Smart companies recognize that aligning sales with marketing is a sure-fire way to ensure business growth. Marketing helps keep the brand as a premier choice in the mind of customers, as it helps make work easier for the sales team. This enables them to do more with less while helping businesses to meet sales and revenue goals.
Not convinced? Here are four ways a good marketing strategy helps to drive sales for any business. Guaranteed.
Most people view marketing as an onslaught of ads online and between feature presentations on television. But there is far more to marketing than the public sees. A good marketing strategy begins with market research, helping companies identify a target audience of those most likely to purchase their goods and services.
This helps businesses build more effective and less costly campaigns in two ways. First, the campaign becomes more effective because companies can hone in on the right audience to generate sales. And second, the campaign becomes less costly because companies don’t need to send ads out to a broad audience, requiring more funds without the proportionate results.
Communicating with Customers
Marketing campaigns also help companies to communicate with customers both in one-sided and two-sided ways. Both forms of communication remain necessary in getting their message across.
By using traditional forms of marketing, such as videos, radio ads, online ads, or print media, companies foster one-sided communication where they tell customers what they have to offer and why they are the best option. By communicating with an audience through social media, companies give customers a chance to communicate with them, fostering a relationship.
Marketing campaigns also help companies build brand visibility. Ever gone to a store to purchase your favorite brand of shampoo and it’s either missing or soared beyond an affordable price range? Your next option becomes whichever brand sounds or looks familiar, at a reasonable price. By marketing to potential customers, companies bank on being the next available – or better choice. It may also strive to continue as the only choice for loyal customers.
Visibility also helps companies to build a level of trust. Customers naturally trust brands which appear more familiar. For instance, if a brand of medication you rely on ceased production, the next best trustworthy option is likely to be the one you know or have heard most about on TV, or from doctors and pharmacists. Often these doctors and pharmacists are paid or incentivized to push brands as alternatives to current options customers consume, for this exact reason.
Sales Forecasting and Inventory Management
Through marketing, companies can also predict sales allowing them to meet or deliberately fail to meet customer demands. Based on the company’s goals, either of these options could prove beneficial. For instance, companies like Rolex rely on an inability to meet the demand for their watches to ensure prices stay high. In contrast to this, Wal-Mart counts on an ability to meet consumer demands every time to stay afloat.
Over time using different mediums and monitoring the marketing results, companies know where and how much to market products driving sales to a certain point. Similarly, companies also know how much inventory to keep in stock to meet the demands marketing campaigns can expect to generate based on past performance.
Marketing provides a lot of benefits for companies throughout the process of starting a business, growing a business, and beating the competition. Develop a marketing strategy to complement your company’s game plan and you’re sure to experience success!