With an uncertain economic climate looming, consider these marketing approaches to maximize your returns.
A year ago I took up the challenge of launching a new business in the medical devices field. A few days in the role, I discovered that market opportunity for my franchise was huge but the funding in money to build the business was significantly less compared to the established businesses that I had handled in the past.
As the saying goes, when the going gets tough, the tough get going. I was convinced that a successful marketing campaign is not about the size of the budget but about understanding your customers so well that you can engage them with creative ideas with minimum wastage.
As companies begin to prepare for an uncertain economic climate, it is key for marketers to understand the principles of "marketing on a shoestring" to maximize their ROI.
Let me share some ideas to get you started:
We spent countless hours in focus groups with consumers and physicians in our attempt to figure out how our product could add value to their lives. At this stage, the role of the strategy director was crucial in distilling the information and helping us isolate the insight.
I like to use the Big Picture Marketing framework to plan my campaigns. The framework starts with defining the business and marketing objectives and then narrows in on the source of volume before moving to segmentation, targeting, and positioning. The framework encourages you to be clear with your marketing objectives (customer acquisition or retention) and choose a clear source of volume (earn share or stimulate demand).
This groundwork is very helpful in developing the brief and aligning the agencies around a common vision.
However, it is often useful to try a few tests and learn with one or two media channels if they are a good fit with your brand. The learnings from tests will be valuable as you refine your media mix and you never know whether your brand might end up becoming the next "Old Spice Man"!
With economic uncertainty the new normal, the days of unaccounted big budget campaigns are numbered. Through a disciplined approach, we have an opportunity to make every invested dollar work harder. It's up to marketers, whether we live in big budget land or decide to make every dollar count.
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Mandeep has over 11 years experience of building brands with blue-chip organisations like Johnson & Johnson and Pfizer. He was recently promoted to head regional marketing for Acclarent, a division of Johnson & Johnson Medical manufacturer of cutting edge technology for minimally-invasive surgery. Mandeep is a recognised expert in integrating emerging media to drive business results. In 2007, he led the launch of one of the first branded apps on Facebook. The app was a finalist at Cannes and won the highest recognition for marketing excellence in J&J. In 2009, he pioneered the launch of the first iPhone app in J&J, which was featured in the Sydney Morning Herald as an example of innovation. Mandeep has spoken widely on social media, mobile marketing and multichannel marketing. He has authored for iMedia Connection and has been nominated to judge the AMI marketing awards for 2010 & 2011.
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