How healthy is your marketing? A Marketing Health Check is the first step to cost effective marketing. Image: Suat Eman / FreeDigitalPhotos.net
Cost effective marketing strategy is important for all businesses, large and small. Resources are always limited, requiring careful allocation of expenditure to provide the best possible return.
Cost effective marketing strategy:
- makes best use of resources
- is focused upon a clear direction
- is targeted
- leverages 21st century technology
How to Market Cost Effectively?
Take a health check!
For established businesses already conducting marketing activity – a good starting point is a marketing audit. We call it the ‘Marketing Health Check’.
As we’ve previously blogged, ( ‘Spring Clean Your Marketing – Let’s Audit’ , ‘I Love A Good Audit’) an audit provides insights into the effectiveness of current marketing strategies. The findings can then be used to help shape the new marketing program.
An audit identifies successful marketing activities and those that didn’t work; the customer groups generating the majority of income as well as the most profitable products.
Your Ultimate Cost Effective Marketing Tool
For new businesses and others that don’t have one – the most effective marketing tool is a marketing plan. Plans don’t need to be cumbersome and can be summarized in one page. The consideration a plan gives to your market, customers and products ensures the resulting marketing strategy is tight and targeted, avoiding wasted expenditure on ill targeted or mistimed activities.
Our next post will discuss some other aspects of cost effective marketing.
In the meantime – what are your thoughts about cost effective marketing? We’d love to hear.
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