Marketing budgets can feel like a chore without a dedicated marketing team crunching the numbers, but every business needs one to succeed. Why?
Because every dollar spent differentiating your business from your competition can earn you five to ten dollars in revenue.
That’s how valuable having a marketing budget is, yet, most businesses find themselves marketing by the seat of their pants because budgeting is a challenge.
What’s The Challenge?
The time and resources required to develop an effective marketing budget are usually scarce, especially for small to mid-sized businesses. The budgeting process is more than just picking a dollar amount, choosing your marketing channels and then creating marketing pieces. It also has to account for research, personnel and tracking.
Before You Begin
It may be your first instinct, but marketing budgets should not begin with how much you are willing to spend. They begin with establishing who your target audience is and researching who can benefit from your product or service the most. Define what they look like, what they do for fun, where they go for
Do you need extra help from a marketing services organization? Is the technology getting a little overwhelming? Maybe you just can’t keep up with your blogging and social media calendar. If you are the owner of a small business or a franchisee, you work hard every day to provide the best product and service, and for some reason – people are buying from an inferior competitor. What’s the deal? Shouldn’t having a great product be enough?
Here’s the deal. Consumers are overwhelmed with choices and messages about what to buy. Because of this they take shortcuts to decide what to buy and which vendor to trust. But here’s the good news. Once they find a vendor they like, they stick with them.
HOW SERVICES CAN HELP YOUR BUSINESS:
Marketing consultants usually make the distinction between traditional and digital marketing. Traditional marketing encompasses corporate identity, branding, telemarketing, PR and similar ‘real-world’ activities. Digital marketing on the other hand includes website creation and landing pages, virtual social networks presence, online press releases, email marketing, blogging, search engine optimization, paid advertising (on
People are talking about the new forms of marketing today. It is no doubt that traditional marketing has been around for quite a very long time already. In fact, some are still being used by business owners today. However, with the Internet becoming popular and having a big role on how successful a business is, more and more entrepreneurs are now looking for ways on how they can market their offerings efficiently.
Indeed, there are already many different ways for promoting something.
Types Of Marketing
Internet – This refers to any strategy taking place online. It has a variety of forms such as search engine, video advertisements, and e-mail. It certainly needs a great approach in areas of design, development, and promotion.
Offline – This includes all the marketing efforts that are not done on the online world. Local advertising in newspapers and on radio or television are some of its forms. Today, more and more companies are searching for ways on how they can leverage their offline marketing campaigns with the online one so they can complement
One way you can make sure your current marketing and promotions campaign is effective for your business is to measure its success. Even if you think your current plan or strategy is working greatly for your business, without any hard numbers or proof to support this, you can’t afford to be complacent and close-minded. You need to be open to trying new strategies or techniques to ensure that your marketing and promotions campaign is really helpful for your business.
Measuring the success of your marketing and promotions campaign doesn’t have to be an arduous and complicated task. Here are some useful tips you can follow when measuring the effectiveness or success of your business’ marketing and promotions campaign:
Identify the appropriate, measurable goals you have set for your business.
Businesses have various goals they want to achieve. However, you need to identify the ones that are in line with or are the focus of your marketing and promotions campaign. Examples of these measurable objectives are the increase on your website traffic and if your brand reached the specific audience or group you were targeting. Keep in
Before I start, I just want to let you know that this article is my own personal view about this particular question.
It’s a common sight: marketing materials that tell you how much better one company is than another.
Is it right to do that?
In my mind, your marketing should always be about your customers.
That means no grand statements about how great you are, how big your premises are or how you’re the ‘best in your field’ (unless you have some concrete evidence to back up such a claim).
Everything you write must be about your customers, how you can benefit them and how their lives will be so much better if they buy from you.
I’m better than you
It’s very tempting to write something that tells your customers how crap your competition are in comparison to you.
You could shout from the rooftops about how you’re cheaper (although they could lower their prices and blow that argument out of the water), that you give better customer service than they do etc., etc.
Does it drive you crazy to receive email offers for products you already own? What about suggestions for irrelevant products?
Millennials are hailed as the most brand loyal generation, and this loyalty frequently stems from interactions that are highly relevant and targeted. But it doesn’t just stop with Millennials; GenXers and Babyboomers appreciate contextuality all the same. “Send me offers and content I care about and nothing more.”
While a healthy customer base indicates that there is a clear need for your product or service, failing to build on your knowledge of these existing customers and capitalize on cross-sell opportunities can stunt your revenue growth. Successful brands look past acquisition and focus on increasing the customer lifetime value (CLV) by retaining their customers and continuing to sell to them.
