Fact: "If you don't market your business, you won't have one," says Bill McBean in his book, The Facts of Business Life.
He goes on to explain the following benefits and realities of marketing.
Benefits of Marketing:
- Marketing lets prospective customers know that your company exists and what you do.
- Marketing allows you to shape customer perception of your company.
- Marketing differentiates your business from your competitors.
- Marketing allows a business to deliver your "why buy here" and "why buy now" message.
- Marketing helps your company capture market share and maintain success.
- Marketing enables you to develop brand recognition and expand your product lines.
- Marketing can help reinforce, or shore up, your business's reputation.
- Marketing enables your company to protect itself from competitors by promoting a competitive edge or advantage they can't duplicate.
Realities of Marketing:
- Everyone in the company has to have marketing in his or her job description in one form or another and be able to delivery on the business' marketing promise, one customer at a time, and every time.
- All the various elements of marketing -- advertising, public relations, community activities, and others -- are useful tools, but they must be coordinated if your marketing is to be as effective as possible.
- As an owner, you have to make sure your company's marketing efforts, message, and -- especially -- money are clearly aimed at your target market.
- It is essential for you to keep up with the market, if not be on its leading edge, as well as be able to "read the tea leaves" to predict which products will be "hot" and which will cool off in the future.
- Everything you do in marketing must be designed to attract the customer, sell the customer, or keep the customer-- that's why your business exists.