Marketing is often seen as a luxury for businesses, an expendable tool that is something of an afterthought. However, with markets becoming increasingly competitive, it is becoming a necessary investment to generate growth. This year, many businesses will find themselves in a sink-or-swim situation, and failure to invest could mean a failure to stay afloat. Here are ten quick-fire reasons why:
increased competition
As we mentioned in the introduction, today’s business environment is incredibly competitive. To gain a market share, it is now vital to establish what makes your business unique and sell that to people. Marketing professionals can help you differentiate your business and find your niche, and use their skills to ensure that your business is seen, and appeals to potential new customers.
digital transformation
It’s safe to say that the world that we live in is now a digital one. Failure to invest in digital marketing now borders on malpractice, and a strong online presence is imperative for the growth of a business. 96% of the UK now uses the Internet, and 70% of Brits now prefer online shopping, which demonstrates this necessity.
increased customer retention
Marketing can help you build brand loyalty and establish a strong connection with your customers. These strong, long-lasting relationships that you can build with marketing lead to repeat business and positive word-of-mouth referrals. This creates a self-sustainable business model which enhances your reputation and is more cost-effective than constantly acquiring new customers.
long-term growth
Marketing is ultimately an investment in the future growth of your business. Some of the fruits born by successful marketing strategy and investment are not instant, and by building brand awareness and establishing a strong brand, the recognisability of your business increases. Consumers are impacted by subtlety when they may not even realise it.
customer insights
Marketing efforts, such as market research and customer surveys, can help you gain valuable insights into your target audience and their needs, preferences, and behaviour. This can help you tailor your marketing efforts to better meet the needs of your customers and increase the effectiveness of your marketing campaigns.
cost-effective
With the proliferation of digital marketing channels, it is easier and more cost-effective than ever to reach a large audience. Traditional marketing methods, such as print ads, radio ads, etc., all come at a significant cost, meaning that it is now far easier to see a significant ROI. For example, social media marketing and email marketing can be very cost-effective ways to reach a large number of potential customers, with email marketing having an average ROI of 3600%.
increased brand credibility
Marketing can help you establish your business as a leader in your industry and build brand credibility. This can help you attract more customers, as well as partnerships and other opportunities, giving your business a much stronger positioning in its market. This B2B aspect of marketing is overlooked, but is vital in the growth of a business.
improved customer experience
Marketing can help you improve the overall customer experience by providing relevant and valuable information, as well as personalised communication and engagement. The data and analytics that you gain from successful marketing strategy and investment help you tailor your customer’s experience to their desires. This can lead to increased customer satisfaction and loyalty.
increased sales
The ultimate goal of marketing is to drive sales and revenue for your business. We see sales and marketing as inextricably linked – if you neglect marketing, it will be increasingly difficult to increase revenue. By effectively targeting your marketing efforts and providing a clear call to action, you can increase the likelihood of converting leads into paying customers.
improved agility
The implementation of an effective marketing strategy also helps your business stay ahead of the curve and adapt to changing market conditions and customer needs. By continuously gathering customer insights and testing new marketing strategies, you can quickly pivot and stay ahead of the competition.
final thoughts
Overall, investing in marketing is a crucial step for businesses looking to grow and succeed in the long term. By increasing brand awareness, attracting new customers, and improving the customer experience, marketing can help drive business growth and set the stage for long-term success.
Don’t think you have the necessary budget to engineer growth? Lines Capital offer truly alternative investment solutions centred around marketing strategy investment to make stressing about marketing budgets a thing of the past. Learn more with a discovery call today to learn how we can help your business.