| |
| |
|
Marketing Resource Center |
|
|
|
Budget Marketing: Managing Your Marketing Money Wisely!
There's a saying that half of all marketing efforts are wasted, but it's impossible to tell which half! I know from hard won experience how easy it is to waste money on marketing. When I first set up my own business in 1998, I spent tens of thousands of dollars employing the best graphic designer and printing a great glossy brochure. The feedback was 'Tom, that's one of the best glossy brochures I've seen!' But did it get me customers and help build my business? No! It was a pure ego trip. Now I know better. Most marketing efforts are done for purely ego reasons alone and almost all fail to live up to expectations. So what can you do about it? I believe the best marketing campaigns are built not on glossy brochures or expensive TV advertising but on understanding the needs and wants of consumers and then providing solutions to these needs and wants. Much of this is done by building powerful personal relationships and using the media to create awareness, credibility and trust in the hearts and minds of consumers. Here are the Top 10 Questions to Ask Before Spending Another Cent on Marketing. And, help solve that perennial question of how NOT to waste half your marketing efforts! 1. WHAT AM I TRYING TO ACHIEVE? Always start with an objective in mind. Is it to attract new customers in a start-up phase or retain long-term loyal customers? The marketing tools and tactics for each of these questions will be vastly different. Remember to set SMART Goals. => Specific 2. WHO IS MY BROAD MARKET? Who exactly are you trying to target? The more you can find out about them the better. What industry do they work in, what is their level of education and income, what are their values and beliefs and where do they live are just a couple for questions to consider. 3. WHO IS MY SPECIFIC TARGET MARKET? If you have a broad market try and segment it down. The more specific you can be the better. Think of the best way to eat a delicious and juicy orange. You must carefully peel away the astringent protective skin of the orange. Inside is the juicy flesh. When you have done this, carefully separate each segment without spilling a drop of juice. Take time to examine and focus on each market segment based on a range of different wants and needs. Regardless of size, each target market must be treated with precision and respect. 4. WHAT IS MY NICHE? I heard a great saying from fellow speaker Maree Wrack recently. "Provide the fruit, not the whole supermarket!". Focus on your strengths and deliver this product or service really well. 5. WHAT PROBLEM CAN I SOLVE? I believe running a successful business is pretty simple. As Bill Clinton said 'most of the big things in life are simple'. Being in business is about finding out about people's problems and then providing a solution for them. Whether you are running a multi-million dollar enterprise or a business from home, the principles are the same. 6. WHAT MAKES MY SOLUTION UNIQUE? What is it that makes your solution to a problem unique? Is it different from all the other possible solutions in the marketplace? This is commonly known as a 'Unique Selling Proposition' or USP.Identifying your USP helps to define your marketing strengths and identify markets. 7. HOW DO I REACH MY TARGET MARKET? What is the best way to reach your target audience? How do they get their information? Is it worth of mouth, personal referrals or through the media? 8. HOW WILL I DELIVER THE SOLUTION? What is the best way to deliver the business solution? What are the best and most cost effective distribution channels for my product or service? The channel chosen to communicate your message can define expense and effectiveness. Be realistic and savvy, make optimum use of your budget without cutting corners. 9. HOW MUCH WILL I CHARGE? Pricing is a very sensitive issue. Do you want to position your product or service as a low cost, high volume business or high value, exclusive and expensive. Make well informed, long term decisions keeping in mind your company's needs and those of your target market. 10. HOW WILL I RETAIN EXISTING CUSTOMERS? It is more expensive to attract new customers than service existing ones. The research shows that if you increase repeat business by 5 per cent you can increase your profitability by more than 35 per cent. How will you keep and retain existing customers? Create a structured model to follow for all clients and keep this is a high priority. Thomas Murrell MBA CSP is an international business speaker, consultant and award-winning broadcaster. Media Motivators is his regular electronic magazine read by 7,000 professionals in 15 different countries.You can subscribe by visiting http://www.8mmedia.com. Thomas can be contacted directly at +6189388 6888 and is available to speak to your conference, seminar or event. Visit Tom's blog at http://www.8mmedia.blogspot.com
