Why Marketing is important for Entreprenuers
First of all what is marketing?
Marketing is the process undertaken by a business to promote and sell the business’s goods and/or services. The aim of marketing is in creating value and promoting the desired experience.
MARKETING IS IMPORTANT because it allows you to strategically share your products and services with a niche audience which consists of your existing customers and potential customers. It is important to note that when marketing your brand, where it be a new or an existing brand; the first thing you need to do is understand your audience in order for you to be aware of who you are marketing to and how. Understanding your audience means researching and gathering information regarding the wants and needs of a target market. Once you ascertain this, you are able to market to your audience on the correct platforms and through the appropriate marketing mediums.
HOW you are marketing to your audience is crucial because once you know the audience, you will be exposed to knowing that not all your customers are reached in the same manner. Thus marketing is about CUSTOMERS:
How to find them?
How to satisfy them?
How to keep them?
In simple terms, marketing is performed to answer key questions which can be translated into strategic plans to grow the business. The 5W’s together with H, are what clearly align and connect your brand with new and existing customers, through what is called the marketing mix (Price, Product, Place and Promotion). The 5W’s stand for:
WHAT are you offering? A product or service, and what are the costs involved?
WHO are you offering this product or service to? You must be able to define the clients or customers specific to your brand/business.
WHY are you offering this product or service? You need to identify and market the unique selling point of your business as well as the benefits for your clients and customers.
WHEN is this your product or service available? This entails providing your customers with your operating hours and availability to provide this unique offering which is your product or service.
WHERE is it available? This entails telling your customers where you are located in terms of a physical address, online platforms, locally, regionally and or internationally, as well as ensuring that you are able to provide wide access to your product or service offering.
These are basic principles in order for you, as a new or existing business owner to grasp why your business needs to do marketing and why it is important. In the marketing incubation, we aim to expand the knowledge of our members by means of theoretical and practical examples which are aligned to each members’ business goals, in order to assist them build and grow their businesses.
Written By Zimkitha Bavuma – Event and Marketing Education Specialist
