Marketing is a great way to generate sales leads and attract customers—but it does a lot more than pad your bottom line. It’s an essential ingredient in making your business not just profitable, but stable, too.
Many business owners think of marketing as a tool to drive sales. While this is certainly true, there are other benefits to marketing. These include:
Attracting better clients. Notice we didn’t say “more” clients. The secret here is quality over quantity. Strategic marketing focuses on building a brand identity and targeting those customers who will benefit your company the most. It pays to invest time in identifying ideal clients, creating a brand identity that appeals to them, and targeting your marketing in the areas that will attract them.
- Enabling you to charge higher prices. Anybody can raise prices to grow revenue, but this strategy is only effective once you have an established client base. Marketing can help you build a premium brand and allow you to charge premium pricing without worrying about losing potential business. This can be accomplished by focusing on creating quality content through blogs, videos and podcasts, and sharing that content through social media posts, e-blasts and newsletters. This will help position your company as an industry leader worthy of premium pricing.
- Generating reliable cash flow. For many businesses, it’s feast or famine; periods of strong sales activity are offset by lulls. Marketing helps eliminate volatility by creating systems designed to provide consistency. Referral programs, for instance, can regularly and predictably drive new clients to your business, resulting in a steady cash flow and sales that are less likely to experience up-and-down cycles.
- Assisting your sales team. Even the most seasoned veteran of your sales team would agree that selling is hard work! Marketing shortens the sales cycle and leads to more “wins” by attracting customers who are already sold on the value of your business even if they have never purchased from you before. If you have already targeted prospective clients through educational and informative marketing strategies, your sales team will have a much easier time closing the sale. Marketing helps jumpstart the process, simplifying everybody’s job.