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Seven Common Marketing Problems Solved by Marketing Operations Corporate marketing groups - especially bandwidth-challenged small-to-mid-sized departments - can be so focused on tactics and fire fighting that they jeopardize their marketing investment. There is a tendency to overreact to events, to tackle symptoms rather than underlying fundamental problems and to jump at the opportunity to please the boss. Marketers VS Consumers Predators VS Prey The distance between marketing consultants and the real world can truly be mind boggling. When a marketing consultant tells someone to send out 10,000 postcards in order to get a 3% response rate and that the actual sales will be something less than that . Directional (Not Direct) Marketing Those who believe the web is not a direct response medium should think again. A recent study conducted by AdKnowledge and published in their recent "Online Advertising Report" suggests that 60 percent of total website conversions occurs in the first half-hour. These Four Things Will Make Your Direct Marketing Successful Direct marketing is built on four things. The other way to look at it is that when you think direct marketing is not working only one of four things can be wrong. Newsletters are Marketing Machines! Is your business publishing a print or e-newsletter? An informative publication is a great way to stay in touch with your customers and leads. It also reinforces your expertise in your industry. Pre-Cleaning and Updating Addresses in Your Database When you send a direct mail piece using the Addressed Admail reduced postage option, it can cost you anywhere from 60 cents to $1.25 or more for printing, mail production and postage. How To Get To The Top of The Marketing Food Chain Are you tired of living off handouts from big-name marketers, earning meager affiliate commissions?If you truly want to live and breathe the rarefied air of the super-marketers, what you need is not a change in method, but a change in attitude and mindset.You need to start thinking like a top gun and create your own identity instead of feeding off the efforts of others. Dont Use Yourself as Your Pricing Yardstick "I wouldn't pay more than what I charge now."If you are not a member of your target market, toss this thought about your own preferences out the window this very minute. Marketing Brain Trust Rest assured that no matter how smart you are, you do not know everything about marketing. You don't even know anything about marketing your product! You can't figure everything out yourself, or see all the angles, or provide every bit of critical thinking. Marketing Apathy Solutions: 10 Solutions for Overcoming Apathy Beginning Today Are you suffering from feelings of indifference or a lack of concern when it comes to marketing your business? Do you lack the passion that's necessary to attract customers to your business?Marketing apathy, characterized by feelings of passiveness, disregard, and a lack of interest is widespread among today's businesses. This attitude is like putting a roadblock between you and your success. Two kinds of Advertising for a Marketing Strategy Advertising is the lifeblood of any business. If you do notlearn how to advertise your products and services bothefficiently and effectively, you won't be in business long. Are You Guilty Of Interruption Marketing? You muted the commercials on the TV last night because you were fed up with interruption marketing. Ditto if you went through your mail to find most of it is junk. How to Add Warmth, Color & Texture to Your Advertisements "?A powerful agent is the right word?" --Mark TwainAnd what true words those are! Your marketing efforts have the ability to succeed?or to fail?based on the words you choose to represent your products, services, and yourself in your ads.You have the ability to choose any words you desire. Thinking About More Business What does an old Russian joke have to do with getting new business? Did you increase your business in the past 12 months? Don't discriminate between more new clients or old clients spending more money--count the increase either way. If you didn't, you really should be asking yourself why not. Top Four Marketing Secrets of Building a Professional Practice Building a coaching or consulting practice can be rewarding and lucrative. Sadly, many who get started on this path simply can't make it. Creating Your Own Lead Capture Pages Having a downline can be golden. A downline is a group of folks who have either signed-up or have already agreed to at least look at what you send them. Target Marketing: The Bell Curve Finally, Something You Learned In Math ClassMakes Sense In Real Life.Okay, here's the day you've been waiting for since 9th grade: today's the day you're going to find out what some of that funky stuff you learned in math class has to do with anything. Neuromarketing: Smart Marketing Or Jedi Mind Control Trick? In the international bestseller "Blink," Malcolm Gladwell explains why our decisions to choose brands, select a mate, sue our doctor or make choices that decide Presidential elections, aren't as simple as they seem.Why we often let unconscious biases affect our opinions about people who are taller or have a different skin colour. 21 Must-Have Web Site Elements Your Web site should be the cornerstone of your client seduction efforts. The site is your silent salesperson -- the one with whom prospective clients visit before granting you permission to meet with them. Marketing in Business and Commerce in the New Consciousness The point is what you give to another you give to yourself; the reason being that there is only one of us. You are apart part of the Universal life force just the same as your customer is.
|
| home | site map | Advertising Articles |
| © 2006 |
