I’ve just been listening to the Chancellor as he delivers his Spending Review.
Whatever our political or economic beliefs, I think we all accept that the UK needs to tighten its belt. Mr Osbourne has been facing a dilemma that every business in the UK is having to address: how to keep costs as low as possible without strangling all potential growth.
Marketing is often one of the first areas where businesses feel they can cut costs and, frankly, it can be a prime waster of resources. However, good, focused marketing that reaches the right customer with the right message may make all the difference between future survival or collapse.
My tip for every business is to monitor your marketing spend and its results – any marketing activity that doesn’t pay for itself is a waste of time and money! Wherever possible, find out from your customers why they chose to buy from you and keep a simple list – on a spreadsheet perhaps – so that you can analyse it over time. If a particular activity is not delivering the goods, drop it and try something else!
Having said that, not all marketing gain can be measured in direct financial terms – brand awareness and customer retention are less tangible benefits, but are important ones nonetheless. Maintain a dialogue with your existing customers so that you understand how marketing works in terms of their relationship with you – for example, does the newsletter you send them just get put in the bin, or does it help to reinforce their impression of the quality of what you’re offering?
No comments:
Post a Comment