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Why Marketing Is Such An Important Part Of Business
Different sorts of marketing techniques
One major way of promoting your business is using social media. Facebook and Twitter are two of the largest social media websites in the world today, so tapping into the local market on those two sites can be a major way of finding new customers that may not have heard about you otherwise. This can also be said if you work for a company who has little to no marketing budget. Because a lot of people use the internet, your business can use this as a way of attracting new customers to use your business.
One way you could market your business in your local area only, then you can use under-the-line marketing techniques such as posters and flyers. They are cheap to make and easy to deliver, especially if you want to deliver door-to-door, the royal mail can do mail drops and do the hard work of delivering for you.
If you have some money to use for marketing, then maybe look at setting up your own website and running your own online marketing campaign. This can be a huge help if you run something like a software management company because then you will reach a wider range of customers which you may not have reached otherwise.
Why Marketing and Market Research is Important
Before I start, I'm not claiming that I know everything about marketing, far from it, but I have seen businesses fail because they underestimated the power that marketing has on a business.
Now, all businesses should have some sort of marketing plan to make themselves stand out from the crowd, it doesn't matter if it's Microsoft or your local barbers. Obviously the bigger the company, the higher the marketing budget.
When you're starting out, you will need to ensure that you do some market research to ensure that there is a market for your product or service to begin with. If there is a market for your business, you could look to see if there have been any similar sorts of businesses in your area previously and see why they may not be around any more.
When thinking about marketing, you will need to set out some sort of plan and write your goals down so you know what you want your marketing campaign to achieve, whether it's just getting more people to know about your company or whether it's something else.
Do you prefer to use online or offline marketing techniques?
Internet Marketing Statistics
With the Internet being such a huge component of how businesses show themselves to potential clients and customers, it is important to use it as a way of marketing as well. According to webdam.com, B2B companies who blog generate 67% more leads than those who don't. Also, videos on landing pages increase conversion rates by 86%. These are important statistics when considering your online marketing campaign, especially if you're a new business owner on the start of your business building adventure.
Another stand out statistic is that Internet advertising will make up nearly 25% of the entire ad market by 2015, which means that you will need to ensure that you have a really stand out campaign if you want it to succeed. You can either spend the time and resources doing this yourself or you can possibly outsource the marketing to a company that specialises in web marketing.
How To Link Your Marketing With Other Aspects Of Your Business
Like with all aspects of business, the marketing department needs to synchronise perfectly with all other departments to ensure maximum proficiency. If you are running online marketing campaigns, then it is easy to measure how many people are buying products through the campaign with Google Analytics and Adsense measuring clicks on the links. If you're doing under-the-line marketing campaigns or other campaigns, it can be difficult to measure precisely how many people are purchasing your products/services as a direct result of those campaigns. You can have an estimate of how many people have seen those campaigns but it can be difficult to have a precise number of beneficiaries.
The obvious way to measure how well a marketing strategy is how well sales are going. Using marketing campaigns for specific products can be a good way of seeing how well the campaigns are working on specific products, but not necessarily on generic marketing products.
How highly do you rate marketing as a business component?
Why Social Media Marketing is Important for New Business
As the internet is a major component in modern day business, ensuring you use the wide range of social media websites to help you promote your business is essential.
One of the key social media websites to use is Facebook. With close to 1 billion active users, Facebook is essential in any marketing strategy. It is essential to spend a lot of time setting up your Facebook marketing strategy to ensure that you don't need to spend too much time editing and changing it unnecessarily.
Using Facebook also gives you a unique opportunity to communicate with your customers, which is hugely important if you want your business to succeed. To ensure you can communicate with your customers efficiently, you will need to set up a business Facebook page.
Before you start with your Facebook strategy, you will need to decide what you are going to use it for, whether it's to build a relationship with your customers, or to advertise your products to the people who have liked your Facebook page.
As well as Facebook, you will also need to use sites like Twitter, YouTube and Instagram to help boost your social media status and be able to help you reach as many customers as possible. Using video is an important part of any online marketing strategy because of the amount of information people retain from videos, as opposed to just reading from text alone.
Under-the-line Marketing techniques
If you are a new business and don't have the resources of a large conglomerate to spend on marketing, then you could use under-the-line marketing techniques such as flyers and posters.
Using posters and flyers are a relatively cheap and easy way to promote your business when you're starting out and want people to visit your store or website. If your business is purely online, then you can use flyers and use a mail drop service like the Royal Mail to help you get the flyers our to the homes in your local area.
The best under-the-line marketing technique is still obviously word of mouth, so making sure that your customers have a good experience, then they will share it with their friends, even more so if they have a negative experience, so it is hugely important to ensure your customers are kept happy.
Keeping track of your marketing financials
As well as keeping track of how much money and time you spend on marketing, you also need to see how much money you're making through your marketing techniques, which your ROI, or Return On Investment. This is important because it shows how well, or poorly your marketing techniques are working and whether you need to revise your marketing techniques. This is just as important as the actual marketing because if your marketing techniques aren't working then you will need to change them until they are working for you and you aren't wasting money on techniques that aren't working, as every penny is important.
Don't be afraid of spending a lot of time on marketing
As marketing is such a key part of your business, don't be afraid of spending a lot of time making sure that your marketing strategies are going to be successful because without them, people aren't going to know about your business and with no customers, you don't have a business.
It is essential that you know which ways you are going to market your business because you will want to ensure you can reach as many potential customers as possible, while also ensuring you can create some sort of loyal customer base. People don't want to feel like they are just a number, they want to feel important so it is really important to do your best to make every one of your potential customers feel like they are the centre of the Universe.
Other ways to use Online Marketing
As well as having your own website and using social media, you could look at having your own blog and using video as a part of that blog. If you have got a good use of your native language, then writing a blog could be great way to promote your business. Using video can be a great way to make your blog look impressive, especially if you can get people to give testimonials for how good your business is.
To ensure that you are reaching your target audience, you will need to use Search Engine Optimisation and Web Analytics to see how well your website is doing compared to other businesses in your market. With Search Engine Optimisation, it is important that the text you use on your website meets the criteria of Google Analytics and are able to get the best search results possible when potential customers search for your business.