How do I convince my company that we need to do marketing?
How do I convince my company that we need to do marketing?
Perhaps the leadership in your company believes that marketing is a cost centre and doesn’t understand that it is a growth generator. This is unfortunately a perception that many leaders hold who do not understand marketing and who are not as familiar with the new technologies today that improve and measure marketing. In the past, it was much more difficult to measure marketing. However, today, marketing is a measurable growth driver for companies across all industries. Businesses that invest in strategic marketing not only increase brand awareness but also see significant improvements in revenue, customer loyalty, and long-term sustainability.
Numerous studies and reports back this up, demonstrating how companies that prioritize marketing consistently outperform their peers. In this article, we will help you articulate the value of marketing and provide an overview of the tools and technologies that can help you measure and demonstrate its impact.
Can marketing provide long-term growth?
According to a report by the Harvard Business Review, companies that adopt a strong marketing strategy are more likely to experience long-term growth. The report emphasizes that marketing isn’t just about advertising but about crafting a customer experience that fosters brand loyalty and satisfaction. As Harvard Business Review puts it, “Companies with customer-centric marketing strategies grow 1.5 times faster than their peers.” This showcases that companies that invest in understanding and serving their audience tend to see substantial growth over time. In order to achieve this, companies would need to understand their customer lifecycle and implement strategies throughout the lifecycle that will attract, acquire retain and upsell existing customers as well as gain loyalty and great ‘word of mouth’ references.
Will spending money on marketing really help us get revenue growth?
A study by McKinsey & Company found that companies that allocate more resources to marketing see significantly higher revenue growth. The research revealed that businesses with higher marketing expenditure grew their revenue three times faster than companies with minimal marketing budgets. McKinsey highlights that “for every 10% increase in marketing budget, companies experienced an average 2.5% revenue growth over time,” emphasizing that strategic marketing spend correlates directly with bottom-line results. Now, of course, you have to implement the right strategies and understand the personas that are involved with buying and using your product, but this is work that can be easily determined with market research.
Has digital marketing improved marketing growth?
Digital marketing strategies have evolved marketing significantly for companies, and the Digital Marketing Institute underscores the impact this shift has had on business growth. In their recent report, they note, “Businesses that embrace digital marketing techniques grow 2.8 times faster than those that rely solely on traditional methods.” This is largely due to the ability of digital platforms to provide precise targeting, measurable outcomes, and real-time adjustments to marketing campaigns. Whether it’s through SEO, content marketing, or paid advertising, digital marketing offers businesses a clear path to sustained growth.
Does Branding help improve revenue growth for organizations?
Brand building is another critical element of marketing that contributes to company growth. As the American Marketing Association points out, “Strong brands consistently outperform the market, generating 20-30% higher total returns for shareholders.” This is because a well-established brand is synonymous with trust, and customers are more likely to engage with companies they recognize and respect. By building a recognizable brand through marketing, businesses create a foundation for long-term growth.
How does aligning marketing and sales improve revenue growth?
Marketing and sales have often operated in silos in the past, each employing their own strategies and having a hard time connecting. However, if sales and marketing can become a team in your organization, you will see an improvement in overall revenue growth. Gartner highlights the importance this for driving sustainable business growth. Their research states, “B2B companies that integrate marketing with sales operations experience a 24% higher growth rate than those that operate marketing and sales in silos.” This demonstrates how marketing isn’t just about acquiring customers—it’s also crucial for nurturing and converting leads, particularly in B2B environments where long sales cycles require strong, consistent engagement.
How does customer retention and marketing drive revenue growth?
Finally, marketing plays a vital role in customer retention, which is directly tied to company growth. Forrester Research highlights that “retained customers are up to five times more likely to purchase from a business again and are responsible for 30-40% of a company’s overall revenue growth.” Effective marketing strategies that focus on customer retention—whether through email campaigns, loyalty programs, or personalized experiences—are key drivers of sustained growth. A marketing organization can help define all customer touchpoints that are needed for strong communication and gain customer reviews, loyalty and assist with upselling and digital marketing strategies.
Is marketing really measurable?
Yes, marketing technologies (martech) today provide advanced ways to attract customers, target customer directly, understand how customers search and how they engage with your content and website. They can capture leads and integrate with sales technologies to properly deliver them instantaneously so that sales teams can follow up quickly - and then measure the impact and revenue that is generated. Brandspot’s martech platform, Brandspot + is an example of martech that can help capture, route leads, and measure results. With the ability to post to all social media platforms from one login, allow for digital content and a website to capture leads and continuously measure ads, engagements, interactions and website activity, companies can clearly understand the customer journey, refine, improve and continuously measure how marketing is performing. The platform is fully integrated so that businesses can manage their creativity and not the martech integrations.
Conclusion: Invest in Marketing to Accelerate Growth
The evidence is clear: companies that prioritize and invest in marketing see stronger growth, both in the short term and over time. From increasing revenue to building long-term customer relationships, effective marketing strategies are crucial to business success. To be successful, companies need marketing assistance and the technology to do this, all while continually keeping costs reasonable. At Brandspot, we specialize in helping businesses harness the power of marketing to fuel their growth. With tailored strategies, expert execution, and a results-driven approach, we partner with companies to help them achieve their growth goals and measure their outcomes.
Ready to take your business to the next level? Contact us today to learn how we can help you build a marketing strategy that drives growth and success.
