When it comes to investing in your business marketing, take a lesson from the stock market. Invest in the high yielding marketing tactics to get the most bang for your marketing dollar. But how do you know which marketing tactics will yield the best return?
Pull out your marketing score card and see what's worked in the past. Look at your successful competitors. What's working for them? Check out what's going on in different geographic markets within the same industry. Any new trends taking off? Take a good hard look at your customers. Who are your best and most profitable customers? How did you get them? What do they read? How much time do they spend on the net? How do they get to work? Do they tweet? Do they shop at Amazong, Best Buy or Staples?
The questions could go on and on and on. The idea is to develop a knowledge base of information about your clients, prospects and the marketing tactics typically employed to engage these folks.
I was listening to a debate between an avid proponent of social marketing and someone who felt it was a waste of time for their business. Who's right? Well it depends on so many factors the answer isn't black and white. What you need to remember is if your customers aren't reading the magazine you advertise in, it'll yield low margins.
If your customers search online directories, scrap the print ad or maybe go smaller and invest in online directories. If your clients are more apt to spend time on social channels, figure out which ones and consider investing time and marketing budget where they are. BUT, be sure to revisit tactics on a regular basis, especially new media tactics because one minute its hot the next its not and visa versa.
Figuring out the right mix of high yield marketing tactics is a little like building a high yielding stock portfolio. It takes research, time and constant care. But effective, strategic marketing is possible even in uncertain times.