Financial services firms in particular recognize the value of effective cross-sell. Their customers own on average 8-12 financial products, but only 2-3 at a single institution, according to The Financial Brand. And in an age where costs are squeezed and the largest source of future revenue is through acquisition and cross-sell/upsell, firms still frequently miss the mark
A recent report by admanGo focuses on some recent Hong Kong advertising spending figures. Confirming everyone’s suspicions, the total ad spend in the city in January and February of this year was HK$6.01 billion – representing a 13 percent drop compared to the same period last year, and the first double-digit decrease since 2000.
Magazine advertising was particularly hard hit, falling by 28 percent, while Television Broadcasts Limited (TVB), one of Hong Kong’s major TV channels, recorded a 9 percent drop in its ad revenue.
The main reason cited for this drop is the continuing decrease in retail sales due to fewer visitors arriving from the mainland, and that is true to an extent – we have all taken a hit from that. However, the reality is that traditional media advertising has been becoming less popular for years.
The good news is that this doesn’t mean your advertising spend has to be less effective – far from it. By choosing the proper channels and targeting the right audiences, you can still ensure that your advertising budget delivers excellent
Content marketing isn’t just publishing a few blog posts a week. It’s about more than just being a company-it’s about being a brand that believes in something.
Without a content marketing strategy that embodies the vision of your company and brand, your business will lose loyal customers and advocates. If your retail business is failing to build a stickiness with your customer base, here’s why and how to fix it.
INSPIRE CUSTOMERS, DON’T TREAT THEM LIKE TRANSACTIONS
The ideal customer is one that connects with your brand, and unless you have a steady stream of messaging that speaks to your customers to reinforce why you’re the go-to for the products you sell, they’ll forget. Instead of focusing solely on sales and discounts, inspire your customers with a message that resonates with them.
Fashion retailers, for example, can put together lookbooks for what style fits “you” best. Nordstrom advertises its lookbooks to several customers based on their web behavior and purchase history:
DON’T BE JUST A VENDOR
Not adding value beyond the products you sell doesn’t
The prevailing marketing strategy for most businesses includes the usage of promotional items. This is because these are more cost-effective than any other medium of advertising. Another thing to consider, in this case, is that people like to get free gifts. As a result of this, the companies get promoted through the word of mouth if they offer more freebies to their customers. However, it is always a difficult decision to integrate this medium properly into your marketing plan. This is the reason why here are some of the tips that will help you integrate your personalised business items with your business strategy suitably.
• Plan – This is the first thing to take note of because this is undoubtedly the most important one. Any marketing plan needs a lot of considerations and but integrating the items with your business goals can be trickier. Before ordering you should think clearly about what you need, who the target audience for you are and how you are integrating this with your advertising goals. This pre-planning must be complete several weeks before placing the order. After receiving the items, you should
There are several ways for promoting a product in various areas of media. Promoters today use the online advertisements, endorsements, special events, and magazines or newspapers to promote their products and/or services. For customers frequently purchasing their products, there can be incentives given like free items and discounts.
The act of advertising a great service with either a short or long term goal of boosting sales is product promotion. Lots of companies these days make use of various marketing techniques through different communication mediums. Today, not a single medium is better than another since the most efficient medium to use will greatly depend on the type of product you are showcasing.
Nowadays, more and more companies are considering of using social media channels to advertise their products and services. Know that with these methods, companies will have the ability to showcase their offerings to anyone. In fact, because of the popularity of social media, most businesses had great success in showcasing their products, most especially to the younger generations who prefer to go online rather than watching the television or
Account-based marketing (ABM) is a personalized, custom approach to a dedicated book of a business. Most SMB and enterprises use this marketing strategy to close new business and up-sell existing accounts. Included in ABM’s structure are a plethora of technology solutions to help scale the work being done. These types of solutions are customer service tools, sales generation tools, sales and marketing automation resources, and the like. While these tools may do the work for you, experts in sales and marketing are still required to help manage, analyze, and execute on what’s working.
Take a high level look at the workflow of how marketing and sales resources use technologies to support their ABM strategies to further align sales and marketing teams to skyrocket growth.
Understand Your Data
Whenever a marketing team runs a social campaign, like a Facebook or LinkedIn ad, there are always results provided at the end of the campaign, showing the target audience and engagement received:
A marketing professional is able to take this data and apply it to what’s producing the most results. A great way to see what’s working versus
Email is NOT dead! We repeat: Email is not dead! Email may seem like an archaic method of connecting with customers with new, engaging technologies disrupting markets, but it’s far from being pushed out of the digital space. With more people adapting to mobile – 70% of adults have smartphones; this stat is 85% for young adults (PewResearchCenter) – email is being viewed more, just opened in a different place. According to Experian’s “Quarterly email benchmark report” (Q4 2015), “65% of total email opens occurred on a mobile phone or tablet in Q4 2015, compared to 54% in Q3 2015.” We’ve made our point – email is here to stay.
When working on incorporating email into your digital marketing strategy, look for these skills in an email marketing consultant:
UNDERSTAND YOUR MARKET
Not every email is for every market. Make sure the email marketer you’re working with understands the different audiences you are targeting and how to market to them appropriately. If you’re a talent management agency, for example, and your main markets are manufacturing and industrial lighting,
In the last century, the world saw a massive revolution of innovation.
