Marketing is costly and time-consuming, but no business can afford to ignore it. If the biggest and most well-known brands, such as Nike and Apple, market their businesses, contract manufacturers certainly need to. You operate behind closed doors and are renowned for being discrete—which is great, but discretion will not turn you into the next Foxconn.
A great marketing plan is what gets your business in front of potential customers and helps you convert those potential customers into paying customers.
Still not convinced? Here are seven reasons why you can no longer afford to ignore marketing.
1. Marketing helps tackle increased competition
In today's marketplace, contact manufacturers are often competing for the same customers. And as business gets increasingly competitive, the need for effective marketing becomes increasingly important. Marketing puts your business in front of potential customers and helps you turn potential customers into paying customers.
Without marketing, it can be difficult for a business to stand out and attract new customers. You cannot show customers the unique features and benefits of your services. But when you show them, you give customers a reason to choose your business over your competitors.
Marketing doesn't mean targeting anyone; the key to marketing correctly is to connect with specific audiences through targeted efforts—either with content or paid advertising. This can help businesses reach customers who are more likely to be interested in your services. More right-fit customers mean a more successful business.
Lastly, marketing can also help businesses improve customer service, which can be crucial in attracting and retaining customers. By providing excellent customer service, businesses can differentiate themselves from their competitors and build customer loyalty.
2. Marketing helps address changing consumer behaviours
The way consumers research and make purchasing decisions has changed significantly in recent years due to the proliferation of the internet and social media.
Marketing helps businesses keep up with the latest trends and changes in consumer behaviour and reach consumers where they are. This can include understanding how consumers use different channels and devices to research and make purchasing decisions.
By understanding how consumers think and behave, marketers can create effective strategies that meet customer needs where they are, whether online, through social media, or in person. This can be especially important as consumers' behaviours and preferences change over time.
Marketing also helps businesses provide relevant, timely, and valuable content to consumers that meet their needs and interests. This can include blog posts, email newsletters, social media posts, and other types of content that contribute to educating and informing consumers about your business's services.
As well as relevant content, you can also personalise your marketing efforts better to meet the needs and preferences of individual consumers. This can include using data and analytics to understand consumers' interests and tailoring marketing messages and offers.
3. Marketing helps build brand awareness
Marketing is vital for small and medium-sized enterprises trying to establish themselves in a crowded market. This is because it helps build brand awareness and establish a strong brand identity, making it easier for customers to remember the business and choose it over its competitors.
Establishing a consistent brand identity and messaging across all your marketing channels is a good idea. This can include using a consistent logo, colour scheme, and tone of voice in all your marketing materials.
There are four key areas of marketing that help to build brand awareness.
- Advertising can include traditional forms of advertising, such as industry magazine space and advertising at trade shows, as well as digital advertising, such as LinkedIn ads and Google AdWords.
- Public relations efforts, such as media relations and influencer partnerships, can help businesses position their brand in front of a wider audience.
- Content marketing involves creating and sharing valuable, relevant, and consistent content to attract and retain a clearly defined and targeted audience. This can help businesses build brand awareness by providing useful content that resonates with their target audience.
- Social media can also help build brand awareness. This can involve creating a strong presence on social media platforms, engaging with followers, and sharing valuable content that helps build the brand's reputation and visibility.
4. Marketing helps nurture customer loyalty
Marketing can help businesses build relationships with customers and turn them into loyal customers who will continue to do business with the company, even if other options are available. It does this by creating an emotional connection that resonates with customers.
One way of achieving this is through providing a great customer experience by giving customers valuable content and personalised experiences that meet their needs and preferences—which will help build relationships. If the customer experience is personalised through targeted marketing and personalised communication, you will likely create a deeper connection with customers and further encourage loyalty.
5. Marketing helps increase sales and grow your business
Marketing is an investment in the long-term growth and success of a business. By ignoring marketing, companies may miss out on growth opportunities and struggle to survive in the long run.
When you market your business, you are helping to identify and target the right customers for your business, which can increase sales and grow your customer base. You can also communicate and explain the actual value of your services to these customers, which can also increase sales.
Using the different areas of marketing, including advertising, public relations, and content marketing, you can help create demand for your services. This can be further helped by establishing your business as a leader in your industry, increasing sales and growing your business.
6. Marketing helps expand into new markets
If you want to expand into new markets, marketing can help identify new customer segments interested in your services. You will then be able to tailor your efforts to appeal to these segments. This may involve creating targeted marketing campaigns or promoting your unique manufacturing capabilities.
Establishing a strong brand presence and building relationships with potential customers in the new market may help to use local marketing tactics, such as targeted advertising and partnerships with local businesses. You can also collaborate with local influencers, including industry experts, to help increase brand awareness and credibility in a new market.
7. Marketing helps build your brand's legacy
Your customers want the brands they use—from the trainers they wear to their contract manufacturer—to stand for something. They are increasingly looking for companies leading in environmental and social responsibility, so marketing is your opportunity to tell your customers about your principles. Whatever you stand for, if you don’t tell people, they will never know.
Marketing is your chance to tell customers about your history—to secure your future. Your history reveals insight into your past, and it can give customers confidence in you. Marketing can help ensure your brand's legacy.
Conclusion – marketing is an investment, not an expense
Growing a business is all about having the right pipeline. Marketing is an investment, as it can help you achieve your business goals by ensuring you have a proper pipeline to drive sales and profits.
However, it's important to remember that marketing should be something other than an exercise in throwing out a net to see what you can catch. Effective marketing requires a strategic approach, careful planning, and adequate resources. When done correctly, you will build your brand awareness, attract new customers, gain their trust, and increase the value of your business.