In order to consider a marketing campaign to be successful, its impact on sales must be greater than its cost. There are numerous techniques that can be relied upon to ensure this objective is met.
Gone are the days when marketing executives could persuade big clients to trust their gut feeling. In the twenty-first century, everything is accountable and result-driven, so marketing departments or agencies need to adopt this line of thinking if they want to remain competitive.
The real objective is to guarantee Return on Investment (ROI) in the shortest possible timeframe, and all strategic and tactical decisions must be measured against that standard.
A wide variety of marketing techniques can be used to this end, depending on exact circumstances and primary field of work. More than anything, marketers need to adopt a new mindset and be ready to admit when the numbers are contradicting their expectations. Here are a few professional tips that could point you in the right direction and teach you how to spend your marketing budget more efficiently:
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Focus on the Launch
The moment when your new product is first introduced to the market represents a great opportunity to make an impression. The window for action is very short, as dozens of other news items are competing for customers’ attention, so the initial kick off needs to be memorable and unique. It is smarter to concentrate the available financial resources and ensure the launch receives proper media attention than to spend the same amount over several weeks or months.
Keep in mind that up to 50 percent of new products fail in some industries and be careful to provide sufficient marketing support to give your newly released product a fighting chance. If you wait until the first results come in to start your offensive, it might already be too late to catch the momentum.
The message you send to the customers should be consistent, but media delivery should be as diverse and flexible as technical capacities allow. If you are using the traditional print and broadcast media, be sure to run a parallel digital campaign that reflects and builds upon the main themes seen on billboards and in TV commercials.
Each additional channel will unlock another portion of the auditorium while reinforcing the message for the customers that already saw it elsewhere. Of course, it stands to reason that the message should be shaped differently for each group of customers, so your Facebook ads can be significantly more playful than your guest blog in a well-known online business publication.
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To put it simply, you need to know which marketing activities are responsible for creating sales leads in order to emphasize them in the future. Tracking the results of each ad and each promo event from month to month is a smart practice that allows businesses to understand their own strengths and weaknesses. It’s a simple exercise of efficiency, as well as a great source of input for financial planning in the future.
For example, IT company Better Collective analyzed the impact of the new feature they introduced Roulette Strategy Simulator and found out this page brings new clients to the site regularly. As you might guess, the company decided to invest some money in refining the feature and as a result saw its business expand very quickly. The message is clear – find out what works and do more of it.
Once you start basing your decision on quantitative info, you’ll discover that you can dig much deeper if you have access to a set of specialized tools. Analytics software lets you track the performance of your online ads and other means of promotion very precisely, with projections changing as new data becomes available.
Not only you can identify the underperforming sectors very easily in this way, raw data also hides the explanations why this is happening. If a manager combines a natural understanding of the business with advanced analytics tools, he can control every marketing campaign or business investment from end to end and react immediately at the first sign of alarm.
Work doesn’t stop once the initial investment has been paid back. In fact, this is the point when it becomes possible for a company to chase big profits and start building a long-term foundation of the brand. Most successful marketing efforts need to be continued and expanded through new formats, keeping the product present in the public mind at all times.
Using the same imagery and slogans (maybe in a slightly updated form) is a good practice that creates continuity and elicits recognition. The idea is to "strike while the iron is hot" and take advantage of the current demand for the product to collect as many revenues as possible before the market cools down.