The success of any business is usually dependent on the marketing skills deployed and some other factors such as marketing mix. Despite the importance of marketing, you should not allow the ever dynamic marketing process to distract you from the purpose of marketing. Having an in-depth knowledge about functions of marketing can give you an edge in your industry. This article will help you especially if you have been asking yourself “what is marketing all about?”
Marketing goes beyond just encouraging people to patronize goods and services and making sales. Even Zaid Ammari, founder of PPC Masterminds said it in a blog post that even though many companies don’t realize it, “the benefits of raising awareness and positioning your brand as a voice of authority are often immeasurable” to the success of a business.
Conventional beliefs about the Functions of Marketing
As evidenced by the widespread manipulative types of marketing we see today, the conventional belief about the function of marketing is that it is meant to promote sales, financial goals and sometimes, the non-financial goals of a company. Therefore, marketing has been delegated the function of creating products or services in response to the needs of consumers in order to meet the business’ needs: financial profits and some other non-financial goals.
In fact, the conventional functions of marketing can be summarized as:
- Establishing and justifying the company’s best competitive position within a market
- Creating and sustaining customer relationships
- Generating quality sales leads
- Developing effective selling tools
- Defining and prioritizing new products or service developments and improvements
- Facilitating the information transfer from the customer to the rest of the company
- Simplifying customer’s product or service procurement process.
Why you need to widen your marketing horizons beyond sales
- Awareness of gaps in target markets or related markets that can create new opportunities.
- The existence of an established brand awareness which produces results many years down the road
- Establishment of the business or company as industry leaders which customers feel they can rely on.
- As a result of good exposure provided by long-term marketing, companies can still change their products or services over time and maintain a brand familiar to their clients.
Although increasing sales is crucial to any business and necessary for long-term growth, marketing should also pursue other goals rather than just the increment of sales. A feasible way of achieving this is by adopting a proven marketing plan example. You should consolidate your marketing for the following reasons:
- Brand building: A company without a brand just sells a product or service that people buy if they stumble upon. A company should market itself to build a name for itself in a particular industry such that whenever a need is thought of that brand comes to mind almost immediately.
- Product development: B2B Marketing that aims at an increment of sales usually focuses only on bringing the product to its potential customers at the right place, price and time. However, a good marketing strategy example should aim towards continually improving their products or creating versions of their products that cater for different consumer needs.
- Trends’ awareness: One of the main necessities for you as a marketer is keeping abreast of the current and seasonal trends in both your industry and target market(s), ensuring that your company/brand don’t get left behind or fail to meet your target audiences’ expectations.
- Quality control: Marketing should also be used to know what competitors are up to, that is, for companies to know what products their competitors are featuring and most importantly, how their products and services stand beside competing brands.
- Maintaining Customer Relationships: In this day and age where words travel faster than trains, building strong customer relationships not only builds confidence in your product from new customers and potential customers, it helps to boost customer loyalty that keeps old and new customers coming back to you.
In conclusion, marketing has more long term developmental benefits to offer you than what you are presently utilising. The essence of those marketing funnels and soap opera sequences should be aimed at achieving far more than increased sales. Think of the bigger picture!
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