The marketing industry has sky-rocketed over the past few decades. With the help of the internet, you have every opportunity to reach new target audiences and grow your company with the help of marketing strategies. However, with all the different marketing options and avenues available to you, it can almost seem intimidating to master it all. You may be tempted to give up and wonder if you even need marketing. That’s how you end up asking the question, can my business survive without a marketing plan?
The short answer is, yes, your business can survive, but it definitely won’t be able to thrive. With a small group of loyal clients who are committed to supporting your business for the long term, you can continue making products and selling them to those people. However, unless you are actively seeking new clients, you’re not going to grow. Marketing strategies open the door to help you track customer interactions, find out what the people want, and stay relevant. Competition is fierce in the business world. If you aren’t in the ring competing, there isn’t a chance you’re going to win. Let’s go over a few reasons why marketing is essential for your business’ success.
Marketing helps you track items, progress, and customers.
The beauty of marketing strategies and software is that they can serve multiple purposes. For example, one of the priorities for marketing is getting insights into the customer journey. Marketing software can track behaviors and look for customer insights and alerts. In addition, tracking focus groups and integrating market research can help you keep track of your products and tools. A tool tracking system can give you real-time updates on a dashboard about where all your items and accounts are at any given time. This marketing strategy helps your business function and without it, your competitor will swoop in and appeal to customers more.
Figure out what the people want.
Customer retention and finding new consumers is the way to grow a business. You can’t engage customer loyalty unless you are giving customer satisfaction. Marketing helps you learn what the people want. Launching campaigns where you ask the right question with the Voice of Customer tools (VoC tools) will help you with your customer service. Surveys are the way to get feedback and work those analytics into your future business plan. Without figuring out how to improve the customer experience through marketing, you won’t be able to adapt.
Bring in new, potential clients.
The biggest risk of not having a marketing plan is the potential clients you’re missing out on. Sure, customer retention can get you so far, but without new customers, you’re never going to grow. As a business owner, you need the right tools to bring in new clients to grow and marketing is one of those tools.
Stay relevant and on people’s minds.
Marketing firms implement the best practices to constantly stay relevant. If there’s a new meme or funny video trend, brands jump on it. If a new digital channel opens, successful companies are already utilizing it for product development. The general public gets bored easily and will move on from your company quickly. If you want to stay relevant, you need to market yourself in a way that keeps you at the forefront of people’s minds.
People need to be able to find you.
Simply put, you need marketing to help people find you and to bring in business to make money. Without a website, social media platforms, or positive reviews, no one will be able to learn about your business and purchase your products. You need a touchpoint and an online presence, otherwise, your engagement will slowly decline until your company can no longer function.