How Tired Business Marketing Methods Can Impact the Bottom Line
Getting hard numbers on increasing sales from marketing has never been easy. Typically, you had to resort to locking your marketer in a colourful flower and incense filled room with lots of very large bean bags in order to hold the ‘results brainstorm’. Even then, most business owners would struggle to get a clear idea of any potential return on investment from a marketing head. That’s the way it has always been much to the frustration of the ‘boss’ who simply wants to know if we spend £X on marketing what will the uplift in sales be?
So how do you know if your business marketing is tired?
In simple terms the first key indicator will be the sales volumes results as to whether they are up, down or flat? Each one will tell you something when cross referenced with your marketing spend total.
You will also need to break down the total spend into the various marketing channel/media used. Collecting marketing data is critical as without it you have nothing to show were things are going right or wrong, so keep records from the outset and be disciplined.Unless you are selling, I guess your business is likely to be becoming more and more reliant on the internet and other social media. For those businesses which still depend on the traditional marketing methods such as PR, Newspaper Advertising, Billboards, Flyers and so on the message is clear – these methods are not producing the results they used to. Sorry, but it’s a fact! Plenty of research data clearly shows the majority of traditional marketing communications just are not relevant any more. People buy differently now.So, you are in business, where do you find the answers? Well, it’s not easy, as Facebook itself was and probably still is debating whether advertising on Facebook actually works?The thing about social media is that it does work – the reason is in its simplicity as you are asking a buyer what he thought of your service or product. With traditional marketing you are asking or taking the word of a third party to tell you how good something is? It doesn’t make sense and that’s its weakness.
People want truth when you are selling something and OK there’s brand awareness, but that’s OK if you are Pepsi, or Coke, or Virgin, but what if you are a business start-up today?Potential buyers check things out before buying often using social media; consumer groups; online customer reviews and so on so make sure the advice you are taking as the correct advice. The nature of marketing has changed so make sure your business is getting the best chance it can get and you are not wasting money on tired marketing methods.Written by:
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