Importance of Marketing in Business

Marketing plays a vital role in business. It’s one aspect of business that the entrepreneur cannot afford to disregard. Without marketing people won’t know about your company or the products and services that you have to offer, and this translates to poor sales. This is not good for any business.

Just because you opened a business does not necessarily mean that people will flock to your establishment; especially if nobody knows about your business and what you have to offer. This is where marketing comes into play. For any business to succeed it needs a very effective marketing plan. You need to be able to let the people know that your business exists and that you have something to offer.

One cannot downplay the role that marketing plays in business. Poor marketing means low sales and revenues which also means little or no profit at all. A business that is not profitable is not an asset but a liability. That is why most companies hire someone to be the marketing manager whose sole responsibility is to find ways how to market the products or services of the company he works for. He is also responsible for the formulation of marketing strategies to help boost the sales of the company.

That’s why businesses in the U.S. alone spend billions in marketing every year. These businesses engage advertising companies to help market their products, they pay millions of dollars for celebrities and athletes to endorse their products and services. Over the years marketing have become so important that is has become an industry itself, the advertising industry. The advertising business is quite lucrative if you do your thing right. Companies spend a lot of money on advertising agencies to come up with their advertising material for print, TV, and radio.

There are a lot of ways for an entrepreneur to market his products. You can advertise through traditional means like print media, TV, and radio. Another way of advertising is through the internet. By having an official company website people will be able to know about your business and the services you have to offer, they can browse through your electronic catalogue, they can send you an email if they have any questions, and even do their purchasing directly through your website. Sponsoring events is also another way of marketing.

Take NASCAR for example, it’s a race but it’s also a great marketing tool for a lot of businesses. That’s why when you watch NASCAR and you observe the race cars you see all kinds of brands and logos plastered all around the vehicles as well as the race driver’s uniform and helmet. Companies pay a lot just to have their brands placed on the cars. How much the company pays depends on where they want their logo or brand to be placed. Having your logo on the hood of the car can be quite expensive but if you consider that the race tours around the country and if you can imagine the number of people who come to watch the race, it is indeed a great way to advertise.

Marketing takes a lot of careful thought and planning as well as money; but if done the right way the payoff is well worth the effort for your business.