Why Is Marketing Important to Businesses and to the Economy?

Digital marketing experts like to talk about the various strategies, platforms, and online tools that make their life easier and generate fresh marketing channels. But today we’ll be taking a step back to shed light on one frequently asked question that doesn’t get the attention it deserves; Why Is Marketing Important to Businesses and to the Economy?

Marketing is probably the most ubiquitous entity in business, flowing through and connecting virtually all industries in existence today.

Marketing’s Importance to Businesses

With current marketing trends in mind, you should be aware of these concepts, whether you are picking a marketing agency or you are a marketer trying to strengthen your relationship with clients in order to serve them better. Evolving your business into a more customer-oriented company has never been as crucial to success as it is today.

You don’t have to take our word for it though, take a look at what Global Web Index or GWI has to say:

Nimble market research teams enable businesses to keep an eye on the bigger picture as it unfolds, so that instead of trying to predict the future, they monitor and react quickly to the present.

At the same time, with budgets undoubtedly tight in 2021, market research teams help brands understand exactly when consumers are ready to spend, where the pockets of recovery are, where consumer confidence is growing, and the differences between thinking about a purchase and actually making it.

All companies, except state-owned and monopolies (to some degree), need marketing to survive. With the rise of consumerism, marketing has become an industry that no other major industry can afford to ignore.

Marketing’s Importance to the Economy

This wasn’t always the case, though. The main factors that contributed to this trend are privatization, competition, technology, production, and communication.

Privatization

Global economies adopting and expanding privatization have contributed to a booming stock market and a massive rise in trade.

Competition

A rise in competition has fueled methodological and technological advances in almost all industries.

Technology

Technology has opened many doors and boosted global production via robotics, mass manufacturing processes, and commercialization of once-expensive tech.

Production

The expansion of mass production has completely shifted the balance of supply and demand in favor of supply. Naturally, marketing has evolved to drive demand and serve companies facing fierce competition.

Communication

Evolving communication channels like the internet have connected the world in an almost unimaginable way. Light-speed information flow and the rise of new marketing channels have resulted in a total rethinking of both sales and marketing strategies. The world of big data holds even more promise to future marketers.

Now that our attention has become a currency in itself, we can see that different technological mediums are competing for our time and attention across different industries: radio lost its ground to Television, and TV is losing its ground to the internet.

Not only that, but music is now competing with TV shows which are competing with funny cat videos on YouTube. This is reality – our attention now has more value than ever. And it’s all because of marketing’s importance to businesses and the economy!

A Brilliant Marketing Solution for Your Small Business

If you’re ready to dive into a new marketing endeavor to drive traffic to your website, convert leads into customers, and grow your business, we’re prepared to help.

Book a free consult with our team today and let us be your solution!