Apr 9 2012
Avoiding Marketing Money Pits
Is your business bombarded by sales and other marketing professionals telling you that the goods or services offered are in the best interest of the methods of downsizing and cost of marketing your organization? Finding your way through the maze of offers, opportunities and avoiding potential money pits highlights the importance for all businesses regardless of size to have a strategic marketing plan is implemented and followed.
It is a difficult market for any small business and the information is the key to making wise decisions and marketing for the survival of any company or organization. The importance of a strategic marketing plan can not be under said. Sadly, all common people under the guise of marketing and sales professionals rely on its products and services as the most effective and reduce the cost of putting your business. Also, writing articles or giving lectures, for example, seek to give their claims a form of legitimacy. Beware of people who make extraordinary claims, a true professional you want to sell your product or service, but also preserves the integrity to learn from their business and know that when the product or service is not a good fit. The benefit of such sales or marketing professional is their loyalty and trust in commercial transactions in the future.
A strategic marketing plan helps a company to avoid money pits of dollars worth of waste marketing expenditures that may appear to cost less, but have little or no measurable results. Just because something can cost less and other companies involved does not make a sound marketing decision for your organization and certainly does not guarantee successful results. Regardless of the ticket price if there are no measurable results and drive business to your establishment is a waste of money.
There are many good examples on the Internet of people under the guise of professionals equipped with its products or services such as sound marketing advice. One of these statements is that a low-cost business could build brand recognition through the purchase of inexpensive items promotional organizations name or logo embossed on them, items like pens, tablets, calendars, magnets, and more. The problem is that this technique offers minimal or no measurable success in brand building, but more importantly it does nothing to attract new customers in the business.
In simple mathematical terms, if an advertising business were to spend the same amount of money spent on promotional items recorded in the traditional media channels like newspapers, radio, or television for example, with an expected rate of 2% profitability and minimal exposure of 12,000 people gives the advertising business opportunity for 240 clients for expenses. If only 30% from 2% actually make a purchase that provides the company with 72 new transactions. A company can multiply your average transaction price of 72 to see the actual revenue potential of these marketing costs. Another benefit is that brand awareness can be achieved through advertising and the opportunity to create customers for life. In addition, to attract repeat business and brand loyalty in the organization can offer its customers coupons. This method promotes the recognition of clients and can be an inexpensive marketing.
Moreover, at a cost of marketing a company should always perform a cost-benefit analysis in relation to their strategic marketing plan. It just does not offer measurable results, drive new business and create brand awareness is a waste of money.
