business survival without marketing

Business Survival Without Marketing

Let's say you just launched a home furnishings shop in Ashfield. You provide some of the best-designed products on the market at prices that are cheaper than those of your rivals, and you're willing to deliver them absolutely free to any Sydney-based client. Even though it's a great offer that nobody would want to pass up, you aren't getting any sales.

Even the best sales strategies won't work if potential clients are unaware that you even have a business. If you don't let people know how valuable you are to them, getting clients will need a lot more effort (and occasionally, luck). That's why marketing is so important?you have to get the word out there! The more successfully you market

Marketing has long assisted businesses in raising their brands' visibility. People remember a brand because of this awareness when they are in need of a specific good or service. Because of this, even some of the most well-known firms, including Apple, Coca-Cola, and Amazon, continue to spend staggering amounts of money each year on attention-grabbing marketing campaigns.

What occurs if you don't market your company?

You might be wondering why you should work so hard to market your company when it is already doing well from walk-ins and word-of-mouth. Why can't your organisation emulate the success of a well-known business like Zara, which doesn't rely much on marketing?

Let's start with the same scenario of running a store selling home décor. The only way your company can survive in such a situation is if locals start visiting your store and making purchases from you. Even though good word-of-mouth might assist attract more clients, without marketing your potential clientele is still severely constrained. This keeps your company enclosed.

Despite the fact that you may always have consumers, there are still a lot of people who could become clients. By tapping into that market, your company is also exposed to more feedback, which can help you gradually enhance your offerings.

Zara still does some promotional marketing and advertising, despite the fact that they don't rely on it as much. They realise the need of being current and communicating with their clients, therefore they frequently update their social media accounts. Not to add that they have a highly successful company presently. Even if their ideas may be worthwhile to consider, trying to emulate them exactly as a rising SMB in the current market may not be successful.

Ecommerce has recently emerged as a very competitive field, making marketing even more crucial for businesses who operate solely online. Without the right advertising, it's easy for your company to disappear into obscurity in a time when the digital revolution is sweeping the globe. One explanation is that without it, a client finds it more difficult to develop a relationship with an e-commerce firm. They are more inclined to choose a competitor's product over yours if they notice that it has a higher Google ranking or is sponsored by a popular YouTuber.

Importance of marketing

Here are a few justifications on why marketing is crucial for your small business.

It attracts new clients.

The most obvious benefit of marketing is this. A major setback for small businesses is losing out on potential clients. No matter how effective your sales technique, you must first find consumers to whom you can make a presentation. Marketing offers a plethora of ways to attract additional customers for your company, from billboard ads and cold calling to email and social media promotion.

Preventing being replaced

Customers today have a wide range of options when making purchases of goods or services. They might not feel compelled to work with you unless you are the only company that can give them what they need. Similar to what we previously said about the brand relationship, if you don't try to grab people's attention, your rivals will. Marketing frequently affects whether a certain brand rises to the top or declines to the bottom.

To become familiar with your clients

You'll learn more about your true target market and what they anticipate from your company through marketing. You'll be able to determine what truly attracts the right customers with enough trial and error in your marketing techniques. In this approach, you can save time and money by not wasting them on things or individuals that don't benefit your company.

It fosters trust.

If you had the option, would you choose to purchase a product from a company with no online presence or from one that actively interacts with customers on social media?

More than half of the 2,000 Australian consumers and businesses questioned for a Yellow research stated that they are more likely to trust a company that produces interesting content for social media. Your brand has a voice thanks to marketing. If there is an issue with your product, consumers can feel certain that they won't be abandoned in the dark because of your presence. Even if your company is relatively new to the market, you can still attract customers by using effective marketing techniques.

Set your own course.

Just 64% of Australian firms survive for more than four years, according to the Small Business Counts report released in 2020 by the Australian Small Business and Family Enterprise Ombudsman. This is concerning because, compared to larger firms, small enterprises already have a much lower survival rate.

Your small business might not grow as quickly as you'd like it to without a solid marketing plan. And other companies with a strong marketing strategy will be far ahead of you by the time you build up a respectable customer base. Hence, securing a future for your small business may depend on your marketing strategy.

We do believe that self-promotion is difficult and that occasionally even the most well-known firms can make advertising mistakes. Yet it's crucial to remember that every business is unique, and there isn't a 100% failsafe plan for getting sales to pour into your company. Learning what clients want and determining which marketing tactics are most effective for reaching your company's objectives are ongoing processes in marketing. It is not a corrective action you just use when something is wrong or when you need to momentarily increase engagement. In order to maintain and expand your business, continual effort is required.