| ||
| ||
|
Marketing Information | |
|
|
Assumption Based Marketing Vs. Fact Based Marketing
One of the most common mistakes in marketing is making decisions based on assumptions rather than fact. You think of an idea for a marketing piece and believe that it is a great idea. You start using the idea with no tracking mechanism that would allow you to measure the results of that piece. Then if business happens to come in you assume that it must be working and continue to spend time and money on a method that may or may not actually be working. Frankly, I don't want to spend a dime (or a minute of my time) on marketing that I can't measure. There are two reasons for this. The most obvious reason is - I want to know if I am wasting my efforts on something that doesn't work at all. The second reason is - if the marketing piece is working I want to know how well. I want to be able to compare it to my other marketing efforts and determine where my resources are best spent. I also want to be able to test variations of the piece and see if I can improve the response rate. An improvement in response rate adds directly to the bottom line because it doesn't cost any extra. In other words, if I have a choice between spending $300 on an ad and getting 10 responses or spending the same $300 and getting 20 responses I'd rather have the 20 every time. That's a no-brainer, right? Yet so often I see marketers using unproven ads and neglecting to test and see if they can improve response rates. That's one reason I like using free recorded message lines as a response mechanism so much. When the person calls to hear the recorded message they enter an ID number from the ad they read. Each ad or marketing piece can be assigned a unique ID number so that I can know exactly how many responses came as a direct result of that particular piece. Knowing your numbers and tracking every single ad can save you time and money, and making decisions based on fact is much more profitable and enjoyable than making them based on assumptions. Shawn Meldrum has spent the last two decades marketing everything from almonds to landscape lighting. He currently specializes in marketing for mortgage brokers, loan officers andreal estate agents. For free mortgage marketing articles and much more visit: http://www.mortgagemarketingtips.com/
MORE RESOURCES:
Marketing - Google News |
|
|
|
RELATED ARTICLES
Quiz: Where is Your Marketing Message? Wondering if your marketing message is dancing in the spotlight right in front of your target market or is busy cowering by the punch table nowhere near your customer base? Take this quiz and find out.1. Shine a Spotlight on Your Professional Service Firm As a life-long dancer, I know a bit about the importance of good preparation before performance. Before a dancer is ready for the spotlight, she has to master the basics including alignment, strength, flexibility, balance, choreography, and artistry. CRM System: Give Meaning to Your Data A customer relationship system (CRM) system uses technologically-driven strategies to assess customer needs and buying behavior. This allows businesses to market their products and services more effectively. Making the Intangible Real How do you make the intangible real? How do you take an idea or concept, something that can't be seen or touched, and convey its essence to others, quickly and easily?That challenge faces many of us in this age of information and knowledge marketing. In advertising and other marketing communications, we have to convince prospects to respond to words and ideas. Packaging Trends You Cannot Overlook (part #1): 1) People are buying in smaller quantities.Our busy lifestyle keeps many people from eating at home on a daily basis. 12 Lessons I Picked Up from Attending Seminars So you just dropped a tidy sum to attend a seminar or some other three-day event. Now it's over and you're exhausted. Top 9 Strategies To Attract More Clients Now 1. Advertise in trade journals, ezines, and web sites that cater to your ideal client. Develop Your Curiosity And Increase Profits If anyone was to ask me what my greatest strength was I'd say curiosity. The reason I would say that is because curious people learn a lot. Networking Events - Lose the Fear and Gain the Benefits "Kevin, are you saying I need to go to Networking events? I hope not because I hate them."No, of course you don't have to go to them. Make Your E-Mail Signature File WORK for You! You're probably familiar with e-mail signature (or "sig") files - they're the few lines of contact information that many of us put at the bottom of every e-mail we send. Most e-mail software programs allow you to create and use sig files - even the newer versions of AOL. The Key to Success Good business is about communication.. The Apprentice: 5 Lessons in Marketing Donald Trump's hit reality show, The Apprentice is a godsend for marketers around the world.Why?Because all of the tasks that the prospective apprentice's go through each week and each season involves some sort of marketing skills. Peek a Boo - We See You -- 7 Trade Show Tips for Marketing Managers Peek a Boo - We See YouDoes your company have a description for a full-time jobthat says "Stand in the booth and hand out brochures."?Doubt it. Stop Your Marketing Leaks Thirty percent of all the drinkable water that runs between the plant and your faucet is lost to leaky pipes. In marketing, thirty percent of our business is lost to leaky follow up. 10 Tips For Packaging That Sells Products To Boomers Boomers are a prime and growing target audience. Does your product speak to them? Does your product's packaging compel them to buy it? If not, you are missing a very important market segment. Heres A Robust, Turnkey, Interactive. Best of Breed, Mission-Critical Solution to Kill Buzzwords Fellow Publicity Insiders, what does this phrase mean?"We envision a center of excellence where our accelerated changeagents can maximize their core competencies."Huh? - or - "The company is a global leader in pressure-sensitivetechnology and innovative self-adhesive solutions for consumerproducts and label materials. Blowing Your Own Horn Opportunity Assistance Business Resource Center http://www.opportunityassistance. Network Marketing Is Definitely A Relationship Business Heavily branded websites like amazon.com are household names andcarry an implied trust with visitors. Your REALTOR® Marketing Plan The steps to creating an effective marketing plan begin with identifying who you are going to be targeting, what you are going to spend, and how many sales you are going to receive as a result of your efforts. By identifying this information in the initial stages of your market plan development, you will significantly increase your return on investment and substantially increase your sales. Demographics For the Masses Information is the lifeblood of the economy. That's especially true for businesses, because the ability to identify current customers and locate new customers makes the difference between boom and bust.
|
| home | site map |
| © 2006 |
