As a student of Georgia College’s WebMBA Program, you’ll become well versed in all the diverse and complex aspects of business. However, while we guarantee that your graduate school career will give you valuable information to be successful in business, it can be difficult to put all you’ve learned into action.
In the business realm you’ll notice that most major corporations spend a ton of money on marketing. Why? Because it’s how your company’s products and services get introduced to customers, which facilitates the growth of sales. A 2014 Advertising Age research study reported that businesses spent more than 500 billion dollars on advertising through major media sources in 2013. This amount was expected to increase by 4.4 percent in 2014.
If the statistics above haven’t convinced you and you’re still unsure of spending money to market your business, the following reasons may help you make that next step.
1). We said this earlier, but marketing gets your products and services noticed! By using a combination of marketing, advertising, and public relations, your company can push your goods to the audience they were meant for. Even if you have the best products, without an effective marketing strategy, your goods will often go unnoticed and unpurchased. The more people that are aware of your business and what it’s selling, the better.
2).Though the quality of your goods and services also makes a difference in keeping customers, your business’s reputation plays a significant role as well. Marketing efforts help to build brand image and recognition. This type of marketing can come in the form of charitable donations, community outreach participation, or sponsorships. As your business becomes more reputable, your customers will develop a fonder connection with your brand.
3).Marketing helps to even the playing field in the business realm by fostering competition. Through successful marketing, a smaller, lesser-known business can enter the same marketplace as a larger corporation and have a chance at success. For example, if a small business begins marketing it’s low product and service prices, they gain a competitive edge to win over consumers versus larger companies that may have monopolized a market and can charge any price for the same goods.
4).Business just can’t run without their employees – it’s that simple. Marketing can be used as a tool to help attract potential talent to your business. Show your prospective employees that when they apply to work for you, they’re applying to work at the best company in the world. Brian Hill of The Small Business Chronicle suggests doing this through winning “Best Places to Work” awards in business publications or dedicating a portion of the company website to attracting employees.