Importance Of Marketing And Need For Marketing Evaluation
Marketing is an essential component of every business but what exactly is marketing and what is its importance for the success of a business? Many entrepreneurs confuse marketing as the activities undertaken by a business to sell its products or services but marketing is more than that.
Marketing comprises a set of processes undertaken to understand the target audience better (via market research) while developing a valuable offer (via a marketing plan) to communicate and deliver value to satisfy the customer’s needs, and desires while making a profit. In simpler words, marketing is the process of meeting the customer’s needs at a profit.
Marketing is thus a broad term that includes a number of activities such as –
- Conducting market research to identify the needs of the target audience
- Developing a valuable offer to meet the demands of the customers
- Presenting and communicating the valuable offer to the target audience
- Delivering the said offered goods or services to the customers
- Earning a profit through this process
This briefly describes what is marketing and what it comprises. However, the question that is foremost in the minds of entrepreneurs is what is the importance of marketing and why is it needed for businesses?
Importance Of Marketing
Let’s learn about the importance of marketing and why it’s a must to have a marketing plan in place for every business.
- Effective Way To Engage Customer
Marketing is an effective method to keep the customers engaged. The process of engaging customers involves furnishing them with relevant information about the products and the business. This information given at regular intervals keeps the customers engaged and makes them look forward to further information from the business.
- Helps Boost Sales
The main importance of marketing is to help boost the sales of a business. All the marketing activities and strategies, along with the digital marketing plans are designed and undertaken to help boost the sales of the business.
- Helps Build And Maintain Business’s Reputation
The life span and growth of a business are directly proportional to its reputation. This means that the reputation of the business determines the brand image. Marketing activities are thus important to help build the brand image of the business and positively impact the reputation of the business. This is one of the chief importance of marketing activities.
- Helps Provide Business Insights
A marketing plan helps the business gain insights about what part of their digital marketing plan is working for the business and what aspects need to be worked on. Marketing helps understand what strategies are helping convince the target audience and influence them. This insight helps to plan the future steps for the business marketing as well, thus proving helpful for the business and highlighting the importance of marketing.
- Acts As Communication Channel To Inform Customers
A marketing strategy and a marketing plan act as a channel of communication through which businesses can connect and communicate with their customers. The digital mediums especially have made it very easy and convenient for businesses to inform customers about the business and its various activities, products and services. The ability to communicate with the customers and understand their requirements is another vital importance of marketing.
- Helps Build A Relation Between The Business And Customers
Marketing activities are based on market research conducted to analyse what the needs of the customers are, what is their demand, how customers make purchases and how marketing influences the customer’s decisions. This market research helps businesses understand their target audience better and plan their marketing activities accordingly. Marketing activities and marketing plans, therefore, help build a relation between the business and customers.
Apart from these factors, the other importance of marketing is that it helps maintain relevance regarding the business while also helping the customers make informed decisions regarding their purchases thanks to the marketing campaigns and the information shared via the marketing activities. Understanding and knowing marketing strategies for small businesses along with the importance of marketing will help entrepreneurs to grow and expand their business.
Need For Marketing Evaluation
Now that the importance of marketing is clear, the next step is to evaluate the existing marketing plan to judge its effectiveness. Marketing evaluation and assessment refer to the process of understanding where the business stands in terms of its marketing activities, what steps it needs to incorporate into its existing marketing strategy to acquire new leads and to generate more business.
The marketing evaluation and assessment are as important as having a marketing plan. The assessment of the existing marketing plan comprises of the following –
- It examines the business’s present marketing plan
- This involves examining the existing marketing strategies along with the objectives and personas of the business. It also examines whether these are being met with the present marketing plan.
- It examines the competitor’s marketing plan
- This involves analysing the marketing strategy of the competitors along with studying their target audience and how the target audience is engaged.
- It analyses the target audience
- This involves investigating the behaviour of the audience on online channels, the needs and desires of the audience and what the target audience requires. It also studies the actions of the target audience and what influences their decisions.
- It rebuilds the marketing plan
- This involves taking into account all the following analysis and research and using the findings to rebuild the marketing plan for the business.
Entrepreneurs can understand the importance of marketing and the need to evaluate the marketing plan but how will they examine the performance of their existing marketing plan?
The answer to this is – via deAsra’s Marketing Assessment Tool, which is a free-to-use evaluation tool that examines a business’s marketing strategy and determines its efficiency.
Businesses are often unsure of –
- what to look for in their existing marketing plan
- how to decipher whether the business plan is optima
- how to determine what exactly is wrong with the marketing plan
- how to implement changes to make the marketing plan effective
- what are the basic components of marketing
All these questions and doubts are cleared through the Marketing Assessment Tool which helps existing businesses examine their marketing plan, understand the importance of marketing along with learning about the 7 basic components of marketing and how to apply them. The tool also helps businesses familiarise themselves with customer segmentation, product positioning and pricing, competition analysis and many more component of marketing.
So, evaluate the effectiveness and efficiency of your marketing plan with deAsra’s Marketing Assessment tool and get a chance to avail of an Expert Consultation with a marketing expert at a discounted rate!