Most of the times, we as entrepreneurs or marketings or marketers, are more concerned about what the message is than about the money we spend effectivel. Given a choice of two marketers the tendency is to choose the one who comes at a lower cost than think about the returns for the spend. My sincere suggestion to those who want to invest in marketing, think of a budget, talk to your vendor or marketers, about the kind of results that you can expect for the spend you have planned. Transfer some of the responsibility of thinking to create the right kind of promotion, to the Media or marketing company that you are considering for the promotional activity. If a customer comes to me and says, Suresh I have Rs.20000, how can l reach out to this kind of customers, to generate this response, I will have the responsibility of delivering it.
There are a couple of aspects to marketing, First is the Communication, you have a product or service with you want to market, either for today or create enough hype to create a funnel for the Future. What appeals to your customer, do you have a product that sells better on discount or build a brand and sell for a premium, there are many examples of products or services which sold better as they were priced a little higher. For example, if Health care services are offered at a lower price, it can create a negative effect around it. Say ‘What I have is a cheaper option’, is not bad, depends on your messaging and whom it should reach. Just look around, how many of the paper advertisement make sense and how many of the events sponsored make sense to you as a customer.
Know where your customers are, at the end of the day, if you are not reaching not the target customer, the money spent is wasted. As a marketer be clear the kind of reach you have, showing an advertisement once on TV or on the news paper for a single day, may not make sense. Decide what should be the frequency of your communication to make the right impact. Should you talk to every one or should you contextualize your message.
Compare the advertisement shown on ETV or a local channel, which could be different from that shown on CNBC, Advertisement on Economic times and Bangalore times could be different. Each advertisement or messaging should have a context and a specific target. Let’s consider blackberry wants to reach out to people who have ‘High End’ phones, Arcamax or Sony-Ericson would want to reach out to people who have the ‘N-Series’ As marketers or Entrepreneurs we need to understand where to reach out to our customers by clearly understanding where they spend their time and does it stand out from the clutter. Take for example; the festival discount of 10%, which may not make any difference to a loyal customer or that brand.
What is the response you want for you marketing program, are you doing this to increase walk-in to your stores, Are you aiming at increasing your sales or are you creating Brand awareness ? How many times have you come across your sales teams who say the prospect does not know about your company? Understand the relevance to your business today and target your promotional activity or advertisements accordingly.
There are some options, which we can explore, one of them is the ‘out of media’, or Hoardings and Banners, and these can be used effectively to reinforce a message. For example, for an Educational product, putting up a banner on the street of school where a lot of parents pass might get the right kind of response. If your target customers are few in number and you know where to find them, conduct road shows or workshops or other ‘Below the Line’ advertisement mechanisms rather than spending money on advertising.
Today what internet has enabled is a real low cost way to reach to target customers, especially if you are a online service. In India we have 350 million mobile phone users compared to 40 million TV sets, what is it that you have done to reach out to these mobile users. Telibramha aims to help companies to create marketing strategies on Mobile, which are measurable, which help them engage with their target customers and help them to obtain the kind of response that they want.
To reinforce, plan your marketing budget and explore all channels to communicate your value proposition to your target customer, at the right price point while generating the right kind of response.
Suresh Narasimha is the brain behind TIMES MEDIA, the company started in the year 2004 with a vision to create a consumer the overall strategy and business development of the company. With over 12 years of association in the CREATIVE , IT product industry, Suresh has an immense experience working in the areas of software development, marketing and sales of cuttinedge technology solutions. Prior Telibrahma, Suresh managed different role at companies such as Siemens, Wipro, eCapital eVector and Realsoft in varied roles.
He was speaking at a panel discussion organized by Businessgyan and TASMAC on the topic ‘Smart marketing’
Suresh Narasimha creative Director at Times Media Production, talks about the practical aspects of smart marketing and the marketing budget for companies.