Why is marketing important?
With whatever experience I have learned from the industry, I believe marketing is the crucial department in any business that’s overlooked. Sheer negligence, ignorance, and at times lack of know-how are the reasons for businesses failing to capture the potential of marketing.
Offline or Online, it is the budget for marketing that businesses cut short when any sort of crisis affects the market. They believe or consider marketing as an expense that can be saved during an adverse situation.
However, I disagree. Marketing is not an expense in my opinion. It is an investment. It is the investment of the present that generates profits in the future. How can we successfully run a business knowing that the future is not going to bring us revenues? This is what most businesses do. They cut short the marketing budgets and sit on them. They don’t realize the saving they do now is reducing their prospect of surviving or growing in the future. And when time catches upon them, they might be pushed out of business. Some have deep pockets and they try to recoup the lost business by reinvesting heavily on all fronts. This is however 2 or 3 times costlier than the initial situation.
Think about where you want to go with your business in the next 5 years. If you know where you want to reach, you will know what it will take to reach there. But it’s not plain sail and it doesn’t let you take the foot off the gas.
Keep your marketing budgets intact to counter whatever comes ahead in the journey.
To learn more about marketing and strategies, watch this Seth Godin video. Seth Godin is an author, entrepreneur, speaker, and, most of all, teacher. Over the past quarter-century, he’s taught and inspired millions of entrepreneurs, marketers, and leaders from all walks of life via his blog, online courses, and lectures. Follow his blog for revolutionary marketing ideas.