Posts Tagged "Marketing Budget"

Marketings Greatest Secret

Do you know what the best type of Marketing is for your company?

How about a Yellow Pages advert? Pay per click? Maybe some direct mail followed up a telemarketing campaign?

Well whilst each of these are perfectly valid marketing routes and one’s any forward thinking company should at least test the very best type of marketing for all types of business is the type that is FREE!!!

That’s right Ladies and Gentlemen, if you’re working with a tight marketing budget (or indeed with no set marketing budget at all) then you can now get exposure for your product, service or company in the form of PR (or Public Relations).

For large companies PR is big business. They will think nothing of employing staff with the sole intention of getting the name of their company in the media (be it written press, television, radio or online). And because the PR market is seemingly dominated by the larger companies small companies shy away from using PR in their marketing mix.

If this applies to you then good times could well be ahead as PR is a vital part of the marketing mix for smaller companies in particular as they often don’t have the time or money to spend on often expensive advertising or other marketing.

Successful businesses of all sizes use PR to promote their business, build their reputation and become a recognised expert in their particular field. And the beauty of PR is that everyone is an expert in something. And by passing on your expertise in a particular subject in the right way you become newsworthy.

And that is the real secret when it comes to good PR. It has to be interesting and newsworthy. Nobody cares that you’ve just launched a new website or that Mrs Jones in Accounts has just become a Grandmother for the second time (both subjects I’ve seen in press releases and both subjects I’ve seen in journalist’s bins!!). And if you’ve ever attempted PR only not to have it published then I wouldn’t worry too much about it as you’re amongst the 99% of companies who send out PR that isn’t newsworthy or interesting.

Here are a few words on Why PR is important.

Communication lies at the heart of today’s modern society. Be it on the internet, television, pod casts or whatever medium you choose. And with so many firms competing for the same business as you, how do your customers differentiate between you and your competitors?

The answer lies not particularly in the size of your Yellow Pages advert but how you project yourself and what your firm has to offer.

PR has a huge sway in the minds of consumers as the perceived third party endorsement that comes from editorial coverage can be substantial, maybe even more so than advertising that can cost hundreds or thousands of pounds.

PR done well can result in increased exposure, increased business and increased profits. And if you want your business to be the best it can be then becoming good at PR is something you want to do.

And remember, it’s FREE!!!!

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Mjh Group: Marketing Strategy & Marketing Management

How much should I spend on marketing?

This is a common question that marketing consultants gets asked on a regular basis.

The simple answer is that there is no hard a fast rule – it depends on the competitive environment, the stage of business development, the product or service category and the balance of advertising designed to promote the brand vs advertising designed to generate a specific response.

As a result of these factors, marketing budgets are best set based on careful analysis of a number of factors as part of a Marketing Strategy not via the often used % of sales method.

If you are looking to develop a deeper understanding of your marketing budget then there are two good places to start.

Brand Awareness- Analysing the level of advertising that is appropriate to reach your target markets with appropriate levels of frequency and credibility

Specific Response – Analysing the response and conversion rates you are achieving from various forms of advertising

Brand awareness is a direct product of the  Marketing Strategy – by identifying the key target markets and having an understanding of the competitive environment it is possible to establish a picture of the level and types of “brand” advertising required to generate awareness of the brand for new customers and reinforce the message with existing consumers.

Planning the elements of the campaign designed to generate a specific response is more closely aligned with the sales budgets and requires analysis of the response and conversion rates you are achieving from various forms of advertising.

Using response and conversion rates as a starting point allows MJH Group to determine the expected result for a particular level of spend in a particular area and plan the marketing strategy accordingly. This is correlated to the sales budget to help plan the necessary mix of advertising required to drive the response to deliver the sales result.

Want to Live an Extra Thousand Years?