Mjh Group: Marketing Strategy & Marketing Management
Posted by business | marketting | Posted on December 2nd, 2009
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.
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Usually, Incentive is a deffer ed payment of productive calls made by Marketing Executives, depending on quantum of Business booked by an Executive from the margin. You may give any thing between 10 to 15 % of your margin as an incentive to each Executive for additional Business i.e., beyond Target. Target too has to be fixed scientifically.
hi, i'm bron….i'm a internet marketing executive working for an australian company since 5 years.
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Please check out – The Venus Project and Jacque Fresco.
what he Bill is saying is true! so sad when you think about it =/ capitalist assholes run the world..
@mgore90
*you’re* even
Thumbs up for "Viral Marketing the YouTube Style"
my suggestion would be "As seen on YouTube"
probably because his marketing strength is the younger wrestling fans. and since he is so over with them, why even bother to convert older male fans? the old saying is 'go with what brung you to the dance' and the younger fans definitely brought cena to the dance. screw em anyway he sux!
@mgore90 your comment is irrelevant in comparison to the lucid statement made by bobbysnobby… everyone on this page knows what you just wrote… you sound like your marketing yourself…
@CaveatEmptor91
Yeah your right, I should learn to read other peoples comments in full b4 I comment on them. I read over it quickly and noticed that one of his other comments had been removed, so I took that to mean that my wrong assumption ( I make too many baseless assumptions) that he was a ‘Ron Paul’ libertarian was correct.
I am dyslexic, may explain my lack of lucidity, but I misread, my apologies.
I really do feel like a dick now, but thanks for pointing it out I guess.
Marketing Engineers very rarely convince consumers to buy products, that task is left to an organization's direct/indirect sales force. TMEs do help the direct sales force, however through any of the following efforts:
- Evangelizing the product or solution to customers, partners and the press
- Creation and delivery of product demonstrations and presentations
- Supporting the direct sales force through a combination of meetings, presentations, assistance with RFPs or solution architecture
And the list goes on.
@mgore90 They do but corporations are profit making machines and their investors have rights, corporations which knowingly reduce profits are liable to be sued by those investors. If u want to argue that commercials dont tell us the whole truth then i would agree, if you are arguing that it is the role of commercials to tell the whole truth and educate i utterly disagree you might as well say Cartoon network cartoons dont educate us about the environmental costs of first world living…ok, and?
@bobbysnobby
Sorry man, I completely misinterpreted much of what you said and followed on with an almost rehearsed argument. I only really read the first three lines and took it as a classic ‘do you think people are stupid, they can tell what’s good for them, what they want will be reflected in the market’ kind of thing. My bad.
You have to be a good speaker, salesperson, and work hard.
@bobbysnobby
Well naturally I think Corporations are an abominable creation, local co-operatives would be a far more equitable solution. Checks and balances would have to be put in place, and the power of the central government limited. I’d also say that small government is usually only espoused by politicians as a way to weaken the central governments ability to protect it’s own citizens from private tyranny. The large corporations need to go b4 small government is viable.
There are many good network marketing companies with great compensation plans. All will claim to be the best, yet the best one is the one that suits your interests. One may good for you and not good for another or vise versa. The key to success is enjoying what you do and building upon that. I am involved in the network marketing industry. I enjoy it. I enjoy being a solution to problems. That is where I choose to position myself. I also position my self in the health and wellness aspect. There are a lot of people who are looking for ways to improve their health. There are many who do not have good things to say about the network marketing industry. This is because of the statistics of failure and those who are out there hassling friends and family to join there bizz opp. If you don't find interest in what you do, how can you succeed? You also need to learn about your target market. I am not talking about warm market. Target marketing is positioning yourself in front of those looking for what you have to offer. I have been involved with programs that help you to know more about being a successful marketer. I suggest that you educate yourself as much as possible before going in blind. I would be happy to answer any questions you may have. I hope that this helps.
BEST WISHES!
@mgore90 I dont think your a dick, i just thought you should know that you kinda sounded like one, not that big a deal.
Rather than a stunt, maybe go for effective.
Use direct mail.
You have an advantage here in that people respond to "food offers" more than any other kind of direct mail.
Most managers mistakingly believe that they lose money whenever they give discounts…..bzzzzt! wrong.
By getting people to respond to your insane direct mail offer, you will increase your revenue by creating sales from those customers in a time frame that would not have happened naturally.
In other words, you are getting that guy who, on his own accord comes in say, once a month, or you might see him every two months for like three days that week, to come through your doors twice a month. You are increasing the frequency of purchases.
If you send out a worthwhile offer, they will respond….over and over…and over.
If you have a lame offer….ya..they won't budge.
ask your customers what it would take…get some feedback….then create a nice professional looking piece or two….send them out….get feedback….tweek the thing, till it produces results consistently.
This is how smart companies use direct mail. ….you know…the ones who use it year after year….thwy do it because they've learned how to make it work for them.
what job are you aiming for after you get a degree? with the current economy do you feel it will be tough to find this sort of job?