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Marketing in Business: Role, Importance and Challenges

“For a business, not advertising is like eyeing a girl in the dark. You know what you are doing, but no one else does. These words of Stuart H. Britt reveal the place, the role and the importance of marketing within a company. This article proposes to follow the same lines as this author. Thus, at the end of the reading of this article, you will be able to understand in a more practical way the role, the importance and the stakes of marketing.

Marketing or sales?

Ask yourself what is marketing? As defined by the  American Marketing Association  and other marketers such as Sero Gnire B. , marketing is an activity; it is the set of institutions and processes that make it possible to create, communicate, deliver and exchange offers that have value for customers, partners and society itself.

In general, you shouldn’t confuse marketing with sales . They are two distinct functions which require complementary skills, but not identical.

  • Good marketing practices will act as a catalyst for sales.
  • Transforming the information received from the field with current and potential customers as well as competitors (of a deliverable or a service) is important for the growth of the company.
  • Securing the right information and working closely with the company’s technical team is also the function of the marketing team.

The marketing function plays the role of champion of the voice of the market throughout the design phase. It allows engineers and technicians to stay focused on the task to ensure that the initial product proposal does little deviation.

Also, it will be necessary to know if he will have a compromise or not. In the majority of cases, there is always a compromise. But a successful marketing function will be able to tackle cause and effect to determine potential customer acceptance and impact on revenue.

Managing risk versus rewards during the design phase is also an essential marketing activity. Let’s take a closer look at the role of marketing in a final expense leads business.

The role of marketing in the business

Discover in the following paragraphs the four main reasons for marketing in a business.

Study the target audience

The minimum study of the destination market of a product is an essential phase when we want to embark on an entrepreneurial adventure.

When this is not done, we expose ourselves to unpleasant surprises. For example, this is the time when we mistakenly try to sell an item or product that hasn’t worked in the past. It is either an already outdated or poorly thought out product. Apart from that, it is also in the case of trying in vain to compete with an already saturated market.

By studying our target audience sincerely, however, we can understand their needs and motivations . It is on this basis that a company can claim to serve them better.

These two elements are two skills that have a lot to play in the success of a business. It is thanks to creativity that you will be able to position yourself in markets as saturated as real estate, mobile telephony or other sectors in which you operate. This is how author Seth Godin addressed it in his book All marketers are Liars . He explains to us that consumers like to be told stories. If marketing departments tend to overdo it, it’s because customers expect them to tell them stories. The only channel to do this is through marketing. It is he who makes it possible to meet customers and understand them in order to adapt the message to be conveyed.

Nurture a privileged relationship with its customers

The role of marketing in a company is also to unite its customers around its products and, by extension, around the brand. Once the company has a strong discourse and identity, a community will be created more or less naturally around the product.

Identify consumer needs 

As we discussed in the previous points, marketing not only encompasses the needs of consumers, but also helps create them. It really starts with mastering your potential consumers.

It is true that marketing cannot create a need, but many marketing campaigns are based on awareness of a product and the opportunity to own it. What is important is that this awareness creates the need to some extent.

Some Marketing Strategies

Some common marketing strategies help build brand awareness and give it context that stimulates the desire to own it. Here are a few !

  • Demonstration of scarcity : Apple, for example, increased demand for the iPhone 5 by cutting two more shipments of the phone immediately after announcing its release.
  • Develop a “we” connection between consumers and the product , often by announcing the product first to a selected audience and inviting consumers to participate in the development of the product or its launch.
  • Interact with social media , for example by responding to consumer comments, whether favorable or unfavorable.
  • Determine the need for a product through market research, observing and quantifying sales trends of similar products in the market.
  • Modify existing products or create new products to meet the wants and needs of consumers.
  • Determine the best way to reach potential customers to inform them about your products and convince them to buy them.
  • Create marketing campaigns based on determining the most effective way to reach customers
  • Confirm customer relationships through sales campaigns and loyalty programs

These points on consulting , marketing strategy and communication are just an introduction to what you need to know, you can of course find out more .

Importance of marketing for the business

The key concepts of marketing include activities ranging from the creation of the product to its acquisition by the customer. Everything revolves around the product and the customer . This is why it is so important to understand the product life cycle . All of this is obviously the subject of corporate marketing.

