Synopsis
The costs to generate new sales can be the biggest obstacle to overcome in making promotional decisions for your business. You can make your promotional investments work harder for you when you think about which element in the marketing mix represents the best marketing lever to promote your product or service.
Your promotional mix represents the unique combination of promotional methods you incorporate to communicate your message to your target audience. It may include the promotional mediums of personal selling, print or broadcast advertising, direct marketing, signage, and merchandising.
The biggest obstacle to promoting your business is the costs associated with business and product promotion. The costs to generate new sales can be high. There is often a long lag between putting out the money to promote your business and generating new sales from the promotion. This is why knowing the who, what, when, where, and why for your business is a never-ending pursuit.
You can make your promotional investments work more effectively for you when you think about which element in the marketing mix represents the best marketing lever to promote your product or service.
Helping people who are unaware of your business comes down to promoting on place. The objective of place promotions is to direct people to where they can buy from you. If people know where they can buy from you, it’s about persuading them to buy. These promotions typically come down to showing how your price is a good value. If you have nothing valuable to say, save your cash because you have nothing worth promoting.
A good rule of thumb regarding your marketing budget is to invest at least half of your promotion dollars on your most-effective media. This means that you must know how your target customer is supposed to connect to you so that you can lead with your best hand. Know this to best manage your promotional investment to avoid losing money on wasted advertising.
One of the surest ways to flush your cash down the toilet is when your employees aren’t buying into what you are promoting. If you are saying “X” and your employees are delivering “Y,” you have an unavoidable “disconnect,” which will nearly always disappoint your customer and frustrate your employees at the same time.
A disappointed customer won’t come back, nor will they refer you to others. An angry customer will often tell everyone within earshot about their horrible experience with your business. In contrast, when your employees know the why behind what they do, negative customer experiences will decline.
In the U.S. government study on “Why Customers Stop Buying,” we learn that 68% of customers stop buying because they feel that employees don’t care about them or their business. You correct this by helping your employees believe in your promotions. The most effective way to get your employees to believe in your promotions is to help them see how the products and services they are paid to deliver to your customers generate the cash you use to pay them. Do this, and you will have employees who consistently deliver the value and provide the quality of service your customers expect.
Who’s working harder, you or your marketing dollars?
The answer to how hard is your marketing spend working for you lies in how well you are investing in promoting your business to generate new sales. Click here to get the answer. Within forty-eight hours of receipt of your sales by customer summary by year and P&L Statement, you will receive back by email your free analysis of how much you spend in promoting your business is help you generate new sales.
How hard is your marketing spend working for you?
If you are struggling with knowing the effectiveness of your marketing spend, click the link below to learn how well you are investing in promoting your business to generate new sales. Within forty-eight hours of receipt of your sales by customer summary by year and P&L Statement, you will receive back by email your free analysis of how much you spend in promoting your business is help you generate new sales.
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