Beyond modern marvels such as digital advancements and the evolution of the smartphone, artificial intelligence is gradually changing society and how people navigate their lives. Machine learning is gradually being integrated into nearly every aspect of life.
It’s already used in machine translation, email spam filters, ATM check depositing and facial recognition – and that’s just what an average person uses day-to-day.
Predictive intelligence is making businesses more efficient, effective and successful. B2B companies deploying predictive intelligence for marketing activities are closer to the holy grail of understanding each individual customer – and personalizing all content to their needs and interests.
Technology not far from artificial intelligence is making a significant impact on the marketing industry. In fact, 86% of marketing executives have already indicated they have seen a positive return on investment in marketing technology and predictive analytics. The future of B2B marketing will focus on predictive analysis and intelligence, and have a major impact on lead scoring and content targeting.
By 2018, less than 0.01% of all mobile apps out there will be commercially successful. That’s what Gartner says – and we’ve got no reason to doubt the forecast. With the proliferation of mobile app development tools & the rise of “citizen developer” initiative, building mobile software has never been easier. Code quality & application performance aside, the main reason why companies fail to crack the App Store and Google Play charts is poor marketing. If you have a brilliant idea for an app, you’d better forget about Rovio’s overnight success and spend some time (and dough!) on marketing.
Top Earners (iOS developers who generate at least $ 50 thousand in revenues – 12% of the App Store’s registered publishers) have $30 thousand as an average marketing budget and devote 14% of project time to promoting their project. In case you’re a startup & barely raised funding through Kickstarter, your app can still be a hit – as long as you choose the right marketing strategy. Here are some app marketing success stories that prove you can do more with less.
Marketing done right: top 5 app success stories
Getting new customers is tough for most businesses. There’s a lot of competition out there and winning clients is definitely one of the biggest obstacles you’ll face when starting a new business. But all of this can be a thing of the past. By following the suggestions below, you should have no problem persuading potential clients to choose your services over your competition.
Build a presence online
These days it is absolutely necessary for a company to have its own website. When potential clients want to find out more information about your products and services, the first place they’ll go is to the Internet. Clients usually prefer to check your website first because it’s more convenient – they can get the information they need at any time without the inconvenience of contacting a company representative directly. After spending time on your website, then clients can make an informed decision about proceeding with your company
Clients need to be able to find your website
There are a variety of ways that potential clients may be referred to your website.
In today’s time, it is never enough to know the do’s in outbound telemarketing – or in any form of marketing. It is never enough to settle for a list of instructions on what to do to make your business successful and to continue generating leads on a daily basis. It is also important to know the absolute don’ts in marketing – outbound telemarketing for that matter. Here is the list:
1. Don’t settle for poor targeting
This would be in relation to finding possible clientele for a campaign. Successful targeting includes extensive research. Successful companies are aware of who their target individuals are, and they completely understand how to qualify leads to saving time as much as possible. This is also to avoid prospecting the wrong people – people who would be more suitable prospects for another campaign.
2. Don’t do poorly defined campaigns
One critical aspect in a well-defined campaign is having a goal. Moreover, a goal must be SMART. By SMART, it means that it is specific, measurable, attainable, realistic, and time-bound. Marketing pros make a well-defined campaign – and that includes
To fully grasp the importance of market research in the healthcare industry as well as in other types of businesses, here’s a list of its advantages and why businesses shouldn’t skip this part.
• To craft the appropriate strategies that best suit the intended market
Most businesses have taken advantage of the power of marketing to promote and advertise their products and services to the public. However, for the marketing campaign to be fully successful, accurate data and analysis are needed to craft the appropriate strategies that best suit the intended market. This is why research should be at par with marketing itself to get the expected results. Without the data from the market research, chances are, you might get the wrong reports which could potentially hurt your company.
• To be updated and to add credibility points
Market research has become a trend in the business world to prove their credibility in providing accurate data and reports, especially to prove their products and services’ effectiveness. There are two main reasons why market research is an important tool in the healthcare industry. The first reason is
Promotional lanyards are probably one of the most popular promotional products purchased by companies around the world each and every day. There are numerous factors you are going to want to take into consideration when it comes to buying promotional lanyard to ensure you choose the right quality and that the product you purchase is used by your customers moving forward, providing you with the brand visibility you expect and deserve.
You want to give your clients what they want and what they will use. This means making use of bright colours and ensuring that the product you purchase can manage a key card, an ID card or a set of keys, depending on how your clients want to use them moving forward.
It is imperative that before you start designing your promotional lanyard, you know exactly what your customer want. Knowing your audience will help you identify with them and then choose a product that you know they will want to use moving forward. The last thing you want is to hand these items out, only to have the