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The business world has long been dubbed in popular culture by other names: “the market”, “the jungle”, “the ring”, “the circus”, etc. These nicknames are well earned, as the business world is an ever-changing and complex landscape that you must constantly fight to stay afloat in. How do you navigate this world and stay ahead of the competition? What should you primarily focus on when trying to grow your business? Many people have asked themselves these questions.
Well, according to Peter F. Drucker, it all boils down to this: “Business has only two functions – marketing and innovation”. If a business’s main goal is to create a loyal customer (and it is), then these two facets are what you should focus on above all else. Sounds pretty simple in theory. But, what exactly does it mean?
Let’s take a closer look.
Marketing
If a tree falls in a forest, but nobody’s there to hear it, does it still make a sound? Similarly, if you open up a business, but nobody knows it exists, is it really there?
Marketing is one of the most integral parts of any business – it’s ultimately how you’re going to make every single sale. The goal of a successful marketing campaign is not only to bring awareness to your business’s existence, but also to create a story, establish attitudes, and build lore around your brand. (Check out our previous blog post for a deep dive into that topic.) In the digital age, online and social media marketing is the bulk of the advertising you need to be doing for your business. At KEY27 Marketing, we understand the ins and outs of the digital space, and we can help your business stand out amongst the chaos on the internet.
Your marketing approach should present your unique brand of goods and services as the answer to a particular problem. For example: let’s pretend you needed a new laptop. What are the first options that pop into your head? We would bet that you thought of a MacBook immediately, even if you’re not a fan of Apple – that’s how strong their marketing and branding is. This is the goal of any successful business. To achieve this, you have to really know your audience, understand their desires, and from there tailor your marketing to fulfill them.
Another aspect of a great marketing campaign is having engaging and interesting advertising. The greatest sin in entertainment (and, we’d argue, also business) is to be boring. Your ads should catch the eyes of potential customers and make them pause what they’re doing to look at your ad. The more interesting the angle of the ad, the more someone is likely to engage with it. Confuse them, make them laugh, enrage them – do SOMETHING. Our KEY27 Marketing team will help you craft a marketing strategy that will surely get your business noticed.
Innovation
If marketing is important to the success of your business, innovation is imperative to its very survival. A business cannot afford to be stagnant. The market is evolving every single day, and your business has to evolve with it. You can be the greatest advertiser in the world, but if the product or service you’re advertising is sub-par and outdated, it won’t matter. Staying ahead of the curve by constantly innovating and coming up with new ideas for your particular niche can catapult your business above the competition.
Daring to be different, pushing boundaries, and taking a leap of faith into the unknown can be scary – but it can also pay off big time. New ideas and products can inspire passion, set trends, and establish your business as a visionary force in your industry.
Being innovative is largely about constant reinvention and embracing change. You cannot achieve greater things with the same mentality you had yesterday – you always need to go forward. Leaning into change and allowing it to fuel your business model can be incredibly beneficial in such an uncertain world. Finding new ways to solve old problems and creating products that address new problems will create trust in your business as a reliable provider.
In short: dare to be different (cliché alert). No, really. Embrace the spirit of innovation, even if it’s in small ways initially. One step at a time can get you across super vast distances. We at KEY27 Marketing can help you figure out what your business’s next bold move could be.
Marketing + Innovation
Individually, marketing and innovation work to sustain your business, but in tandem they do much more. Together, they generate public interest, create air-tight branding, and overall propel your business forward. Marketing and innovation work hand in hand, each playing their role in building the story (and hype) around your business.
Marketing brings people in and sparks the initial interest. Once the attention is on your business, it’s innovation that keeps the momentum going and the audience engaged. They are thus dependent on each other to achieve their full potential.
Now that we’ve established how important marketing and innovation are for the well-being of your business, we want to point out how important it is to make sure any potential partners share your vision.
KEY27 Marketing Oakville
We at KEY27 Marketing run a business that is firmly anchored in strong ethical values and functional collaboration. With over 15 years of experience navigating the digital marketing landscape, we can offer you expert advice that works to boost your business’s brand and sales. Through tailored marketing campaigns and innovative branding strategies, we want to help you achieve your business’s full potential. Contact us today to schedule a FREE consultation and learn why our clients swear by our methods. (It might have something to do with the fact that, for one of them, every $1 that our client invested in marketing returned $11 in revenue.)
