Why is Marketing Important for Your Small Business?

In a down economy there are more small businesses operated by one person or more that open up due to a  job loss, or a can’t miss opportunity. So what does that mean? It means that there are more businesses out there that don’t know all the ins and outs of marketing. But first, why is marketing important?

A lot of businesses, to use the cliche term, think “build it and they will come…” and to be successful in your business you must get past this debilitating thought process. First, whether you sell a product or service make sure your business solves consumer’s problems in one way or another.  The problems can be like what to do on vacation, or where is a convenient place to shop for groceries. Whatever your product or service is, make sure you determine what problem your business solves.

Next, you watch the dollars roll in right? Maybe, but it’s not that easy. Even if you’re making money, you need to keep marketing because you have competitors and it’s a tough economy out there. Think about Tide, Dunkin Donuts and Wells Fargo. They’re all marketing, why? Marketing breathes life into your business.

Like those brands I just listed, marketing your company name and product creates a recognition factor. If your customer needs what you’re selling, with the right marketing they will think of you first and that’s your golden ticket. The thing with marketing is that it isn’t a quick fix. You need to be patient and consistent.

Marketing does require a budget. Even if it is small, you need to start somewhere otherwise your success is limited. “Success is the sum of small efforts, repeated day in and day out.” -Robert Collier. Overall, you need to be as committed to marketing your business as you were developing it. Without marketing, you won’t grow but you might learn some valuable business lessons on what not to do.

Marketing Action Step: List the problems your business solves for the consumer. Once you develop a solid list, it could be only 2 or 3 things, you need to tell EVERYONE.

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