What’s Marketing All About?
Basically, it comes down to this: ROI – Return on Investment. You have to decide when promoting your business whether you have a short-term shareholder type of perspective on results or if you are in it for the long term lifetime value of the customer.
Short-term marketing is quite simple in fact. For every dollar you spend, you want to earn back more than the dollar. So the most important tool in your arsenal of short-term marketing is TESTING. Since every dollar is "In Play" as they say in the Casino’s you basically want to test each slot machine marketing strategy until you find a hot machine. So you drop in a few dollars into your first marketing campaign, if the results don’t produce some cherries right away, you move onto the next campaign.
Long-term marketing is much harder to decipher because you can’t test your results immediately. You have to figure out a value for Branding. Then calculate a value of having a customer in terms of what the customer will spend over his lifetime. And then you have to mix all this into your annual budgeting allotment.
I’m not really a long-term marketer except when it comes to developing a technology. I think every dollar you spend should produce a tangible and measurable result. If you share this perspective, contact me for some help.