Your marketing strategy consists of the things that you do in your business to make the phone ring. Each technique requires different combinations of financial and human resources. Here are a few pointers on which marketing decisions to improve the return on marketing investment.
- Market research
Forward-thinking businesses conduct market research to identify market trends and the demand for their products well before heavy investment is made. The trick is to identify whether your product or service is targeted at a specific audience or to the general population
- Market Segmentation
Some products or services are developed to the demographic characteristics of end users/customers.
Your marketing budget plays an important role in deciding which marketing channels are viable and which are not cost effective.
- Channel Preference of your Target Market
The key to improving levels of business is identifying the best possible channels to reach your relevant audience.