According to the American Marketing Association, “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
Every business goes through speed bumps where sales go down either due to internal or external factors. What’s the saying, “it’s not how you fall down, it’s how you get back up.”
When times get tough many businesses take out their financial statements and figure out where they can cut costs. A common mistake happens when many businesses think marketing is a luxury and can survive without it.
During tough economic times companies are not the only ones looking to save a buck or two, customer are in the same boat. Customers do more rigorous research in order to find the best deal.
If you trim your ad dollars, you may lose out to a competitor who is currently running a discount promotion. You may end up losing more money than you think you are saving with the budget cuts.
With the boom in internet shopping, comparing competitor prices side by side is very easy. Don’t lose out to the competition and potentially lose a loyal customer.
Increase Market share and Visibility
Why do you think big brands advertise during the Super Bowl and pay millions of dollars for 30 seconds? The reason is they want to be in front of as many eyeballs as possible, always being fresh in the customers mind.
The more visible you are to your customer base the greater the chance they will make a purchase and help you gain market share. Proper use of ad dollars will go to increasing visibility and market share.
Don’t be a fool and endanger your brand, don’t allow a single customer to forget about you. You should always be where the customer is, visibility will lead to revenue.
Think of marketing as an investment, you’re collecting valuable data on your customer base that will help direct your business strategy. The market research you collect will help be crucial to new product development and more focused ad campaigns.
Return on your investment is one of the most important figures to pay attention to in order to measure your success. If you can’t measure something in the end, it isn’t worth doing to begin with.
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