There seems to be a new culture of expectation among advertisers who utilize digital marketing as a medium; and for the record this is the biggest advertising medium there is. Advertisers who do not get the click, views, whatever the case may be, are coming back to the marketing company and holding them responsible. Since when did the marketing company become responsible for sales? In the past they were not; and even today in traditional marketing they are not held to this standard. If you were to purchase prime time space on one of the big networks during prime television you would not hold NBC, CBS, or ABC responsible if you did not get the sales that you wanted. Why would you? All they did was air your commercial, that’s what their responsibility is. If you place a quarter or half page ad in People magazine you do not hold People Magazine responsible for the number of sales that you get off of that ad, their job was to deliver a certain amount of magazines with your ad in it, nothing more. So why are digital marketers held to a different standard than traditional marketers? Continue reading
Most companies are busy trying to find clients, so it was somewhat of a surprise when recently a discussion started around when should you get rid of a client. The natural reaction is to adopt the view that you never reject a customer. After reading tales of late payers, the day-to-day frustrations of customers who continually change the goal posts or the agreed terms, those who are rude or disruptive, make unreasonable demands, or customers who don’t pay their way. Clients who don’t communicate, especially worrying near deadlines, or fail to meet their obligations. When you start to untangle these details then maybe there is a case for being client selective. Continue reading
For retailers, or those looking to start up in retail there is a new opportunity. Pop-Up shops provide temporary low-rent access to retail space and are starting to expand in the UK. There was an awareness that high street retailers were losing out to online retailers and out-of-town stores. This led to a lot of empty retail space and some high streets that were full of charity shops, discount stores and empty store fronts. Enterprise campaign StartUp Britain launched an initiative turning empty shops into trading environments for small companies. Emma Jones, a co-founder, announced “StartUp High Street gives small start-up businesses a fantastic opportunity to think big and become a part of their local high street. We’re seeing record numbers of people setting up businesses, and this new wave of entrepreneurs are starting out small and online, so to get them onto the high street is a great achievement.” Early adopters include start-ups like jewellery designer Maria Allen and cycle accessories company Vulpine. Continue reading
Recently we looked at how to prepare a budget for marketing. So let’s assume that regardless of what method you used, you now have a marketing budget. So now for the tough choices, how do you spend it wisely?
Well that’s a bit unrealistic. You will have plenty of ideas for how to spend your budget. Just by working out your budget you will probably already have decided what promotional activities you need to get involved in. But there is a big gulf between recognising that you need to “advertise” and deciding how you are actually going to do that. The challenges are also slightly different depending upon your type of business. If you are a well-funded start-up with a strong business plan that has been approved by banks and investors, your challenges may be the same, but your focus will differ to the small one-person business just starting out, which is probably self-funded with limited resources. Much of this article will be more relevant to these latter micro-business. Continue reading
Last month Joe explained that setting a budget is essential before preparing a marketing plan. But how do you set a budget? What is a realistic spend on marketing?
For those of us working for others usually our budgets are set, or increase year-on-year, or based upon a calculation that says “it will cost you XX to do this so we will give you XX plus a bit more” (or more likely a bit less). But if you have a blank sheet of paper then how do you calculate a suitable budget? Continue reading