What is Your Marketing ROI?
Marketing is accountable for contributing to the goals of the company—those goals can vary from increasing loyalty of profitable customers, to securing new customers, selling the most profitable products, or increasing brand awareness. All contribute to sales and profits. Marketing goals need to be clear before tactics are determined. Target customers need to be defined so messaging and promotions can appeal to them. Budgets need to be established to accomplish goals. And the results of investments made in marketing need to be measured so that the company is clear on whether their investment is a good one and should be continued or whether it is time to try something new. It is important to calculate the marketing ROI of each campaign or program.
Even more confusing is that the number of marketing tools are growing and changing. Traditional marketing is being used less and digital marketing and social media are being used more. The language is changing and the results of some of the newer media are difficult to define. Most plans require a balance of the two and the right balance depends on the marketing objective. Contact us to learn more about marketing.
Here is how Reynolds Consulting, LLC can help:
Target Marketing
Target marketing is the identification of your customer target base and the development of the tools to market to them. Do you know who your best customers are? How do you define them? Who do you think your best customers will be tomorrow? How can you get more volume from current customers? How can you integrate your product or service into the customer decision making process more seamlessly? Reynolds Consulting will help you define your primary target customer, a critical step in developing an objective-driven marketing plan that in turn will drive your business.
Market Plan Development
Market plan development is a natural extension of the strategic plan. The marketing plan describes how the growth plans of the company will be achieved in the market place. According to Peter Drucker, “Marketing is the company seen through the eyes of its customers.” A marketing plan addresses all aspects of the business that a customer experiences. Reynolds Consulting, LLC will work with you to develop a marketing plan that integrates all components of the business—right positioning, right product, right distribution, right price, right packaging, right promotion, right messaging, and right communication — to achieve success with your strategy. Reynolds Consulting will educate you on all of the marketing options available and help you establish the right mix of traditional and new marketing, and develop the metrics you will use to capture your ROI.
Market Research
Market research helps ensure you have the right information to make the right decisions at the right time. One of the biggest inhibitors to good planning is good information. Many companies don’t do research as a part of their regular activity. When planning starts, one of the first steps may be to learn more….about your business, such as what the profit drivers are or what your key customers want; about the marketplace and what is changing and how that will effect you; about your competitors, including what they do well and how they will react to what you do. Reynolds Consulting, LLC will help you frame up the right questions and help you find the answers.
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