5 Ways To Maximize the Marketing Budget
In a poor economy, many businesses may decide, like most consumers, to try to cut back by doing away with things that aren't absolutely essential. As a result, they may second-guess themselves, especially with regard to how they spend money. Just as consumers respond to a bad economy by not purchasing things and by hanging onto every penny they earn, businesses may do the same thing by refraining from advertising or marketing. That can have more dire consequences than what the company might face when spending their marketing budget as wisely and as effectively as they can.
1) Hear What Consumers Are Saying
Research compiled by marketing scholars shows that three out of four high level executives are oblivious to what’s happening because they don't, and haven't ever, talked to their customers personally. Further research indicates that 56 percent of companies believe that they are consumer centric. The reality is that only 12 percent of customers see companies as focused on consumers.
2) Empathize With Consumers' Pain
Research from as long ago as the 1980s and to all the way to the present, consistently finds that consumers aren't looking for pleasure, but rather are looking for ways to avoid pain. For companies, this means that they need to refocus their marketing to research the things that concern, frustrate or worry customers. Then they should redirect the focus to ways to solve and/or address those concerns.
3) Re-Evaluate Customer Relationships and Reconsider Company Message
Whatever the product a company sells or markets, if the message that the company initially used involved promoting high quality services at a high price, a company may be better off revising the message and trying to convince potential customers that the product's durability or long term use and value may be more appropriate.
4) Connect With Customers Via Social Media Networks
Establish a presence on Twitter and Facebook, and any other social media sites. It’s a good way to promote a product, develop a presence in a community and build a client base. Then add incentives such as coupons, special savings and benefits that will inspire a potential customer to want to connect with a business. As long as the business is diligent about having employees engage in conversation on Facebook and Twitter, they can establish firm relationships with customers, eventually building a wider customer base through word of mouth.
Mobile marketing is a cost-effective marketing strategy that allows a business to connect with customers who opt in to a subscription that sends them information such as advance notices of sales, special savings and other discounts through the SMS (Simple Message System) text messaging system. Mobile marketing, whether ad-hoc or with a dedicated campaign management solution, is definitely the wave of the future, and there’s no need to worry that the customer will consider the text messages they are receiving as spam.
Even though the economy hasn't rebounded, and no one is certain as to whether it will ever return to its former state, businesses can still maximize their bang for the buck by using their marketing budget as cost effectively as possible. The best marketing strategies that involve the least amount of money are those that connect personally with the customer in some form or another. Mobile marketing directs messages specifically towards interested customers, regardless of whether or not they make a purchase.