| There are many complicated strategies out
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| | Another point that marketing experts
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| there on the subject of marketing and
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| | agree on, is that customers very rarely
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| advertising, covering demographics,
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| | buy the first time they see any
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| different media types, seasonality and
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| | advertising for a product or service from
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| other ingredients of a successful
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| | an "unbranded" business. At best, initial
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| formula. But most of us, who run a small
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| | advertising just raises awareness. It is
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| or medium sized business, don't want
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| | only after the customer becomes familiar
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| complicated, so for the benefit of this
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| | with the adverts, product or service,
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| article, lets define marketing as
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| | will the decision to buy be made. Of
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| anything that promotes your business.
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| | course within "branded" businesses, the
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| I see marketing a bit like investing on
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| | trust with the customer is already there,
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| the stock market; invest some money, with
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| | so the decision process is much quicker.
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| the intent of a good return from the
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| | So if your potential customers don't know
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| investment. For example some shares
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| | you, don't expect immediate custom. This
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| (offer of the day) could be bought to
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| | suggests that one off panic advertising
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| yield an immediate return, some shares
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| | may still not bring in the custom you
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| could be bought for a longer but safer
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| | were expecting, even though you have a
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| term to mature and some are just high
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| | fantastic priced product or service.
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| risk. A seasoned investor will probably
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| | This is also relevant for start up
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| have a portfolio that covers all these
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| | businesses. A typical strategy would be
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| options.
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| | to form the company, put everything in
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| To relate this to your business, do you
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| | place and then start your marketing. An
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| have stock you need to sell immediately
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| | experienced businessman would start the
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| (special offers), are you advertising to
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| | marketing plan much earlier. Knowing that
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| bring long term brand awareness to your
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| | the initial advertising would just
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| business or are you trying new forms of
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| | stimulate interest and hopefully real
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| advertising that has never been tried
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| | sales would coincide with the true start
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| before in the hope of a large return.
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| | date of the company.
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| Just like the investor a seasoned
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| | What type of advertising is the next
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| marketer would consider marketing over
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| | question? Look at what other successful
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| all these sectors, immediate special
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| | related businesses are doing, and then do
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| offers, long-term branding and possibly a
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| | the same but to better standard. The key
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| small amount of high-risk options. Spread
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| | word here is "successful". If they are
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| the risk and then measure the return.
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| | successful, then they are doing things
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| However some small businesses see
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| | right and have already gone through the
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| advertising or marketing as an
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| | measuring stages.
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| unnecessary expense and tend only to
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| | High-risk marketing should only be done,
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| invest in it when sales are low or at
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| | at times when your other marketing
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| start up. This often means they are only
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| | strategies can support it, unless you
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| marketing for an immediate return,
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| | have nerves of steel of course. Certain
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| focusing on your special offers just to
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| | entrepreneurs have broke world records
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| get customers in. Ironically if a
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| | crossing the Atlantic in boats and hot
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| longer-term strategy had been in place,
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| | air balloons and have built international
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| the need for panic advertising might
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| | mega brands through clever PR. So the
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| never occurred, sales could be more
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| | rewards are there if done right but if it
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| consistent and the products or services
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| | is done wrong, can bring no return and
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| sold could be based more on market prices
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| | even damage a company.
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| rather than on specially created deals.
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| | To summarise, if you are running a
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| Longer-term marketing is seen every day
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| | businesses that is intended to be around
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| in the media as the biggest brand names
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| | for a long time, then see your marketing
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| in the world still consistently market
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| | strategy as a long-term investment.
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| themselves even though everyone knows who
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| | Long-term customer awareness eventually
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| they are. They know it is cheaper to stay
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| | brings word of mouth marketing, which is
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| at the top than to get back up there, if
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| | the best, and cheapest you can get. If
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| their market share slips.
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| | you run one off adhoc marketing
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| A seasoned investor would also regularly
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| | campaigns, it is unlikely you will get
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| keep in touch with share prices to
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| | the best return on your campaign until
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| measure their return on investment. A
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| | people know who you are, single "one off"
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| mistake many businesses make is not to
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| | adverts in your local paper rarely
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| measure their costs against return on
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| | achieve anything. High-risk advertising
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| sales. Using reference numbers in adverts
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| | is just that, can be fruitful if
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| or just asking the question when
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| | successful, but can be damaging with
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| receiving phone calls can give you
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| | little or no return.
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| indications of what advertising is
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| | Finally, measure and review all your
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| working and what is not. You may find
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| | marketing costs against the return you
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| that just one simple advert in a local
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| | are receiving then change your plan to
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| paper is paying you dividends, but the
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| | suit. You wouldn't invest your life
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| radio advertising is not bringing in
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| | savings on the stock market and not check
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| anything. How do you know, unless you
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| | how much you shares are worth, so why
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| measure it? You can then adapt to bring
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| | have a different process for your
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| the greatest return from the least
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| | marketing costs.
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| investment.
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