Monday Marketing Minute: Minimize Your Wasted Advertising
DC Marketing Pro’s
Monday Marketing Minute
is a weekly feature that provides interesting and insightful marketing information, written to be read in a “minute.” We start off each week publishing a nugget about a marketing trend, an interesting marketing quote or relevant marketing article. Here is your July 8th Monday Marketing Minute:
You are probably familiar with the famous advertising quote by John Wanamaker, “Half the money I spend on advertising is wasted; the trouble is I don't know which half.”
This is a dilemma most marketers face. We know advertising is crucial to our success, but we also know that some of it is wasted and ineffective.
This often causes paralysis by analysis, which only makes the problem worse. No business owner in Washington DC wants to “waste” money, and marketing shouldn’t even be viewed that way.
However, you can cut down on the amount of “waste” by better planning and creating an effective marketing strategy. One mistake marketers make is identifying where they are going to spend their advertising budget before they have completed more important steps first.
There is a lot of work to be done before choosing the most effective advertising outlets. If you plan properly, the choice of where to advertise will be much easier. To get started with your planning, ask the following questions:
- Have you clearly identified who your target audience is and who this particular campaign will be targeting?
- Do you have a clear handle on the “benefits sought” by your target customer?
- What perception does the market have about your product or service?
- Do you have a positioning statement that your marketing will be built around?
- What is your budget for this campaign?
These are just some elements of the Marketing Strategy Model that will help you create successful marketing campaigns. To learn more about this helpful guide to marketing your business, download the entire free eBook here
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