Why Do You Need Marketing?
Many people believe marketing should be the last component of the business plan. Build the product and then create demand for it. With competition and multiple communication channels, gone are the “build it and they will come”, days. Today it is all about using marketing growth strategy and tactics to create value.
Marketing is the communication foundation for any business. Its original purpose was to communicate the brand, the features, the benefits, and what’s coming next. Measuring traditional marketing was very difficult and data became dated before it could be leveraged.
But with digital technology and social media, marketing is now a multi-faceted conversation and the consumer drives the conversation with real marketing metrics to prove it.
In our customer-centric society, marketing should be at the forefront to listen and leverage what consumers want and demand in a product, which drives product direction and product innovation. As marketing automation makes measuring marketing efforts a reality we must also consider the future of marketing. IoT creates the power of efficiency through real-time analysis with M2M. This big data will lead to opportunities and trends through predictive analysis.
What is your audience saying?
Marketing is now measuring human generated social media content. In some cases now, with tremendous growth in the future, marketing will measure M2M (machine to machine) data. Marketing is leveraging the insights and trends to create opportunities to better position your product and solve your customers problems.
Next time you are working on your business plan, think about how marketing should drive your business strategy.