02:36
Faizan
You could open a marketing book, pick any page, pick a tactic, and give it a try. However, that's not making marketing a way of life and it won't get you to use promotional tactics in the most effective manner.
There are a number of steps you should go through, even if you think you already know what you're doing to ensure success each and every time. In doing so, you may be surprised by what you will learn about your business, the people you've hired to work for you, and your role and perception in the community.
1. Determine your objectives. Is your goal to stimulate trial purchases by new customers or to stimulate more frequent purchases by current customers? Are you aiming to increase your average transaction, enhance your image, boost employee productivity or morale, stimulate community awareness, or a combination of these? These are all important goals, but you need to determine which one you want to achieve first, second, and so on… and which are most easily and effectively executed.
2. Be specific. If your objective is to get new customers to try you out, what is a reasonable goal--an increase in new customers of 5 percent, 10 percent, or 15 percent? Would it be reasonable to shoot for an increase in customer frequency from three purchases a month to four? If your objective is to increase your average sale, what is reasonable increase based on your current pricing? If your objective is employee morale, how much can you reduce unwanted employee turnover by running this promotion?
3. Be realistic in your goals. Success is rarely achieved in one fell swoop. Remember, this is a way of life. Each incremental improvement builds on the last. If you get too ambitious, you and your staff will quickly become frustrated and disappointed, and you will be less enthusiastic next time. Set your goals high enough to make a difference and low enough to have the best chance of success.
4. Creating your plan. Once you've established your objectives and selected some tactics, you must decide how to make those tactics successful. What can you afford, and how can you maximize your results?
Consider such aspects as timing; frequency; capitalizing on local events; season population variation; competitive challenges that call for extra effort and provide a reward; variable costs of materials, labor, and real estate; and other factors that are unique to your situation.
Create a carefully thought-out plan for each promotion, and make sure that each promotion is slotted into its proper place in your long-term objectives.
5. Zero in on your target. What type of customer does your business attract--upscale, blue-collar, families, singles, ethnic groups? Ideally, the group or groups that are predominant in your neighborhood (within a 10 minute drive from your front door) should be most attracted to your concept. Once you've zeroed in on your target audience, review your tactical options and pick those that would most appeal to that audience and would be the most appropriate.
There are a number of steps you should go through, even if you think you already know what you're doing to ensure success each and every time. In doing so, you may be surprised by what you will learn about your business, the people you've hired to work for you, and your role and perception in the community.
1. Determine your objectives. Is your goal to stimulate trial purchases by new customers or to stimulate more frequent purchases by current customers? Are you aiming to increase your average transaction, enhance your image, boost employee productivity or morale, stimulate community awareness, or a combination of these? These are all important goals, but you need to determine which one you want to achieve first, second, and so on… and which are most easily and effectively executed.
2. Be specific. If your objective is to get new customers to try you out, what is a reasonable goal--an increase in new customers of 5 percent, 10 percent, or 15 percent? Would it be reasonable to shoot for an increase in customer frequency from three purchases a month to four? If your objective is to increase your average sale, what is reasonable increase based on your current pricing? If your objective is employee morale, how much can you reduce unwanted employee turnover by running this promotion?
3. Be realistic in your goals. Success is rarely achieved in one fell swoop. Remember, this is a way of life. Each incremental improvement builds on the last. If you get too ambitious, you and your staff will quickly become frustrated and disappointed, and you will be less enthusiastic next time. Set your goals high enough to make a difference and low enough to have the best chance of success.
4. Creating your plan. Once you've established your objectives and selected some tactics, you must decide how to make those tactics successful. What can you afford, and how can you maximize your results?
Consider such aspects as timing; frequency; capitalizing on local events; season population variation; competitive challenges that call for extra effort and provide a reward; variable costs of materials, labor, and real estate; and other factors that are unique to your situation.
Create a carefully thought-out plan for each promotion, and make sure that each promotion is slotted into its proper place in your long-term objectives.
5. Zero in on your target. What type of customer does your business attract--upscale, blue-collar, families, singles, ethnic groups? Ideally, the group or groups that are predominant in your neighborhood (within a 10 minute drive from your front door) should be most attracted to your concept. Once you've zeroed in on your target audience, review your tactical options and pick those that would most appeal to that audience and would be the most appropriate.
Posted in: business