Marketing also takes the initiative to “roll out” the new product or service to the market, preparing the necessary communications and targeting specific markets and customers.

The engineers and technicians measure success based on functional properties and spend the manufacturing process.

The marketing professionals measure success by calculating the time compared to breakeven and units sold compared to forecasts. The celebration of marketing begins when the crossover point is reached – that is, all design costs are consumed and the profit line is crossed!

But the involvement and influence of the marketing team does not end there. Their responsibility is then to nurture the product, promote it and communicate with customers. Serve as a brand ambassador in support of the sales team. Provide ongoing field intelligence to allow adaptation to the original design to extend the product lifecycle chronology.

A strong marketing function must have technical skills, product knowledge and above all, strong interpersonal skills . It is essential to be able to transform qualitative inputs into a deliverable. In summary, marketing is invaluable in a business. It collects the product from the technical team and transmits it to the target audience.

The challenges of corporate marketing

When it comes to marketing, almost all businesses face the same challenges. So, along with hundreds of marketers, they discuss the issues and challenges they face on an almost daily basis . While the scope and details may vary, we found a few things in common. Here are three main issues that get almost every marketer running.

Customer loyalty

In this digital, data-driven age, a loyalty program must be more than just another card cluttering consumers’ wallets. New customers are important, but businesses need to keep their buyers loyal and engaged in order to grow.

Personalized and timely loyalty initiatives are essential for businesses. These initiatives can range from direct mail offers to personalized emails based on the customer’s lifestyle or demographics. Transparency and values ​​can also build customer loyalty, with branding playing an important role in the success of this approach.

Besides free loyalty programs, premium loyalty programs are growing in popularity. The key to premium programs, however, is to make sure that customers clearly see the value of paying to be part of the program. By partnering with an ecommerce expert, marketers can create a robust loyalty program that attracts and retains customers.

Personalization in the relationship with customers

The customization is probably one of the most important marketing efforts in recent years. Customers not only want you to know their name and location, but they also want you to anticipate their needs. Personalization with customers goes beyond a few basic variable tags and geolocated data: you have to get to know them.

When was the last time you interviewed a current client? When was the last time you spoke to your sales team to understand what potential customers are looking for?

In order to break the clutter online, marketers need to be as relevant as possible. This could include account-based marketing techniques, customer journeys, or something entirely different. Hardcore marketers may not have the time or the tools to personalize their efforts, but personalization can be easier than you think. Remember that personalization doesn’t necessarily mean it for every customer. If you bring in an expert in business marketing, you increase your chances of relevant and personal programming for your audience.

When done well, this customization improves the customer experience and increase engagement and loyalty disseminating messages that meet customer expectations or even the anticipation. Marketing technology and artificial intelligence can help you achieve this. Remember, you can learn more about how to personalize the relationship with the customer .

We all know that running a business is a task that requires focus and endurance. By bringing in marketers, you can focus on what you do best while the experts plan projects quickly and efficiently .

Creating a seamless experience with the customer

Today, customers are always waiting for relevant content anytime, anywhere, in the format and on the device of their choice. For companies that have developed their service online, a complementary adventure in the offline world creates opportunities for loyal customers to further develop their relationships with the brand. It also creates another way to discover new customers.

But how can businesses create an offline experience that supports their marketing and branding efforts, and vice versa?

Online shopping is convenient, but customers are looking for social experiences , which can be done in a physical store or at a short-lived event. It will therefore be necessary to take advantage of mobile strategies such as coupons , apps and push notifications to drive traffic to stores. This will not only promote consumer engagement and loyalty, it will bring them into your doors.

In-store, expect to use customer data to personalize shopping experiences. Technology has made it easier to target customers based on the data they provide. These include their buying behavior, product preferences and demographic information, all of which ultimately drive more sales. Studies have shown that consumers browse products on mobile devices for the best price in a physical store and compare products online to find the lowest price. Having a strong online presence and in-store resources gives customers a consistent experience and is also essential for brands that want to thrive.

Marketing is an inseparable link in the life of a company. No business will be able to last long without being part of a dynamic marketing strategy and real communication around its brand or its services. The challenges are to be faced on a daily basis in order to succeed in raising one’s head in this constantly advancing world.

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