No one gets into business to lose money. Or, at least, the successful ones don’t.
For that reason, amongst the myriad of things that you need to watch for while managing your future Fortune 500 company, marketing is at or near the top of the list. Many business owners simply outsource this aspect to an external company (which is not a bad thing), or they ignore it altogether.
Here are a few reasons why the latter of those options will destroy your business faster than just about anything else.
- Marketing is Measurable
If you’ve been in business for any length of time, you’ve probably heard the expression, “That which gets measured, gets managed.” And, like nearly every other aspect of your business, marketing is one of those things that can be accurately measured to determine if your processes are a boom or bust.
Say you’re launching a new product, and you’ve got a few different options to let the public know about it: direct marketing, online advertising, etc. How do you know which one of those is successful and worth plunking more money in? By measuring the sales numbers opposite the marketing tactic. When your sales are increasing due to a change in your marketing strategy, you know you’ve hit on a winner. The two share a symbiotic relationship that can’t be ignored.
Here’s another kicker: your customers will tell you which marketing tactic they’re responding to by buying more goods or services. If you want to know who your demographic is and how to sell to them, implement a variety of marketing approaches.
- Marketing Solves a Need
As Steve Jobs famously asked, “People don’t know what they want until you show them.” That’s true whether you’re selling computers or purple apples out of the back of a station wagon.
Marketing has always been about presenting a problem that customers may or may not have known that they had and then solving it for them. By showing them an easier way to peel an orange or change the tire on their car, you’ve created a need and a solution simultaneously, forcing them to come to you. As they do, sit back, watch your channel marketing technology siphon them through your pipeline, and watch your sales skyrocket.
- Marketing Tells Your Story
Here’s a simple fact: people will not know you exist unless you tell them that you do. You could be selling the cup that holds the fountain of youth, but unless people are aware that you’re out there, you’ll never see any sales.
Alternatively, good marketing not only tells people that you’re operational but also what your particular story is. What’s the backstory for your company? Are you social-conscious? What’s your ultimate goal? By unlocking this part of your story, you’ll create an emotional bond with your customers that will pay off in terms of sales down the road. And by controlling the story, you’ll be able to shape the public’s perception of you in the first place.
Marketing doesn’t have to be hard, but it does have to be deliberate. A lazy or poorly-thought-out strategy will result in lackluster (or non-existent) sales, and eventually, the dissolution of your company. With a little planning, however, you can form a relationship between marketing and sales that grow together for a long time.