Marketing - For a fresh piece of marketing advice, look to the current economic situation. All over the globe, companies are reorganising. Some are failing. Others are seeking protection from an excess of debt. The majority are struggling to compete in a market saturated with suppliers and facing steadily decreasing demand.
In order to survive in a tough market, intense and effective marketing is a requirement. Rather than scale back efforts, today's companies need to take a long look at their marketing plan and perhaps perform some reorganizational duties there, too.
Assess Effectiveness
Most of us have seen recent advertisements that tout a new or improved product or service. Everyone is trying to come up with fresh ideas to revamp existing offerings. But more often than that, they forget about the details in their quest to gain market share and brand recognition in the hopes it will bring them out of their economic slump.
This is where good marketing advice comes in to the picture. No new or improved product is going to keep a company afloat unless it is properly marketed and promoted. And what worked in the past might not be effective now.
Anticipating Reactions < Marketing >
How are your customers going to receive something new? If you merely think that you can create it and they will flock to a store's shelves to buy it, you are missing out on an opportunity.
How about your management and line staff? Those involved with production and selling might have a different opinion than that of the CEO. They are more directly involved with the market itself and most likely have some valuable insights.
Your customers might be able to offer marketing advice, as well. After all, if they are not interested in your new or improved offerings, is there really a need to go to the time and expense involved in their manufacture? In the current economy, chances are they are looking for greater value and products or services that will solve the problems they face on a daily basis.
When determining the best marketing advice for your company, don't be afraid of change. It is not necessarily your offerings that need to revised, but it could simply be the way you are marketing what you currently sell. Spend your budget where it is needed most: promoting in light of the economic hardships everyone - including your customers - is facing. < Marketing >
By Chris Jenkinson
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