It is always wise to know what you are getting into before making any kind of investment. Putting your money into marketing is no exception. It is important to know what to expect with marketing investment to be sure if it is worth the risk, the time, the effort and the money.
The simplest answer to the question “What return should I get from my marketing investment?” is this:
Your marketing investment should be able to turn leads into sales (purchase of goods or availing of services). In other words, your marketing investment should be able to help you generate more income. If it does not, then you would know that you invested in the wrong kind of marketing that does not match your business plan.
Here are a few questions you should consider before going ahead and investing in marketing:
- What are your business goals?
- What are your company’s needs?
- What industry do you belong to?
- What products or services do you offer?
- What makes you different from the others in the industry that you are in?
- Do you already have an existing marketing team?
- Who is your target market?
The answers to these questions will help in determining what kind of marketing assistance you need and how much you will need to invest to get the results that you want. You will soon find out that the most successful companies are the ones that are able to find a good balance of the traditional marketing strategies (such as mass media advertising and print ads) with the modern ones (like affiliate marketing, social media marketing, bulk email services).
The rationale behind the success is simple: the needs and wants of the clientele is affected by the changing times so only those who are able to keep up with the changes will thrive. What this means is that the companies who choose to avoid digital advertising or anything that has to do with the internet limits their presence and the number of people who can find them. This would be fine for brands that cater to very elite and very specific markets. However, those who want a broader range of customers really need to push further to adapt to the digital age or risk being booted out of the stiff business competition.
If you choose to invest in marketing, do your research well and get connected with only the best in the business if you want guaranteed success.
