The key to marketing is an understanding of human needs and communications.
Marketing is the art and science of creating a compelling reason why a person should purchase a product or service from a company for a specified price – and the expectation that this behaviour and decision will be rewarding.
Marketing strategy is about the business and commercial objectives of the company and the processes that achieve them.
Marketing & Sales Activities
Marketing activities can be notoriously difficult to monitor, mostly because the impact of a strategic campaign, even if well structured and thought through, will take sometime to gain traction in the target area of your market. A specific sales programme, which may offer inducement to customers to purchase certain products or threshold volumes, should be easier to monitor against pre-set targets than, for example, an advertising campaign aimed at introducing a new product or at increasing awareness and acceptance of a particular brand or product. Sales persons may be given agreed targets for the campaign and report back progress against those targets on a weekly basis.
Print advertising can be “tagged” with a response mechanism which asks the target customer to react in a certain way by a certain date. This “direct response” advertising method offers some accountability for the advertising dollars spent and asks the marketing team to set up a mechanism by which the actual responses can be recorded.
Brand awareness campaigns are more difficult to monitor and assess as to effectiveness and impact. Typically, any significant campaign requiring a substantial investment of marketing funds should have a follow-up survey done.
This survey will seek to judge how well the message has been received and understood by the target group, and what the coverage of the chosen media channel was, so that the cost per target impact can be assessed.
This is where the phrase “more bang for your bucks” came from, with respect to marketing activity.