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What is Marketing and Do You Really Need it? What is Marketing and Do You Really Need it? What is Marketing and Do You Really Need it? Paradigm Marketing and Design
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Marketing Tips, Insights, and Trends

What is Marketing and Do You Really Need it?

Author: Alexa Rose Spear Category: B2B, B2C, E-commerce & Retail, Healthcare & Life Science, Industry, Marketing, Membership Marketing, Nonprofit, Technology & SAAS Date: August 9, 2023

Hand holding a horizontal pad with a glowing bar graph rising up out of it in front of a map of the world.

In times of economic uncertainty, businesses must look for opportunities to save money – cutting costs where possible and striving to produce the same quality products and services with less. One area that seems to often be on the chopping block is marketing and branding services, whether that support is provided internally or externally. In fact, a recent study revealed that more than half (55%) of small and medium-size businesses say they spend less than 5% of their annual revenue on marketing. More than half also reported spending five or fewer hours per week on marketing. An astounding 85% said they’d rather spend their time on non-marketing services and business activities, like operations and helping customers solve problems (1).

There are many factors that contribute to businesses choosing to dedicate little time and few resources to marketing strategy services. Many cite a lack of time, resources, and funds to commit to print or digital marketing services, deferring to sporadic referrals and unreliable customer advocacy as a more affordable way to increase brand awareness. Some business leaders diminish the value of marketing, believing it is a tactical function that can be added to the responsibilities of a single internal resource, such as an administrative assistant. Many business leaders would rather invest in building their sales team, hoping for an immediate and direct ROI.

While those concerns are justifiable, they also expose a fundamental lack of understanding about the value of marketing and the power it has to accelerate sales. By not focusing on marketing, companies miss an opportunity to meet their business goals. When it comes to marketing strategy and achieving success, sales and marketing go hand in hand. Research suggests that sales teams that operate without an aligned marketing function experience a 4% decline in revenue (2).

The Importance of Marketing Strategy to Success

This fundamental lack of understanding of how critical marketing strategy is to increasing sales often stems from a lack of understanding of what marketing really is. When many business leaders think of marketing, they have visions of a TV ad, a flyer, or a promotional email. But marketing is so much more.

As many successful business leaders will agree, a prosperous business is established on relationships, and relationships don’t spring up out of nothing – they must be planted and nurtured before they can sprout. And that’s where your marketing and branding comes in.

Your marketing sits at the intersection of your business and your customer – it’s your introduction, your handshake, your conversation starter, and your first impression maker. There are many touch points that must happen to make a sale, especially for B2B companies and nonprofit organizations. Marketing gives your business a voice – a way to reach people and connect with them through a well-defined approach, a clear and compelling message, and an intrinsic understanding of your audience – who they are, what they need, and what they expect of your brand.

Marketing is not a nice-to-have; it’s an essential component of your business success. Encompassing strategy, tactics, and execution through people, technology, data, and support material, marketing has been shown to expand reach, support sales productivity, engage audiences, and build brand credibility. And because of that, it cannot be an afterthought. It has to be done right, under the guidance of experts who know what they are doing and can help develop the right infrastructure – one that brings people, process, and technology together in a cohesive, sustainable structure that integrates with sales to drive revenue.

Investing in marketing consulting, strategy, and branding services is one of the most profitable decisions a business can make. We can help make that investment pay off. At Paradigm, we provide a range of design and digital marketing consulting services to support your company’s overall strategic plan and produce a long-term return on investment. Please contact us today so our marketing consulting services can propel you to scale to your next level of growth.

 

(1) https://www.outboundengine.com/wp-content/uploads/2019/03/OutboundEngine-Marketing-Survey-2019.pdf

(2) https://www.lxahub.com/stories/sales-and-marketing-alignment-stats-and-trends-2023

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