Mjh Group: Marketing Strategy & Marketing Management
November 11, 2009scfm 15 Comments »
How much should I spend on marketing?
This is a common question that marketing consultants gets asked on a regular basis.
The simple answer is that there is no hard a fast rule – it depends on the competitive environment, the stage of business development, the product or service category and the balance of advertising designed to promote the brand vs advertising designed to generate a specific response.
As a result of these factors, marketing budgets are best set based on careful analysis of a number of factors as part of a Marketing Strategy not via the often used % of sales method.
If you are looking to develop a deeper understanding of your marketing budget then there are two good places to start.
- Brand Awareness- Analysing the level of advertising that is appropriate to reach your target markets with appropriate levels of frequency and credibility
- Specific Response – Analysing the response and conversion rates you are achieving from various forms of advertising
Brand awareness is a direct product of the Marketing Strategy – by identifying the key target markets and having an understanding of the competitive environment it is possible to establish a picture of the level and types of “brand” advertising required to generate awareness of the brand for new customers and reinforce the message with existing consumers.
Planning the elements of the campaign designed to generate a specific response is more closely aligned with the sales budgets and requires analysis of the response and conversion rates you are achieving from various forms of advertising.
Using response and conversion rates as a starting point allows MJH Group to determine the expected result for a particular level of spend in a particular area and plan the marketing strategy accordingly. This is correlated to the sales budget to help plan the necessary mix of advertising required to drive the response to deliver the sales result.
Question about marketting strategy
I am a new distributor for Forever Living. Please assist me with ideas on how to get people to listen to me.?I need people to buy the product and to join to become distributors. ie any strategies for marketting?
Tags: marketing campaign, marketing services, marketing strategy, Small Business Marketing, Strategic Marketing
Posted on November 11th, 2009 at 5:47 am
Thank you very much for sharing! I’m going to apply this to my art!
Posted on November 11th, 2009 at 6:31 am
Buzz hype – Get industry experts to talk endlessly about it.
Premium pricing – price it really high to psychologically affect people to think it's the best thing possible.
Freebies – give away samples of it to key people to spread the word.
Monopoly – refuse support on all your older products and don't give anybody else in the market a fair chance at competition.
Value based – talk about all the wonderful new features.
Aggressive Branding – Shove the microsoft brands and stickers on every computer so that computer-ignorant users will only recognize the Microsoft name and nothing else.
Posted on November 11th, 2009 at 6:47 am
You have to master the telephone and the internet
Not just have a website, but be able to drive traffic to it
No MLM company teaches that. They tell you to make your "warm" list
You blow through them, then what?
I enrolled in a program which taught me how to do this and became rookie of the year in my MLM
If you want the information email me. Unless you learn how to do this thru trial & error or by getting educated, you will be like the other 98% of people who drop out of network marketing in the first year
This is not a sales pitch, by the way.
Posted on November 11th, 2009 at 7:05 am
This video would be of great help. Thanks for the share
Posted on November 11th, 2009 at 9:21 am
Lighten up mia. You don't have to watch it, but if others do, then that is up to them. No-one is being hurt. You do your thing, let others do theirs.
Posted on November 11th, 2009 at 8:36 pm
You have a lot of competition out there, first thing to do is look up PCI Compliance and work from there for the legal reasons, i recommend using Linux for your operating system, look for touch screen terminals as well. you are going to find that most small business owners want their system to run as simple as possible but also generate the most intricate of reports, then you have to look at what you are going to market towards, video clubs will need a time based rental report that will notify them for overdue fees, pharmacies have millions of products to keep track of. And what are you going to offer people who have more than one store, i would assume starting from scratch its going to take at least 4000 hours to design and research your product. Cold calling is probably your best way to market and get research on the subject. Every situation is different in a pos and you have to be able to provide a solution for every aspect of the businesses that will be using your systems.
Posted on November 12th, 2009 at 3:29 am
Good stuff. These videos are really bloody helpful. Starting my career in marketing and sales. THanks for putting it up!! Gonna check out all your stuff.
Posted on November 12th, 2009 at 5:27 am
this guys hate kobe because of the f*ckin' rape accusations.
look, he didn't do it.
don't judge a player by his media history. just watch how he plays. he may be a ballhog, but who wouldn't if you're playing with those other lakers. his team just suck.
if kobe will be traded to the east (bulls). no way cleveland will make it again next year. kobe will beat the crap out of the east.
kobe is the most complete package today. yes, lebron rebounds better, because of his size, more asts, it's because he has a team that can step up. some kobe lacks. kobe is just a better outside shooter, free throw shooter, perimeter shooter, and the most clutch player in history. ask the GM's who would they give the ball in crunch time, they picked kobe over MJ, and everybode else. that's just how good he is, disregarding his team, media history and other craps about him. i'm not even his fan, i'm a jordan fan because i grew up in chicago. but i think kobe is better than lebron.
Posted on November 12th, 2009 at 10:48 am
Reliance retail has planned its retail format in three formats – reliance fresh now operational in hyderabad and some other cities. The larger formats will be rolled out later this year.
Reliance plans to cover 3500 towns and cities in its initial rollout by March 2008.
Posted on November 12th, 2009 at 11:59 pm
Love your presentation style … you make a lot of great points. You might want to tube-search ‘tangent strategies’ I zero in on the selling component of marketing. Collaborative Selling.
Posted on November 13th, 2009 at 4:20 am
great video, thank you!
Posted on November 13th, 2009 at 9:00 pm
Without a good marketing strategy you are dead.
Posted on November 13th, 2009 at 11:44 pm
the best offline marketing tool I found. Works wonders. everyone loves this. click my link to see it.
Posted on November 14th, 2009 at 7:44 am
A very detailed interesting video! it’s amazing that most business people don’t implement these basic steps
Posted on November 14th, 2009 at 8:31 am
Great video, love the presentation, it all seems to be so easy. It now makes sense