12 Oct, 2013
Working in and around marketing, and realizing the amount of money being spent hastily on various channels gives quite a pain. It is tragic to know that the most valuable source of promotion is becoming a cause of damage and unrecoverable losses.
Indexed are some mistakes and how they can be avoided to effectively utilize money over the marketing campaigns, and prove meticulous to generate profits.
1. Follow a distinct plan
Not only the start up’s but also veterans of the industry lack a planned approach to market their brands (or products). Mark a word, there isn’t any output without a well-structured plan. Marketing doesn’t always work on intuitions and instincts. Choose the right media after a thorough analysis of the target audience, their pick on media, and of course the budget.
2. Divide your budget for a marketing mix
Never bias a particular mode of media communication, as it is a prime blunder made by many marketers. You cannot understand the dynamism in market demands. Divide the advertising expenses such that it forms a perfect marketing mix to gain desired clientele. Take risks! It is critical to develop high-rewarding strategies on a long-term basis.
3. Scrutinize the effectiveness of the plan and chosen media
Dare not to set and forget your implemented plans and investments. Monitor whether the chosen marketing media is really effective and worth the money. In case of minutest ambiguity, take charge either to minimize destruction or stop the inflow of efforts and resources immediately. Don’t wait for a time till it can resolve itself. It shall penalize heavily.
4. Think before you outsource
“A man is known for a company he keeps”, so shall it apply for your company. Inspect who you partner with and do not get blown away from false promises. Analyze if the association would get you expected returns or if the effort is empty. Too many professionals have suffered highly for gaining scanty returns.
5. Let the Reins be in responsible hands
Take care about whom you hand over the custody of all marketing activities. Whether the person is responsible enough to grasp fluctuations, gel with varying minds, and carry out operations that are sure to turn out the best.
In a nutshell, make your marketing strategies significant enough for the money spent, and enable the business to ascent.
Do you own a business? What are your views? Share with us. Also promote this in your network, if you agree to our thoughts.
The points discussed above are more pertinent for entrepreneurs taking up franchise businesses. Mastermind Abacus franchise would serve as the right destination to implement these strategies and gain an advantage over competitors.