Why is marketing important in business? 13 FAQs on marketing
By Indeed Editorial Team
Published 20 May 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Marketing helps businesses of different scales to boost sales, increase publicity and promote their brand. It's an indispensable tool, especially in this age of strong competition amongst businesses. Learning about the importance of marketing can help a business understand why it's necessary to invest in marketing strategies that can increase its revenue. In this article, we define why is marketing important and answer some frequently asked questions about marketing.
Why is marketing important?
Before answering the question, 'Why is marketing important?', it's important to define what marketing is. Marketing refers to the various traditional and digital ways of promoting a business's content and boosting its presence in the customer environment. Conventional marketing tools include posters and newspapers, while digital tools include social media and e-mail. It's a process that involves research and continual evaluation. In simpler terms, a business outfit continues to analyse the best promotional tools and the best time to use them.
The benefit of marketing transcends guaranteeing business growth. It also ensures that a brand enjoys sustainable profit and reaches its maximum potential. Marketing in business is a process rather than a tool to achieve instant business success. Only companies that approach it this way enjoy the most of its benefits, such as:
People are more likely to buy what they're familiar with, which is where the need for brand awareness arises. Marketing products or services to the right audience increases awareness and helps retain old and new customers. Once a business has sufficient awareness among its target customers, it positions itself for success. Common ways of increasing brand awareness include advertising and partnering with influencers.
When a business has a balanced awareness amongst its target customers, marketing can help sustain this new and fragile relationship. Marketing is a process. It doesn't end with creating awareness, but rather it maintains the relationship between customers and the brand. Therefore, it's necessary for business owners to engage their customers through user-generated content, forms or other communication tools.
Marketing drives sales. Almost every business owner is in the trade to make money, and marketing is the perfect tool to make that happen. If you have a good product and people don't know about it, it's the same as having no products at all. Marketing helps business owners to inform potential customers of the value of what they tend to get from a particular product.
One branch of marketing analyses and evaluates a product's strengths and weaknesses. It also helps to make designs of potential customers and encourage them to buy a product. In addition, it identifies potential customer zones through calculated predictions.
Promotes business growth
Marketing doesn't just help businesses increase awareness and sales, it also promotes its growth. When people are familiar with a product and the company leaders employ other marketing strategies to maintain the customer base, there's likely to be business growth in the long term. This growth can offset the expenditures inherent in marketing and lead to a greater ROI.
FAQs about marketing
The following are some of the frequently asked questions about marketing:
What is a marketing strategy?
A marketing strategy is a plan designed to achieve short or long-term marketing goals. It contains elements like a company's unique value proposition, target customer data, branding messaging and other vital details. It also includes the metrics used to measure the marketing results.
What are common marketing strategies?
Some of the most common marketing strategies for B2B companies are conversational marketing, earned media, search engine marketing (SEM), pay per click (PPC), content marketing, social media marketing, industry events and search engine optimisation (SEO). For B2C companies, strategies like email, marketing, direct selling, digital marketing and point of purchase marketing can help achieve marketing goals.
What are the objectives of marketing?
One of the leading marketing objectives is to create demand by first finding out a customer's preferences and producing products or services to satisfy them. The next step is informing the customer about using the products or services, encouraging them to purchase. Other marketing objectives include customer satisfaction, profit generation, market share and company branding.
How does marketing affect business?
Marketing can bring about continuous sales. It helps a business build a genuine relationship with its customers, where trust and understanding are the main ingredients. After a while, customers become loyal to the brand, only buying products from them. Marketing can also help new brands to break into an already established market by informing customers about their existence.
What is a unique value proposition?
A unique value proposition (UVP), also known as a unique selling proposition, is the explanation you give to customers about what makes the company's products or services different and how it can solve their problems. It's specific, dealing only with facts such as numbers and percentages. When describing the UVP to customers or clients, focus on the benefits of the products or services you offer and the reasons why they're better than your competitors' wares.
How do you get your target user to click Google Ads?
The following ways can get your target user to click:
Use relevant keywords: Use relevant keywords that aren't highly competitive to increase the chances of a click-through by target users. You can also consider using the keywords of direct competitors and use tools, such as SpyFu, to see the keywords your competitors are using.
Write a persuasive copy: Ask the right questions and answer them with a solution. Use call-to-actions to spur your users to action and ensure it's relevant to target users.
Link ads to landing pages: Rather than linking ads to a homepage that shows general information, create a landing page specifically for the advertisement so that the target users can easily find the information they need, especially for websites that offer more than one service. Also, ensure that the landing page's headline, copy and background image is the same as the ad.
7. Is blogging still relevant?
Yes, blogging is still relevant. It's still one of the best marketing strategies for businesses to connect, interact and engage with their target audience. People still see it as one of the most reliable information sources on the Internet. Consumers still purchase products or services because a blog recommended them.
8. How can you gather customer insight quickly?
Gathering customer insight can help you know what your customers want. You can collect customer insight through the following methods:
bigger companies' data
9. How can one measure customer experience?
One of the methods of measuring customer experience is by calculating the Net Promoter Score (NPS) to know the percentage of loyal customers to the company's brand and how likely they are to recommend it to someone else. It also shows those that are indifferent to the brand.
Calculating the NPF involves sending a survey to customers asking them on a scale of 1-10 if they can recommend your business to a friend. Those who rate 9-10 are core promoters, those from 7-8 are neutral, while 0-6 are not loyal customers (detractors). Determine the NPS by subtracting the percentage of detractors from the promoters. This measurement aims to know the percentage of loyal customers and how to improve the customer experience for the neutrals and detractors. Other steps to measuring customer experience include:
conducting customer surveys
measuring customer satisfaction scores
interpreting customer support ticket trends
10. What is the importance of measuring customer experience?
Businesses can use the feedback to improve marketing and sales strategies to get more customers and increase sales. For example, when analysing the responses to survey questions sent out to customers, you can gain insight into the company's competitive advantage and which market gaps to fill. It also helps the company's management in the decision-making process, as the data from customers' feedback can help guide decisions that affect the company.
11. What is content marketing?
Content marketing is a marketing technique that involves developing and distributing valuable and relevant online materials. The intention is to raise interest in a company's products or services. The online materials can include blog posts, social media posts, videos, emails, newsletters, white papers and other media.
12. Does content marketing increase sales?
Yes, content marketing helps drive sales by increasing awareness of a company's products and services. You can attract Internet users searching for products or services online by creating content targeting them. For example, if you sell software like an HRM, you may create content that answers prospects' questions. They might type, 'Is an HRM essential for a business?'. If you've made a blog post with the topic, 'The importance of HRM for a business,' it's likely to show up when prospects click the search button.
13. How can you make content go viral?
You can increase your chances of making content go viral by first understanding your audience and then creating unique and engaging content that addresses a pain point. You can also try the following:
Use compelling visuals, especially infographics, to increase audience engagement.
Create interactive content with advanced effects such as interactive graphics and multimedia elements.
Create long-form content blog posts.
Work with influencers to promote your content.
Please note that none of the companies mentioned in this article are affiliated with Indeed.
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