The scope of the term ‘marketing’ is not just restricted to advertising a product or a service, but also encapsulates the element of disseminating vital information.
Let’s have a look at some of the reasons why a sound marketing strategy is essential for every business:
· Creating Awareness
With an attention span of 6 to 8 seconds, it is impossible for consumers to recall all the advertisements that they see in a single day. These promotional mechanisms range from television commercials to billboards and even Below-the-Line campaigns. With the availability of such diverse communication channels, the task of marketers has become more complex because the initial point of entry into a consumer’s consideration range is to be in his/her top of mind recall reserve. Rather than explicitly posing the product for sale, it is imperative for businesses to indulge the potential consumer in a perpetual discussion related the product.
· Impact on Sales
When brand awareness about a product augments, the direct impact is on sales. Once, the brand message has been effectively communicated to the target market, the sales follow because marketers have succeeded in identifying a need gap that potential consumers wish to fulfill. Marketing strategy is not limited to informative advertising only, the aspects of persuasive advertising and re-marketing can not be neglected. It is important for businesses to keep the existing consumers loyal as it costs 3 times more money to create a new consumer rather than retaining an existing one.
One of the important tools that businesses use to ensure that their existing consumers stay connected and recommend the brand to their peers is through the distribution of deals and discounts. Consumer eccentric strategies are the bedrock of every successful marketing plan.
· Source of New Ideas
It is only through marketing that businesses learn about their brand equity and brand affinity levels. Marketing is an apparatus for measurement that can give diverse qualitative and quantitative information to businesses, enabling them to alter their corporate and tactical strategies.
Most of the times, businesses learn through sophisticated social media algorithms the traits and features of their potential markets. This process of funneling helps in the process of segmentation, targeting, and positioning.
· Uniform Brand Image
An effective marketing strategy must be in place as it allows the use of several integrated communication tools to be used simultaneously. An elite brand is unlikely to advertise its core offerings in a local newspaper, because the geographical barriers of the newspaper limit the reach to potential consumers.
Similarly, an IT company’s lack of presence on social media is also a negative aspect for the brand development of the business. Businesses must ensure that their brands are present on platforms where its target market is likely to exist.
L’oréal was one of the first brands to realize that its potential consumer base was unavailable on traditional marketing channels due to their psycho graphics, so they started to allocate a substantial chunk of their marketing expenditure on search engines and social media outlets.