Marketing Strategy

Marketing Strategy

Many companies have a rather large expenditure earmarked for marketing efforts. Most companies spend between 3 and 10 percent of their budgets on marketing; but very large companies can spend as much as 15 percent of their total revenue on marketing efforts. On the other end of the spectrum are organizations that say marketing does not work. However, in most cases it is not that marketing does not work, but that their marketing strategy fell short of their expectations. Marketing does work, when a marketing campaign is executed using carefully planned strategies.

Changing with the Times

Over the last 3 decades marketing options have changed immensely. This has meant that marketing experts have had to make the adjustments in the way they approach marketing. Up until a few years ago, the choices were only print or TV; but now there is an entire range of marketing options including both traditional and digital options. This means that there are also new ways to measure the effectiveness of a marketing campaign. Traffic to a website or conversion rates may be two of the tools used to measure how effective an online marketing campaign has been.

Research is Essential

For a marketing campaign to be effective there needs to be a fair amount of research. The point of marketing is to get information about a product or service into the minds and hands of potential customers. In order to have a successful marketing strategy you will have to research both the product and the audience. Those who say “marketing does not work” have usually tried marketing methods which were not effectively reaching the desired audience. If all a company does is put an ad in the Yellow Pages, they will find that this particular marketing strategy is ineffective since most people use digital means to find the numbers they need. It is far more effective to enter a business’ information in online listings since that is where most people go when looking for a local business. It is essential to know your audience if you want marketing campaign to be successful. Know where they go, what they like, what they need; then develop marketing strategies to show them that you have the products or services that they are looking for.

Targeted Marketing

Think for a minute about the types of commercials that are seen during specific shows on television. Adult products are advertised during prime time shows, kid’s cereals and toys are seen during Saturday morning cartoons. This is because marketers know their audience and target their marketing strategies to the type of people they know will be watching during those time slots. Web marketing strategies that are effective will target their audience as well. It is very likely that the ads you see on a page you visit is related to the last search query you entered or the last online purchase that you made. Why? It is highly likely that you will revisit a site or purchase a product that you have already shown some interest in. It’s not so much a question of whether or not marketing in itself is effective, it’s more about finding the right audience to market a product or service.

Rethinking Marketing Strategies

Living in the digital age with access to the platforms provided by the interactive Web 2.0 means traditional approaches to marketing must be rethought. The challenges as well as opportunities will be different from industry to industry. Effective marketing strategies will need to incorporate a wide variety of online tools such as social media strategies, email marketing, banner advertising, or PPC campaigns. Marketing works if you are presenting information to the right audience using the right means to do so.