Evolution of Business and Marketing
'Business', a term derived from the word ‘busy’, which means doing something. This has evolved at all dimensions in accordance with human communication behavior. With advancements in human behavior, in business, people work to make products for which there is demand and the product is sold. The growth of a business relies on the kind of products or services it provides to its customers. Beyond this, the other important factor that determines business success is a clear and sustainable 'marketing strategy'.
A business performance work on quality vs quantity graph, where both are crucial. Measuring progress in terms of quality includes selling good quality of products, serving customers with utmost care, and customizing the products as per customer's expectations. The quality of the business quantifies the success of the business in the market.
Interestingly, an appropriate marketing strategy to reach the target audience has significant control over business performance. Every business is different and its target audience differs with respect to the product or service offered by the business. Marketing has now become an essential factor for every business to implement and create a credible business brand. It helps the business for overall performance largely. Marketing is an essential component irrespective of the business size, if done in the right way on the right platform it is sure to get more profit. In this digital era, a marketing strategy can make or break the business.
Marketing is always advantageous
It is every businessperson’s dream to grow big and create an image for his own business. In the process of business development, it is quite natural to take up efforts and display their business to the crowd. This natural process is to be narrowed down and streamlined to get great results in proportion with the invested money and quality time.
Marketing helps in business and brand promotion: Marketing, the process of exposing the prevailing goods or service of the business to the intended crowd. Marketing is an intermediate medium that transfers the business solutions between the business provider and the customer. This medium assists the business providers to understand and act according to the customers’ expectations. Marketing communicates about the brand and creates familiarity among the customers.
Raises the business standard: Every product is introduced to the market through marketing strategies. The recognition of the brand relies on the effectiveness of the marketing process. It set its own standard of recognition that makes the business or its brand a unique one. This makes the business to stay in the customer’s mind evergreen.
Marketing Creates employment: Marketing has a vast job scope. Every venture requires marketing today, no matter the business is small or big. To make business outshine in any existing market is not an easy task to handle. A sound marketing strategy executed at the appropriate time is highly recommended. However, marketing is directly related to sales, it requires a clear analysis of the market trend to frame a winning marketing strategy.
Assistance in decision making: To create a marketing strategy every marketer works on market research. Market research is nothing but identify the opportunities and evaluate business decisions using data. Clear market research is necessary to develop a marketing strategy and take up marketing decisions.
Involves other activities: Marketing integrates with other streams such as banking, insurance, warehouse, logistics, etc. so as to get a boost for the marketing process. Marketing creates a necessity for other domains to coordinate and function.
Reasons to choose a marketing strategy for a great business
A good sign of branding
Products are made in the factory, but brands are created in the mind. - Walter Landor, Branding pioneer.
A well-streamlined marketing strategy is a first and foremost step to carry out for sustainable business development. Every customer has a perception of business products or services and is represented through a brand. The performance of the business is measured through brand equity. The marketing strategy empowers a brand through awareness, credibility, reputation and customer satisfaction. Better the marketing- strategy is better for the brand.
Projection in business sales and revenue: A marketing strategy is a very foundation for any business, to begin with. A good marketing strategy is said to be effective with goals that are achievable when executed. A well-streamlined marketing strategy is intended to give a clear idea to tackle business obstacles. This reflects on the success of the business in terms of sales and revenue. Marketing strategy includes gathering information about the existing market and analyzing competitor’s business status. This helps in furnishing the business product or service as per the customer crowd expectation.
Online reputation management: Every marketing strategy includes an online reputation as a vital element. Online reputation is capable of modulating the customer stream and customer behavior. Marketing integrated with the digital medium has changed the dimensions of contemporary business marketing. Managing online reputation involves customer interaction to formulate a successful marketing strategy for the long run.
Attracts more customers: A credible recognition of business is the result of a good marketing strategy. A good marketing strategy possesses traits such as creating awareness among the intended customers, reaching out to people at the right time with the right message, and retaining the quality customers.
The reasons to implement marketing is never ending as the need for the business to sell its products or services never ends. Since the advent of business, marketing has evolved in various dimensions and it still keeps growing with respect to the customer expectations and behavior.
Current Trend: Digital Marketing for Business
In general ‘Marketing’ refers to communicating with the customer crowd by selling the business. Digital marketing is on its peak in today’s marketing trend, which means to communicate and engage with the intended crowd without directly selling the product.
Digital Marketing has become the most powerful medium form of marketing with the potential to reach and engage customers. Digital engagement is so powerful that it increases the number of customer reach, quality engagement with the customers that benefit both small and large sized business.
Digital marketing is measurable and hence it becomes effective to understand business growth. Evaluating the digital analytics obtained through digital campaigns assists marketers to take up smart decisions and improvise business standards.
Through these digital insights, it is easy to monitor customer behavior and modify the marketing strategy to ensure that the right customers are viewing the right content. The business web pages are optimized with the search engine so as to provide the business product/service as the right solution for which the visitors are searching in the Google search engine.
With many such beneficial features, digital marketing has become a norm for every budding business to possess and lead in the market. In the upcoming years, it is foreseen that social media is going to be the most appropriate channel to advertise and reach out to the target audience. The marketers are expected to take full control of the customer experience.