There are many things that companies can get from investing in marketing efforts. From being able to reach the customers that they want to market to, to knowing what they need to create solutions that will meet those needs in the first place, marketing is an essential element of business operations.
Economy
Investing in marketing efforts is not just beneficial to both companies and their customers but to the economic development of countries too. That’s because marketing efforts provide people with employment opportunities, and the revenue that companies are able to generate from investing in marketing also contributes to a country’s overall prosperity and revenue, which shows that the country is growing and moving forward. Not only that, but the more solutions that are available to the consumers in a country, that they are able to purchase at affordable prices highlights the success of both a business and a country. If essential consumer products and services are available to a country’s population, it shows that the country is affluent, not just the business. On the other hand, if many essential consumer products aren’t widely available in a specific market, it means that the country isn’t economically strong.
Job opportunities
Another reason why companies should be investing in marketing efforts is to create more job opportunities in one or multiple markets. The marketing industry in itself is able to provide professional opportunities both directly and indirectly to vast numbers of people. From getting people to work in market research to learn more about the needs and wants of customers in a given market, to all of the different ways that marketing is able to directly influence decision-making in other industries that aren’t directly connected to marketing such as healthcare, accounting, education, finance, and many others.
Organizations
Finally, when companies invest in marketing efforts, they’re able to help various nonprofit and service organizations too. These days, the economy of the US is based on services and being able to provide many different services to vast numbers of people. That means the service industry is providing an employment opportunity to a big segment of the labor force in the US. Services such as medical care, management, communications, entertainment, repairs, and more are all providing both employment and the opportunity to meet the needs of customers to this labor force, which has resulted in many different service-based businesses being created. Additionally, a lot of nonprofit organizations need strong marketing efforts to be able to compensate for any decreases in charitable donations, government subsidies, and any other economic situations that can have a negative impact on these types of organizations. Many different organizations have all realized that they too need to invest in marketing efforts to be able to grow or simply to survive and attract the attention of their target audiences.