Marketing is not just about selling. It’s about telling a story and building enduring relationships with the consumer. Therefore, marketing is an investment and not cost. This article will help you put your marketing money where the mouth is.
Marketing is not just about selling. It’s about telling a story, building strong brands and enduring relationships with consumers. It is therefore an investment and requires a long-term, future-oriented approach. In recent times, this function has been facing great challenges as businesses are beset with margin pressures, cut-throat competition and high-growth expectations in a slow economy. To add to the conundrum, marketers have to manage the growing influence of social media.
These factors are driving companies, more than ever, to focus on maximising return on investment (ROI) on their marketing efforts. Such an approach not only helps marketers put their money where the mouth is but also helps build strong brands that generate greater returns.
Ways to maximise ROI
Set clear and well-defined marketing objectives. It’s a simple equation: Well-defined objectives result in better metrics. Though it sounds like an obvious thing to do, the objective-setting process often does not receive the seriousness and insight it deserves. Marketing objectives should be based in the consumer decision journey.
It takes two to tango. Effective message and most-suited medium for messaging create a winning combination. Brand messaging is key to marketing success and thus, it is extremely important to ensure that the message holds the most effective messaging attributes for the given brand objective. Half the battle is won once this piece (read brand messaging) is done well.
Create a robust marketing mix. With changing market dynamics and shifting consumer behaviour, arriving at the right marketing mix becomes all the more challenging. Marketers more than ever need to be clued into consumer insights, make good use of analytics, and create marketing-mix models that are based on analytics, insights, and clued-up assumptions.
Keep a long term view even when chasing short-term goals. Marketing-investment decisions need to factor in both the short and long-term impact. Marketers need to aim at creating sustainable impact. Apart from tools and processes, any efforts at creating long-term impact will have to be supported by a leadership and organisation culture that lives and breathes the brand.
Ultimately, one needs to remember that marketing spend is not an investment in the usual sense of the word since there is no tangible asset or exact quantifiable returns. The returns can be seen in the marketing efforts making lasting impact on the brand and indirectly contributing to the bottom line. Therefore, it is extremely important to make marketing investments keeping the future potential in mind.
Ways to Maximise Marketing ROI
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