From personal experience, having spoken with many business owners over the last few years, when the word “marketing” comes up, their response is often positive and upbeat but sometimes I hear the dreaded “I can’t afford it” or “I don’t need it”. Cue my speech on why marketing is the leading tool that helps businesses grow sales, increase ROI and doesn’t have to be expensive to implement. Suddenly, I have the rooms attention.
When you consider the ROI you receive on a marketing campaign that delivers the results you want, the initial cost becomes an investment into your business and without investing in your business, you can’t experience growth.
Let’s examine the three most common ways marketing can boost your business.
A good marketing campaign will attract new customers to your business. How does this work? Let’s start off with the basic understanding that marketing encompasses four main areas:
All four methods of marketing are designed to engage potential customers, with the sales process nudging them down the funnel until the deal has been sealed. As you grow your customer base, it is only natural that your sales will grow too thus boosting your business’ revenue.
As we just pointed out, attracting new customers leads to increasing sales but new customers is not the only way sales for your business can increase. When you track your sales and the clients who purchase from you, it opens the door to create marketing campaigns designed to connect with your current clients and continue to sell to them. Most businesses experience repeat sales from current clients, and repeat sales make up a large portion of their revenue. By analyzing your current customer data, the big picture begins to come together regarding what they need and how your products will deliver a solution to those needs.
Reputation is everything now days. There is so much competition in the market for almost every product, excluding niche products which generally have a high brand recognition, so ensuring your brand is a reputable option for the products or services you offer is imperative to boosting business success.
Implementing multiple types of marketing campaigns using different marketing channels, such as social media, content marketing and the most effective type of brand boosting – word of mouth, will drive up your reputation points and establish your brand as a business leader in your market.
These three ways marketing can boost your business are just the tip of the iceberg. There are many more benefits marketing can bring to the table and if you’d like to discuss with me, I’m available to chat. Get in touch and let’s start the conversation.