Investing in marketing when business is good helps protect your company against unforeseen changes in the marketplace. Marketing services are wide and varied after all. In reality, marketing is one of the best investments small businesses can make. This is because marketing efforts generate awareness and can open you up to new people too. Regular communications and email marketing are cornerstones of an effective long-term strategy. That includes regular updates on current news to your company too.
Being clever with your marketing
Sometimes people assume marketing is just about advertising or selling, but this is not the whole story. It is a key management discipline that ensures producers of goods and services can interpret consumer desires and match, or exceed them. The marketing process is central to the business performance of companies. This is for businesses both large and small. It is because it addresses the most important aspects of the market. It is about understanding the competitive marketplace. Also, it is also about ensuring you can tap into key trends. Also in reaching consumers with the right product at the right price, place and time.
Clever business marketing has led to many recent business success stories – from pharmaceuticals to airlines, sports brands to food and drink, business-to-business companies to small, niche players.
Reaching out further
You might not be advertising your services, but you probably do make an effort to know your customers well. Your instincts tell you that figuring out what every customer wants, and meeting those expectations, will keep you in business. You know that you need to improve and extend existing products, and sometimes develop new ones.
The 4p’s
Traditionally, these considerations were known as the 4Ps — Product, Price, Place and Promotion. As marketing became a more sophisticated discipline, a fifth ‘P’ was added — People. More recently, two further ‘P’s were added — Process and Physical evidence. Originally formulated for the service industry, they are just as important in other sectors.
Overall
Marketing focuses on the fundamental practices that every company has to carry out – identifying customers, researching their needs and preferences, analysing factors that influence their purchasing decisions and persuading them to buy products and services from you rather than a competitor. All this requires a marketing strategy that is coordinated, considered and realistic. This is all in terms of making the most effective use of the resources and budgets available. This is all key if you are going to get the most from your marketing services.
