What do they really want from their insurance broker? What kind of services do they expect us to deliver?
Understanding how to advertise and market a business is a vital skill. I hope that you now have a firm grasp on what it takes to market your business. Make sure you don’t try to do everything at once; start with just one step, get it done well, then move on to two. Making smart choices when learning how to market your company is key!