Before thinking about marketing strategies for improving business, it is important to "study" the market conditions. If a product is not required in the market, it is likely to stay on the shelves and collect dust.
It is imperative to ask whether the target market is reachable through the advertising medium under consideration. The outreach of each medium is different. For instance, people reading economics magazines are likely to be middle-aged and older, employed in business management positions, and interested in the changing trends. Therefore it is a viable medium to promote real estate opportunities instead of baby products.
Some products are specialized to the demographic characteristics of end users/customers. The users of financial products are likely to be adult, earning males instead of infants. Hence improving return on marketing investment demonstrates a higher success when marketing these products to a more focused segment.
Your marketing budget plays an important role in deciding which marketing channels are viable and/or "too expensive". While our current financial system creates a catalyst for overspending, it is important to strike the right balance between cost and benefit. Marketing is least likely to help in improving business if your budget doesn't meet channel requirements or you don't have the staying power to achieve your sales goals and objectives. Constant testing, evaluation and revision are all important aspects in making the marketing plan work for your company.
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