Mjh Group: Marketing Strategy & Marketing Management
How much should I spend on marketing?
This is a common question that marketing consultants gets asked on a regular basis.
The simple answer is that there is no hard a fast rule – it depends on the competitive environment, the stage of business development, the product or service category and the balance of advertising designed to promote the brand vs advertising designed to generate a specific response.
As a result of these factors, marketing budgets are best set based on careful analysis of a number of factors as part of a Marketing Strategy not via the often used % of sales method.
If you are looking to develop a deeper understanding of your marketing budget then there are two good places to start.
- Brand Awareness- Analysing the level of advertising that is appropriate to reach your target markets with appropriate levels of frequency and credibility
- Specific Response – Analysing the response and conversion rates you are achieving from various forms of advertising
Brand awareness is a direct product of the Marketing Strategy – by identifying the key target markets and having an understanding of the competitive environment it is possible to establish a picture of the level and types of “brand” advertising required to generate awareness of the brand for new customers and reinforce the message with existing consumers.
Planning the elements of the campaign designed to generate a specific response is more closely aligned with the sales budgets and requires analysis of the response and conversion rates you are achieving from various forms of advertising.
Using response and conversion rates as a starting point allows MJH Group to determine the expected result for a particular level of spend in a particular area and plan the marketing strategy accordingly. This is correlated to the sales budget to help plan the necessary mix of advertising required to drive the response to deliver the sales result.
Watch the video related to marketing strategies
The Perfect Marketing Strategy System shown by Darren Spain. You will be able to get more leads by using this perfect marketing strategy or strategies for your mlm or internet business activity.
Help answer the question about marketing strategies
What are some successful marketing strategies that have worked for you?I am starting my own insurance agency and am trying to build up my book of business through effective marketing. Although I have been working on some good strategies so far, I am looking for any advice to push it to the next level. What strategies have been successful for you?
About Author
MJH Group Marketing supports companies who want to be more innovative and effective in their marketing by providing marketing tips and expertise to develop strategic and tactical marketing programs.
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Great video, love the presentation, it all seems to be so easy. It now makes sense
depends on your budget:
I would create a facebook, hi5 any of those social network sites.
Do an html email and send it to your mailing list.
Take out a small ad if you can afford it newspapers, zines, magazines in which you believe your target reads.
Also promote posters where your target shops, hangs out..etc.
best of luck.
I firmly believe that direct sales (cold and warm calling) are terrific ways to reach people. They are free and time after time I'm able to generate sales this way. I would augment any marketing with 5-10 calls per day to people introducing yourself. Make a note of who is potentially interested and continue to follow up with them.
Some good sales resources: Top 25 Habits of Successful sales people, millerheiman.com and salesguy.org.
Nice try. Keep it up check out esteembpo + com for social media marketing. erter
Nice try. Keep it up check out esteembpo + com for social media marketing. #ZIP#
Love your presentation style … you make a lot of great points. You might want to tube-search ‘tangent strategies’ I zero in on the selling component of marketing. Collaborative Selling.
Think about companies that have been doing very well with their advertising efforts based on what you've seen…. Apple is certainly one of them. How about….
Geico – Although they've been launching a few interesting but funny campaigns at once (which usually isn't the norm), they certainly have done very well.
Verizon – They've done very well within the past couple years.
The strategies are the same worldwide and people respond to the same advertising today as they did in 1930's with emotions… BUT how we do it is different…
The same ad today, needs to STICK OUT among the clutter…
there is more advertising in the US so you need to BE CREATIVE, REALLY CREATIVE, but at the same time keep the "emotions up", which is something that's hard to accomplish…
Successful strategies make the business, where as bad ones break the business.
You may find this overview of the marketing strategy process to be useful in answering your question: http://www.easy-marketing-strategies.com/marketing-strategy-process.html
Product lifecycle and Pricing are two of the four key elements of the Marketing Mix, which includes Product, Price, Promotion and Place (distribution). Take a look at this overview of the marketing mix: http://www.easy-marketing-strategies.com/marketing-mix.html
Joanna
Nice try. Keep it up check out esteembpo + com for social media marketing. rhtk
principles…
-are items to be cooked on or off-site(will items hold well,etc…)?
-minimum and maximum number of guests per event?
-servers or buffet event?
-style? like formal or casual…
-food cost, variable/fixed expenses.. considered in pricing menu..
-menu? what type of cuisine…
-flexibility?…
hmmm… was that what you meant?
marketing strategies? who do you want to serve? weddings with hundreds of guests? office luncheons? it just all depends on who you are serving and where you think that you will find them.
Nice try. Keep it up check out esteembpo + com for social media marketing. fjfg
Nice work. keep it up. mean time come for social media marketing for esteembpo**com
great video, thank you!
competition is the lifeblood of the american economy. without competition companies could charge whatever they wanted, which would stunt growth of other businesses in related markets. its called a monopoly, and its illegal to purposefully create one because of said problems that occur. sort of like whats happening now in the united states. walmart is monopolizing the market on every product imaginable and its destroying the american dream.