Marketing is an important process in the start-up of a new business. It is integral in establishing the products or services of the new venture in the minds of the target audience and building a presence in the market they aim to serve. But what about business with a long-established track record?

There is a risk of complacency in long-standing businesses. The feeling of “we are established, we can relax on the aggressive marketing” may just be the prelude to a significant business slump due to loss of sales. The reasons have to do with the relatively short attention span of the modern marketplace, the novelty seeking consumer and the large number of competitors eager to draw your clients to them.

All businesses at every stage of their evolution should have a marketing strategy in place that supports their business plan. Where business is the selling of products and services, “marketing is the exchange of specific information for consumer interaction” Marketing, then, is the conduit through which a business communicates with its customers and clients and this communication needs to be a continual process in order to retain the share of the marketspace a business needs to continue thriving. It builds awareness, increases sales, grow a business, and engage with customers. Many core business functions stem from marketing that it stands to reason that good marketing derives to good business.

Marketing enhances brand recognition

A business’ success rests on how well the business is known to the marketplace. If customers can know of them, they can choose to buy their products or use their services. A successful marketing strategy will build and enhance the brand name. Through marketing, the market should be able to easily recognize and recall business-specific products and services. This is achieved through effective communication not only about the products and services available, but about the quality as well. In enhancing recognition and reputation, marketing will increase sales leading to business success.

Marketing increases sales

With an established brand awareness and a concomitant awareness of the business products and services, chances are increased to engage potential customers to engage with the business and purchase the products and services that are offered. As this awareness grows, so will the word-of-mouth marketing – which is when customers start to tell friends and family of the products and/or services through conversation and, in modern times, social media platforms. This will have an exponential effect on increasing sales.

Marketing fosters healthy competition

A successful, well-rounded marketing strategy allows small businesses to compete with much larger, well-known businesses and corporations for a share of the market. It is now possible for a small business to have as much market presence as a larger corporation through the great equalising power of modern, cost-effective communication mediums in social media. As such, marketing promotes the healthy competition that allows any businesses, new or small, to successfully enter, grow and compete in the global marketplace.

Marketing grows a business

A successful, strategic marketing plan building on all aspects as mentioned above, often results in growth for the business. By successfully establishing the brand, educating potential customers about the products and services on offer, promote the quality of the products and services, create a good, strong reputation in the minds of the market and sell to them smartly, the business will be successful. In addition, as a business’ continued success and growth is dependent on gaining new customers, good successful marketing will attract new customers to build the successful growth and expansion of the business.