Marketing is one of, if not the, most important aspects of a business. What good is selling a life-changing product if customers have never heard of it and don’t know anything about it? That’s where capable marketers come in handy. Marketers help companies identify consumer and industry trends, formulate campaigns and captivate audiences by showing how their products shine over others.
What, exactly, is marketing? Simply put, marketing is the activity of getting people aware of and interested in a brand and its products, often by promoting its offerings so that customers perceive them as valuable or desirable.
Whether we’re conscious of it or not, marketing is all around us. Billboards along a highway, commercials on TV, advertisements in magazines, brand posts on social media and optimized content on a website are all everyday examples of marketing.
One of the most famous examples of marketing is Nike’s slogan “Just Do It.” Pairing “Just Do It” with world-class athlete spokespeople has proven to be one of the most effective marketing campaigns of the last 30 years. The phrase resonates with competitive athletes and fosters a sense of pushing yourself to be a better athlete (in your Nike gear, of course).
One of the reasons why marketing is so heavily emphasized is that it often helps inform other aspects of the business. Product, sales and advertising teams are all affected by the efforts of a marketing team. Marketers are responsible for guiding the decisions of these teams with valuable insights, so they compile data in the form of market research.
Market research entails gathering information about a business’ key demographics, their affinity toward a company’s current products and what other competitors are doing. A marketing team’s in-depth market research informs product and engineering teams on what to create, sales teams on what to sell and advertising teams on what to communicate.
Why Is Marketing Important?
Marketing is a core component of business success because it impacts a company’s ability to reach customers, develop a brand and generate revenue.
BENEFITS OF MARKETING
- Establish a customer base
- Develop a trustworthy brand
- Add value to company products
- Generate higher sales profits
Marketing serves as a lifeline that connects brands to potential customers. Market research enables teams to determine who their target audience is and tailor their messaging and communications accordingly. Businesses can then generate positive perception within consumers who are most likely to find value in and buy their products.
Over time, a well-planned marketing strategy solidifies a company’s brand and messaging. This is crucial because consistent branding tells consumers what to expect from a company and leads to a reputation. If a business can continue to meet these expectations and live up to its reputation, it can create trust among loyal customers and add value to its brand in the eyes of consumers.
The ultimate reward for these efforts is higher sales, and some of the most effective brands have become synonymous with winning and success. For example, many customers will pay more for a Nike shoe than an anonymous brand’s shoe based on the reputation of the Nike brand alone. An ideal brand highlights what makes a company unique, setting it apart from competitors and transforming its products into coveted items among consumers.
