Getting Word Out
For a business to succeed, the product or service it provides must be known to
potential buyers. Unless your business is known in the community and have
communication with your customers readily available, you have to use marketing
strategies to create product or service awareness. Without marketing, your
potential customers may never be aware of your business offerings and your
business may not be given the opportunity to progress and succeed. Using
marketing to promote your product, service and company provides your business
with a chance of being discovered by prospective customers.
The heart of your business success lies in its marketing. Most aspects of your business depend on successful marketing. The overall marketing umbrella covers advertising, public relations, promotions and sales.
Marketing is a process by which a product or service is introduced and promoted to potential customers.
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Once your product, service or company gets on the radar screen of your
prospects, it increases your chances that consumers will make a purchase. As
awareness becomes a reality, it is also the point where new customers start to
spread the word, telling friends and family about this amazing new product they
discovered. Your sales will steadily increase as the word spreads. Without
employing marketing strategies, these sales may not have ever happened; without
sales, a company cannot succeed.
The success of a company often rests on a solid reputation. Marketing builds
brand name recognition or product recall with a company. When a company reaches
the high expectations of the public, its reputation stands on firmer ground. As
your reputation grows, the business expands and sales increase. The reputation
of your company is built through active participation in community programs,
effective communication--externally and externally--and quality products or
services, which are created or supported by marketing efforts.
Marketing also fosters an environment in the marketplace for healthy
completion. Marketing efforts get the word out on pricing of products and
services, which not only reaches the intended consumers, but also reaches other
companies competing for the consumers’ business. As opposed to companies that
have a monopoly on products and services that can charge almost any price,
marketing helps keep pricing competitive for a business to try to win over
consumers before its competition does. Without competition, well known
companies would continue to sell while lesser known companies or new companies
would stand little chance of ever becoming successful. Marketing facilitates
the healthy competition that allows small businesses and new businesses to be
successful enter and grow in the marketplace.
Although marketing is hugely important for a business to succeed, it can also
be very expensive. In its first year, a company might spend as much as half of
its sales on marketing programs. After the first year, a marketing budget can
reach as much as 30 percent--sometimes more--of the annual sales. A marketing
program that gives your company the best chance is a healthy mix of different
forms of marketing, such as website development, public relations, print and
broadcast advertising, design and printing for all print materials, trade shows
and other special events.
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