The Importance Of Marketing In Today’s World
While the brain of a business is the finance department, body the product offered, the heart is the marketing department of the business which pumps oxygen and the necessary nutrients to every other body part. Unlike the old times, marketing no more deals only in the communication of the product to the consumers. The activity is now found in every aspect of the business. One should not turn a blind eye to the importance of marketing as marketing fuels both the external and internal activities of the business today.
Today, large and small-scale, global and local, innovative and traditional, public and private, everyone is competing for the same market. Companies have realized the power of holistic approach to marketing to create and maintain a desirable demand, reputation, and competition. The role of marketing is too diverse to be summarised in one small article. Nevertheless, we’ve come up with few arguments to state the importance of marketing in today’s world.
Table of Contents
Creating A Brand
According to Stephen King of the WPP Group:
“A product is something that is made in a factory, a brand is something that is bought by a customer. A product can be copied by a competitor, a brand is unique. A product can be quickly outdated, a successful brand is timeless”
The brand is the company’s most valuable asset and the sole responsibility to create a brand lies on the shoulder of the marketing department of the organization. The market is full of similar products and the only thing which makes the company stand out is its brand. Today, Brand is not just a combination of name, symbol, and design, it is the business-consumer relationship, the consumers’ perception, and the consumers’ opinion about the company and its products. Along with the symbolic value, a brand also carries an awareness value which eventually leads to brand loyalty and more sales if taken care of properly.
One of the most important aspects of product development is to search for a perfect market for the product, get consumer insights, and develop a perfect proposition to make it stand out of the rest. The 4p’s of marketing play a huge role in the product development.
Competition is everywhere and sometimes it’s only the good communication strategy which makes the brand stands out of the rest. New communication avenues like internet, smart devices, and social media, have opened the doors to new and more targeted communication strategies which eventually lead to more conversions.
In this competitive environment, a product without communication is a dead product. Communication infuses life in it and triggers sales.
A relationship is built on trust, understanding, and pride. Marketing plays a very significant role in building a relationship between the customers and the organization. It works along with the product team to deliver what’s promised at the time of and after the sale has taken place. The relationship, once built, makes the customers more brand loyal and gives them the confidence to repeat sales and buy more products under the same brand. The relationship further narrows down the marketing funnel by removing the top two stages (awareness & interest) and making the business activities more fruitful.
Maintaining The Company’s Reputation
The success and the life-span of the company are positively correlated to the company’s reputation which usually is correlated to the brand equity of the business. A majority of the activities of the marketers are directed towards building the brand equity of the business.
Company’s reputation is built when it successfully fulfils the expectations of its customers, when it acts like a responsible member of the society, and when the customers feel proud of using its products. Marketers by using effective communication, CSR, PR, and branding strategies, make sure that the company’s reputation is maintained.
Tackling The Competition
Competition has reached an all-time high to a point where the only difference in most of the cases is not a product feature but how it is communicated to the user. New communication avenues are being explored along with new markets. Marketing plays a vital role in tackling the competition by not only deciding which feature will sell but also planning strategies on how to portray it better than the other players.
Customers are more informed as they were a few years ago. Deception and short-term sales strategies not only backfire on the product but also the brand. This has led to more burden on the shoulders of the marketers.
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