MJH Group Marketing Strategy and Marketing Management
Released on: October 6, 2008, 4:13 am
Press Release Author: Marketing Answers
Industry: Management
Press Release Summary: MJH Group Marketing supports companies who want to be more
innovative and effective in their marketing.We provide marketing advice and
expertise to develop strategic and tactical marketing programs.
Press Release Body: How much should I spend on marketing?
This is a common question that marketing consultants gets asked on a regular basis.
The simple answer is that there is no hard a fast rule – it depends on the
competitive environment, the stage of business development, the product or service
category and the balance of advertising designed to promote the brand vs advertising
designed to generate a specific response.
As a result of these factors, marketing budgets are best set based on careful
analysis of a number of factors as part of a Marketing Strategy not via the often
used % of sales method.
If you are looking to develop a deeper understanding of your marketing budget then
there are two good places to start.
1. Brand Awareness- Analysing the level of advertising that is appropriate to reach
your target markets with appropriate levels of frequency and credibility
2. Specific Response – Analysing the response and conversion rates you are achieving
from various forms of advertising
Brand awareness is a direct product of the href=”http://www.interspire.com”>marketing strategy – by identifying the key
target markets and having an understanding of the competitive environment it is
possible to establish a picture of the level and types of “brand” advertising
required to generate awareness of the brand for new customers and reinforce the
message with existing consumers.
Planning the elements of the campaign designed to generate a specific response is
more closely aligned with the sales budgets and requires analysis of the response
and conversion rates you are achieving from various forms of advertising.
Using response and conversion rates as a starting point allows MJH Group to
determine the expected result for a particular level of spend in a particular area
and plan the marketing strategy accordingly. This is correlated to the sales budget
to help plan the necessary mix of advertising required to drive the response to
deliver the sales result.
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