Last Updated on Mar 5, 2020 by James W
You can judge a promotional strategy in business in many ways, no of people reached, extra sales achieved but what is absolutely key no matter what your aims are is to ensure that the cost paid to obtain these end results is worth those gains. So here we look at how to get the cost-effectiveness out of your promotional strategies.
Know Your Customers
Firstly it is vitally important to have a firm grasp on who your target demographic is? This means the group that your product or service is mainly aimed at, and every business should have this, one of the main errors made by inexperienced business owners is to say that we are making this product for everyone, but in reality this is rarely the case and although you are not going to turn business down from outside your target demographic it helps you reach your target market if you know who they are. Basically, you need to have a clear idea of what your business is in essence and figure out who would use it.
Think About Where Your Customers Can Be Reached
So now you know exactly who you are selling to, in the main, then you can figure out how they can be reached? Market research professionals categorize people in many ways for this very reason, so in terms of income and profession, they are ranked from A down to E, with A being the most affluent and E being the most deprived financially. So if you are marketing luxury homes or sports cars you are not going to waste money advertising in places where the majority of the exposure is those in class D or F, so placing adverts on the bus stop across from a low rent social housing area would be a waste of time, but also advertising a budget supermarket in a magazine about Opera would be just as much of a waste.
Create Strategies That Create Quality Leads
So we need strategies that can create quality leads for us, and the trick to this is to be aware again of who you are marketing to and come up with a strategy to suit, marketing isn’t a one size fits all solution. Some people, or businesses, are receptive to direct marketing, while others like to feel they have heard of the firm they are doing business with, so a strategy of slowly growing brand awareness may be more appropriate. Whatever it is make sure you tailor it to the intended audience.
Monitor Effectiveness
One thing to not be negligent in is to remember to monitor the effectiveness of any campaign you set out on and to be able to do this effectively you will need to decide what metrics you are going to be monitoring it on. Be sure to be aware of where you are starting from, so if it is web traffic you want to increase be sure to check and note where you started from using Google Analytics or whatever way you monitor it.
If It Works, Don’t Fix It
Finally, it’s always good to remember what is working for you at the minute. It’s good to go after new sales but don’t do it at the expense of taking care of what gets you sales at the minute.
