Guessing, that’s what’s driving your marketing costs up so high.
When you advertise in the Daily News, News Day, Herald newspapers, probably way less than 10% of the people who see your advert are actually in your market.
Most people couldn’t careless about your product, they won’t even read past your headline.
Of those who actually read it, some can’t afford you, many simply don’t consider you credible, affordable and some prefer your competitor’s offer.
Guessing what to say, whom to say it to, what offer to make, which picture if any to include (etc) and so on, means that your advert is much less effective. It also means you’re forced to do the most expensive marketing there is…mass marketing – all because you don’t know who your market is and how to reach them.
Mass marketing also means that instead of sending a letter or making a phone call to a targeted audience most likely to buy, you’re going to have to pay to reach everyone.
Ignorance is expensive my friend.
Of course a smart marketer will tell you that the cost of the medium isn’t necessarily the best way to measure or manage your marketing costs. It can be very miss leading.
Quick quiz, what’s cheaper?
A newspaper advert that costs $100 and generates 10 leads in a week or a direct mail campaign that cost’s $200 and generates 25 leads in a week?
See what I mean?
Guessing which medium to use, what to say, how to say it and who to say it to will multiply the cost of your marketing and massively reduce it’s effectiveness. It pays to know.
2 Replies to “Why Is Marketing So Expensive? Don't Guess!”
This a good article. I have some points that I would want to highlight.
Firstly as a marketer it would be a first to use only one marketing strategy and expect it to bring the desired returns. Mass marketing strategies can be used to fish-out the “desired target market”. The potential customers that would respond to the Press Ads then become the desired clients for more targeted strategies such as the direct mail option that you have highlighted. Most businesses in Zimbabwe fail because they are constantly using the mass media without using some follow up strategies.