What is Marketing?
Before we elaborate further, why Marketing is not for your business, let’s first understand what the term Marketing entails.
As per the LEXICO dictionary powered by Oxford, Marketing is the action or business of promoting and selling products or services, including Market Research and Advertising. In general, however, it covers a lot of different activities – such as Market Segmentation, Distribution, Pricing, Retail Marketing, Product Marketing, Service, Brand Management, Promotion, Digital Marketing, Influencer Marketing, and many more subcategories;
Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”.
Now that we got the general definitions out of the way, here are the TOP REASONS WHY MARKETING IS NOT FOR YOUR BUSINESS.
1. No Interest In Your Customers’ Hidden Wants And Desires
You are not interested in getting to know the hidden wants and desires of your customers. You don’t necessarily consider locating untapped areas and finding new possibilities of selling your products part of your business’s strategic growth plan.
2. No Goal Of Having Repeat Customers
You are also not interested in customers coming back to you repeatedly, hence you believe creating value for your clientele is not part of building strong relationships with your customers. Finding out why customers purchase from you, what benefits they get and how these benefits make them feel are not factors that are relevant to your business expansion. The statement of Dale Carnegie “Personally, I am very fond of strawberries and cream, but I have found that for some strange reason, fish prefer worms,” does not make sense to you since it’s not necessary to find out what drives your customers to buy your products and services.
3. Disbelief In Actions That Keep Your Customers Happy
Maintaining healthy relationships with your customers is fairly important to you, but you don’t believe you should engage in actions to retain happy customers. You are not aware that it costs three times as much to gain a new customer versus retaining an existing customer and following you don’t see the point in properly planned and implemented marketing activities such loyalty programs, gifts, etc. as a means to build customer relationships.
4. Irrelevance Of Competitor Analysis
You don’t think regular and comprehensive competitor analysis will help your business to find the best strategies to set you apart from all other competitors in your niche.
5. Conviction That Social Media Is A Fad
You think Social Media should not be supported because you feel the likes of Facebook shouldn’t grow more, and hence you miss out on the tremendous opportunity these FREE tools provide to place your business in front of a huge audience relevant to your market.
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