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How To Reap Marketing Benefits ... Not Just Costs

 

You may have admitted it to yourself at some stage … “In hindsight, our marketing campaign cost a bomb and didn’t work at all”. You ask yourself, “If I had done a little more initial analysis, could the outcome have been different?”

The answer is ‘yes’ - you need to get down to the nitty gritty. By evaluating the potential strengths and weaknesses of your campaign – and looking at them in terms of the cost versus benefit to the company - you could have recognised the weaknesses in the campaign before the damage was done. Here are some ideas on how to get down to the basics and develop a successful marketing campaign.

Set appropriate targets

Carefully consider your marketing strategy and the targets you have set for your campaign. Will these activities realistically allow you to meet your objectives for your long and short term goals? Are the costs of the activities below the projected benefits you hope to gain from them?

Think twice before running the same campaign

It worked last year, so let’s do it again! Possibly … but never assume repeat success without a full review of the current situation. Changes in competitor activity, the economy, interest rates, industry regulations, technology and even product surplus or redundancy can occur in a very short period of time and have a major impact on the success of a repeat campaign.

Reduce ‘low yield’ activities

Good service is one thing, but are low yield customers consuming a large amount of your time? You and your team could be spending that time sourcing new business, or servicing higher yield customers. Of course, it can be difficult to measure this time/cost imbalance. One idea is for your team members to complete timesheets for a few weeks, so you can see exactly where the time is going. And remember, it’s usually quality, not quantity, that matters. Who wants 1,000 semi-interested leads from a campaign needing multiple follow-ups, when you could have 300 red hot ones?

Increase ‘high yield’ strategies

Try to pinpoint the buying habits and other characteristics of your most profitable customers. How can you focus your marketing message on similar individuals? It’s all about knowing your customer.

Ask the experts

Sometimes, the best marketing ideas can come from the people who know your product best – your customers. What do they like about your product or service? Why did they choose your business initially? Why do they keep coming back?

This information can prove invaluable in selecting areas to promote, areas to change and even the marketing voice you choose to use. After all, appealing to your customers with a message they understand is what marketing is all about. Just make sure the time and cost spent attracting them is worthy of the profits they bring and you’ve got your campaign nailed.

Until next week,
Mike Reddy
www.syb.com.au