Why You Should Never Stop MarketingBusiness House
Marketing plays a crucial role in your company’s success. In fact, the most successful companies in the world continually invest more money in marketing and sales than in other areas. Consistent marketing practices both sustain their business, and attracts new customers while retaining old ones. For instance, consider Nike. The swoosh, the athletic endorsements, the advertisements, the “Just do it.” slogan – the brand has become the world’s largest sports footwear and apparel company and one of the top overall brands in the world. And no matter their level of success they never stop marketing; no successful brand does.
Leading expert in management theory Peter Drucker wrote:
“There is only one valid definition of business purpose: to create a customer… Because it is its purpose to create a customer, any business enterprise has two — and only these two—basic functions: marketing and innovation…”
Nodding your head? You should be. Drucker also stated:
“Marketing is not only much broader than selling; it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the point of view of its final result, that is from the customer’s point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise.”
So, what does that mean?
It means that not only is marketing important, but using marketing to focus on customers is the most important aspect of any successful business. This perspective is exactly why Fortune 500 companies, such as Nike and Coca-Cola, continue to thrive.
You may not have a multi-million dollar budget or celebrity endorsements to leverage, but you can still market your business effectively. For starters, nail down your budget. In 2014 a Gartner Research study noted, “companies spent on average 10.2% of their annual 2014 revenue on overall marketing, with 50% of companies planning to increase [in 2015] to an average of 10.4%.” For a small business 10% is certainly a good starting point, and 20% is even better.
Exploring marketing mediums will also be important as you work toward your goals. Digital, television, print, radio – there are a lot of options to choose from, some will work for you and others will not. Over time you can recalibrate your marketing budget to invest in the right areas, always striving to create and maintain strong connections to both old and new customers alike.
Marketing creates new business, allowing your company the opportunity to grow and evolve. You may not be a Fortune 500 company yet, but with planning, persistence, and the right marketing, who’s to say you won’t be in the future?
If you’re not sure where to get started with your marketing, we’re here to help. From consultation to marketing strategy, planning to implementation, we would love the opportunity to be an asset to your business. Fill out our contact form or give us a call at (270) 401-3323 anytime to discuss how we can help your business thrive.