Since marketing directly impacts revenue and sales, it is probably the most critical practice in a sector. Marketing can be assigned to individual employees or departments in larger companies.
Marketing is the ideal way of making your company known because it targets the general population, not just your potential clients. Moreover, the process is a great gateway to boost your sales and profit margin since you expand your customer pool.
Defining marketing in an inclusive way is not as easy as one would deem. A standard definition would be: Marketing is the activity, set of institutions, and processes involved in developing, delivering, exchanging, and communicating offerings that are valuable to clients, partners, customers, and society at large.
In the modern days, a preference for technology over conventional methods is observed among businesses. If you want to know more about how marketing works and its different types, keep reading!
But Why Does Marketing Work?
By marketing products or services, businesses aim at making their products known and more popular among their customers.
The company informs its targeted audience or the general public about its range of products and services through marketing. Several reasons explain why marketing works, such as improving your revenue, being cost-efficient, and enhancing your brand’s presence and reputation.
- You Sell More
When you market your product correctly, the number of people who might buy it increases.
Various marketing strategies, including the free tasting of food items, are often used just so that people can see if they like your product.
If they do, they are more likely to buy your products and services, thus increasing your sales.
- It Is Cost Effective
Marketing might come off as a costly process, and it indeed was a few years back.
Yet, depending on the marketing strategy one employs, it might even be free.
For example, it does not cost anything to businesses to post about their products on social media.
With constant posts on social media, the algorithm will suggest the brand’s accounts to other users based on their searches and cookies.
It results in a snowballing effect where more people discover companies on social media platforms.
- Enhancing Brand Recognition
When we see a yellow M-shaped logo, we almost instantly recognize it as Mcdonald’s.
Why is it so? Simply because Mcdonald’s has marketed their meals and their logos so much that they are now internationally known.
Likewise, though it will take time to reach world-renowned companies like McDonald’s, marketing certainly helps to enhance brand recognition.
- Communicating With Your Customers
What if you are the only company in the country providing unlimited internet access for less than $50? Perfect!
But how will customers know about it?
Marketing is the communication medium between customers and businesses.
It ensures that your customers know exactly what you have to offer.
By communicating with customers, companies are more likely to develop a loyal customer base, eager to know about the latest products.
How Do You Do Marketing?
There is no one best way to employ if you want to achieve the best out of marketing.
From social media marketing to influencer media marketing, each method comes with its own advantages and unique features.
Yet, all of them work perfectly to fulfill their intended job.
Why Does Social Media Marketing Work?
Whether a business is seeking to promote a new expensive laptop or cheap eggs, social media is the best way to engage an international target market.
Social media marketing is probably the most common form of marketing, and one can seldom go wrong with this method.
This approach works for many reasons. Namely, it:
- Is the easiest and quickest way to find audiences interested in the product.
- Helps in promoting the products almost instantly and for FREE.
- Allows for marketing to be two ways since customers can send messages and reviews.
- Is an accessible source of customer service for customers.
- You can use any media format, from videos to audio files.
- An ideal gateway to an international audience.
The advantages associated with social media marketing make it apt for many businesses.
Social media marketing works because of the nature of the platforms and the instant connection that may be formed with customers.
The constant interaction between the brand and customers promotes loyalty and trust among their clients.
Why Does Email Marketing Work?
Though many might not believe it, simply sending an email to people might get them to buy your product or arouse their interest in your company.
While this may not be the best method for large corporations like Pizza Hut or Samsung, small businesses have transformed their sales by employing email marketing.
Moreover, when signing up for newsletters, some companies also offer discount codes and attractive offers that are available only via email marketing.
The reasons for using email marketing are:
- Helps increase revenue since it is effective and nearly free.
- Help direct people to your products.
- It works well when your target audience does not use social media
- Helps in increasing brand awareness
- More people use email as opposed to social media.
However, one major disadvantage of both social media and email marketing is that it takes a lot of time and effort to really make an impact.
The reason being some consumers send marketing emails in their junk or spam folder.
Why Does Influencer Marketing Work?
Influencer marketing has been a significant aspect of marketers’ campaigns due to the boom of bloggers and the tremendous opportunity they have for products.
In reality, 84% of global executives agree that influencer marketing is successful in engaging with customers on social media, according to Influencer Marketing Hub.
Also, 90% expect to keep or raise their influencing advertising budget.
With those promising statistics, there are many reasons why influencer marketing works:
- Influencers have loyal followings that trust their reviews and opinions on products. So this type of marketing has the highest probability of increased sales.
- The content is always positive since these influencers are paid to promote the products and services.
- The fan base has similar interests to be part of the targeted audience for marketing.
- Once they are paid, influencers do the majority of the marketing.
And if a business prefers other methods, content marketing is another great option.
Why Does Content Marketing Work?
Content marketing strategies and search engine optimization can be difficult to understand.
Basically, content marketing is the production and distribution of useful content (such as videos, blogs, and social media posts) which does not directly advertise a brand but is intended to encourage interest in the product or services.
Another primary reason why content marketing is a sound strategy is it’s a long-term investment that can keep working for you long after you click the publish button.
The main reasons why content marketing works is:
- It boosts traffic to the website of the business
- Improved brand reputation
- Universally used
- Appreciated by customers
- Solve problems and answers critical customer questions
Most marketing solutions work hand in hand to expand the ongoing reach to your target markets.