Three Steps to a Successful Marketing Budget

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How much are you going to spend on marketing this month? This can be a tricky question to answer. On the one hand you want your promotional message to reach the maximum number of people and on the other hand you want to make sure that you don’t end up overspending on marketing. The good news is that reaching the right target audience is not directly proportional to the amount spent on marketing. There are three simple steps that you can follow to optimize your marketing budget. Continue reading …

How To Bridge The Gap From Marketing To Sales

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Have you ever run a great marketing campaign only to find that your sales targets are still not being met? If you fail to achieve your sales targets despite a great marketing campaign, the problem may not always be with your marketing strategy. There’s an interesting story about a man who lost his precious ring and was standing outside his house looking for it. A passerby tried to help the man and asked him where he lost his ring. To this the man replied that he had lost the ring inside his house. “Then why don’t you look for the ring inside your house?” said the puzzled passerby. “Because it is too dark inside my house and I seek the light” was the mystical reply. The message that the wise mystic was trying to convey is that looking for a problem by delving into it does not always solve the problem. The solution sometimes lies in “looking where there is light.” Coming back to our marketing example, you may have to look beyond marketing to see why your marketing campaign did not work. Could it be that you missed a lot of potential sales opportunities generated through your marketing exercise? If so what can you do to make sure that your marketing effort actually gets translated into sales? There are five definite ways in which you can ensure that you actualize your sales potential. Continue reading …

Setting SMART Business Goals

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Each business has a unique raison d’etre (reason for existence). For example, Firm A may be a charity working towards alleviating poverty in a certain area while Firm B may want to aggressively grow its market share. Whatever the nature of the business you are in, it is important to understand the purpose of the business and to convert this overall purpose into a set of SMART business goals which are aligned to the overall purpose. Continue reading …

When Marketing met Human Resource (HR)

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When Harry met Sally, an interesting movie was made and when Marketing met HR, an interesting learning organization emerged. Marketing and HR have traditionally been two separate disciplines. However, organizational success in the year 2017 and beyond demands that each of these disciplines come together and learn from each other. Some common areas in which an organization’s Marketing and HR department can have the same strategic focus are targeting, tracking, branding and integration. Continue reading …

Marketing Success in Three Simple Steps

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The first step in devising a successful marketing strategy is alignment of marketing effort to business goals and target audience.  For example, if you are marketing walking sticks to senior citizens then using larger than usual font in your communications and prominently displayed phone numbers would be a tactic to get you leads. However, if your target audience consists primarily of teenagers then content that can be “skimmed” rather than “read” may work best. This is because teenagers tend to have a lower attention span. If you are marketing to young children then lots of music, images and bright colors would be your preferred choice. Continue reading …

Your Content Marketing Garden

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The first step in building a beautiful content marketing garden that generates convertible leads is to define your target audience. The audience description needs to incorporate basic features such as geography and demography as well as deeper attributes such as tastes and preferences. You can then use a variety of tools to determine which content is likely to appeal to your target audience. Ideas about questions that your audience is looking for could be obtained from sites such as Quora or Buzzsumo. Call recordings (with the user’s permission) is another great tool that can help you get insights about possible topics that interest your audience. Continue reading …

The Marketing of Discounts

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Before embarking on a discussion of how to market discounts, let me caution you about the usage of discounts. Discounts may give your product an image of low quality. Would a real diamond be worth buying if it started selling for a dollar? In some cases people desire items because they are expensive. Also people tend to associate quality with prices so if you start resorting to too many discounts you send the wrong signal. Also competing on prices can trigger off a price war in the market where you could eventually be forced to shut down. Hence, prices are not a good way to compete. Differentiating based on quality or service would be much better. Continue reading …

The Strength of Weak Relationships in Marketing

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When you apply for a new job, do the people with strong ties to you prove more helpful or those with a weak link? Counter to what you may feel is correct the fact is that more people find new and exciting jobs through their weak network of friends rather than through their close friends or family. Let us think about it for a minute. Your mother likely knows you really, really, well. She knows your strengths and weaknesses and is probably more sincere about your well-being than anyone else in the world. However, when it comes to marketing yourself for a new job, you rarely approach your mother. Why? Research suggests that weak links can sometimes be more useful for general purpose marketing than strong relationships. This explains why you turn to numbers such as people who have read and liked a movie or book before choosing one. The best seller is your likely first choice not because all the people who recommend it to you are in your inner circle of friends but because you trust the numbers. Continue reading …

The Power of Positive Association in Marketing

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It’s the weekend and you’ve had a very busy day shopping. Around 1.00 p.m. you are feeling extremely hungry and must stop to eat. You spot two new restaurants right next to each other. The first one sells Hamburgers and the second one sells Broccoli Soup. Which restaurant will you choose to enter? Why? Most people would enter the Burger Joint even though they have never actually tasted the Burger or the Broccoli Soup. They assume the burger will taste better and be more fulfilling. They associate the burger with an enjoyable experience and are willing to forgo the known health benefits of the broccoli soup for the perceived pleasure from eating a burger. Continue reading …