Business Marketing

The purpose of the marketing industry is to communicate companies’ offerings to consumers, clients, and the general public. Marketing professionals bridge the gap between companies and their customers. In the United States, the marketing consultant industry is a $43 billion business, consisting of nearly 198,000 businesses that employed more than 355,000 workers in 2016. Marketing companies employ consultants who advise businesses on ways to improve their marketing tactics, with the goal of understanding what customers want, giving them what they want, and increasing profits. Businesses may hire marketing professionals to conduct marketing and sales research, sales forecasting, developing marketing objectives and policies, developing and pricing new products, and for other assistance in improving and enhancing their business operations.

The types of jobs in the marketing industry include marketing managers, market research analysts, and marketing specialists. Marketing professionals may work in-house with companies on a full-time basis or they may be hired as independent consultants. The Department of Labor reported that there were 192,890 marketing managers employed in the United States in May 2015. Other business areas that the marketing industry works closely with include brand and product management and development, advertising, promotions, public relations, and media relations.

Many top marketing companies have global offices that offer a variety of services, making it easier for clients to have more aspects of their projects completed by one company instead of contracting with different companies for different services. Clients often prefer agencies with full-service branding and marketing communications services. The types of services marketing agencies offer include analytics, such as studying data after an advertising campaign is completed to see where improvements can be made, and media research, for traditional, digital, social media, and search engine marketing. Full-service marketing agencies may also offer public relations and social media research and strategy, as well as production and creative services, and consumer research, and brand development. All of these services are done in an effort to improve connections with the customers and boost sales. Companies wanted to streamline their sales process and make their sales transactions more efficient and effective, so they started to take buyers into account. This approach gave rise to what became known as the marketing concept, which is the philosophy that companies should first analyze their customers’ needs, and then any decisions they make should aim to meet those needs.

Marketing firm IT system

Challenges Faced by Marketing Firms

Getting more Customers

Every business needs customers to survive, and digital marketing agencies are no exception. But they do face unique challenges in attracting and acquiring clients. Marketing a digital agency is tough. First, getting in front of prospects is difficult due to intense competition. Even if you manage to do so, differentiation is difficult in a crowded market.

Managing client relationships

While getting new clients is important, it’s even more important to effectively manage these existing clients. Poorly managed relationships can lead to client dissatisfaction even if you deliver a high-quality service, and the single most costly thing for many agencies is seeing the loss of client relationships. For example, the same client may interact with an SEO manager, a PPC specialist, and a community manager.

Staying ahead of Competition

Digital marketing is a constantly changing field. Every month, new tools, platforms, and theories impact the way marketing is done. Your agency needs to stay on top of new developments to stay ahead of the game. But it’s not easy. You need to invest in learning and knowledge sharing to ensure your team stays up to date on the latest developments.