DreamLadders

Every business owner who’s wrestling with budgets may sometimes wonder if marketing is worth the effort and expense it requires.

 The answer, in three letters, is Y-E-S, marketing is worth the time and money it takes!

Even modest marketing investments deliver value over and over again — building your brand image, attracting new customers, generating repeat business, inspiring referrals and enhancing relationships that cement customers to your business. On the flip side, by cutting marketing you realize the savings once but forfeit the return forever.

Here are 10 reasons that I believe marketing matters, and why it’s still a sound investment in these economic times.

 1.) Marketing is the process by which you attract, win and keep customers.

The marketing process is circular — like a wheel of fortune. At the top of the wheel is research, which is how you learn about your customers, competition and market situation. After research, marketing continues around to product development, pricing and packaging suited to your market situation. The next step is distribution so your product is available and accessible to customers. Then it’s on to advertising, promotions and public relations, which lead to sales, which are followed by customer service, which prompts repeat business and referrals. Completing the circle is customer input that leads to more research — and the marketing process continues round and round.

 2.) Marketing paves the way for sales.

Selling isn’t a stand-alone effort; it’s a step in the marketing process. Selling takes research, product development, pricing, packaging, distribution and marketing communications. You need to take these marketing steps before you’re ready to present your product, make its case and undertake the business-to-customer transaction that results in a sale.

 3.) Marketing is the link between your business and your customer.

Without customers, businesses fail. And marketing generates the customers you need to succeed.

 4.) Marketing helps you gain and maintain customer trust.

Customers don’t buy products; they buy the benefits they believe products deliver. Marketing helps you learn what customers want, tailor offerings to their desires, convey benefits, communicate promises, and create the incentive that leads to sales and customer loyalty.

 5.) Marketing builds your reputation.

Marketing helps you succeed in the public eye through a set of specific steps: creating your brand identity, managing your message and delivering positive customer experiences. By taking these steps, you create and reinforce your reputation while building customer trust and loyalty.

 6.) Marketing leads to cost-efficiency.

Marketing requires targeted research to define your customers. And this research helps you avoid wasteful spending by investing in marketing communications aimed directly (and only) at those most likely to buy from your business.

 7.) Marketing inspires customers.

The biggest threat to sales isn’t another business; it’s your customer’s inclination to do nothing or buy nothing. Marketing shows you how to create and prompt the purchases of products people want to buy.

 8.) Marketing makes products better.

No amount of advertising can turn a weak product into a success story. Marketing starts with research to confirm that you’re selling what people want to buy. Then it involves continual product review and enhancement to keep your offering in sync with market tastes and trends.

 9.) Marketing leads to stronger businesses.

Marketing is steered by a plan that serves as the blueprint for sales success. In as few as a couple of pages, your marketing plan defines your business purpose, market situation, goals, target customers, brand identity, marketing message, strategies and tactics, marketing budget, and the action plan you’ll follow to achieve your objectives. It’s important to annually re-evaluate and update your marketing plan

 10.) Marketing gives small businesses an edge.

Granted, small businesses don’t have the biggest ad budgets, but marketing is about far more than just advertising. Marketing is about building and maintaining customer relationships, and no one is better positioned for that task than the small-business person. By committing to the marketing process, you turn everyday business interactions into opportunities to learn and respond to customer wants and needs — strengthening your products, relationships and sales as a result.

There, now you have my top 10 reasons why you should seize your small-business advantage by protecting, defending, maintaining and strengthening your marketing efforts. Investing in marketing will help boost your business today and into the future. Let me know how it goes.