| Effective Marketing is the essence of business growth.
If you think your marketing efforts are costing too much then you are not realizing that the key word here is ‘Effective’.
One of the measures of effective marketing plan is the ‘Return on Investment’ that you get on your marketing expenditure. Those who believe that marketing is too ‘expensive’ are simply doing it wrong.
Experts in marketing often come across entrepreneurs and businesses who complain about marketing being too expensive. They do not realize that just like success in any other field, success of marketing effort is also essentially about being at the right place at the right time, in front of the right person, doing the right thing.
Expertise in marketing is all about defining what is ‘Right’ for your business and your brand in terms of Message, Medium, Media Vehicle, Target Audience and also the frequency of communication.
| Correct strategy is the basis of success for your marketing efforts. It is also the only way of ensuring ‘Return on Investment’. So let’s understand what makes an effective marketing strategy.
Two most important components of an effective marketing strategy are ‘You and Your Customer’.
What is it that you are selling; not just in terms of product/service or benefits but also in terms of value augmentation to improve the quality of life of your target customer?
Who is your target customer? An expert marketer knows that your customer is not just a purchase decision maker but a real 3 dimensional human being with multi layered personality, dreams, aspirations, insecurities and a life as complicated as yours.
Defining your brand and its values and understanding the role of your product or service will not only help you derive the right positioning for your brand but also other important business decisions like pricing.
Knowing your customer, his lifestyle, likes and dislikes will tell you where to place your brand. It also tells you what to say, when communicating the value that your brand can add to the life of your target customer.
Remember, investing in marketing research can make all the difference between a successful and an expensive marketing effort. Trust your instincts but trust your numbers even more. Happy Marketing!