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Every business should know the costs and activities and what impact these actions have on the target group. For this, you need a specific portfolio, goals, and the amount of investment your company will need to meet in order to achieve those goals and ultimately evaluate the effectiveness of those activities.
Effectiveness is understood as the percentage by which goals were met and effectiveness – the difference between the achieved effect and the costs used to implement them. It may happen that action can be effective, but not effective at all. We distinguish between four stages of assessing the effectiveness of marketing activities:
- Establish quantitative targets,
- Building a monitoring system,
- Data analysis to help separate the effects of the test activity from others,
- Assessment according to certain standards.
Many of the biggest companies like Coca Cola, McDonalds and Sony have such great recognition that they do not care about efficiency but they like to reminds the customer about themselves, so they invest in so- Branding advertising. In this case efficiency is not the overriding goal; these types of companies are looking for even stronger branding in the customer’s mind.
In the case of micro and macro companies, the investment in advertising for the entrepreneur’s intention is quite different. For such entrepreneurs, a method is needed to measure the effectiveness of the promotion. In the case of online advertising, the matter is not complicated, so use the programs available such as Google Analytics, Google Adwords and Facebook Ads (Facebook ads) to provide us with accurate data. This allows us to easily assess the effectiveness of an ad and decide whether to continue investing in it.
However, in order for your ad to be effective first you must properly formulate the goals your business will strive for. You can also use the concept of S.M.A.R.T. (Simple, Measurable, Achievable, Relevant, Timely defineg).
Equally important is understanding that building a brand is an endless process. One-off advertising, even the most expensive one, is just a waste of time and money. According to Michael Böhm, a strategic concept tailored to the company is to achieve lasting results. “The goal is always to create a particular brand and take care of it.” The author also suggests that a common mistake is the lack of a comprehensive understanding of the reality of the business from which the company should start an effective marketing business on which to base the strategy. “First of all you need to address the company with all its divisions and then analyze your products, customers, current and current advertising and competition.”
According to the author, start with a SWOT analysis, then market, rank products according to the BCG matrix, then define your customer, analyze your existing ad, your competition, your main goals, your target audience and start marketing your marketing composition.
The most common mistake is the ill-prepared preparation of marketing strategy.
It is extremely important to identify the target audience to which the product will be targeted. Equally complex is the lack of specialized staff. Usually, for financial reasons, a small company will not get the agency’s advertising campaign. Usually all marketing activities are outsourced to one employee who has the task of dealing with every aspect of the campaign, very often the person is not qualified in any field, such as online store, fan page on Facebook, Instagram profile, SEO activities, which in turn results in worse effect than intended, in all of these fields are unworked and neglected. It is difficult to require that one employee can be a specialist of everything.
The next problem is not enough knowledge and awareness of entrepreneurs about the importance of marketing on the Internet.
A person who does not follow information about e-marketing industry is difficult to understand the principle of how tools work on the web. The lack of diversification of brand promotion sources on the internet is another problem. The entrepreneur forgets that the more extensive and varied the promotion, the better the chance that the customer will know about our product (brand). Entrepreneurs most often limit themselves to a web site that is not backed by anything, and as a result no one reaches it, without any SEO / SEM activity and really strong competition, in the long run contributes to the loss of the potential customer. The small professionalism of the company in the long run brings the opposite effect. And finally, there is no correct action in Social Media, behind which there is no update, basic information that discourages and restricts Facebook.
Communication with the customer itself can also cause many difficulties. The introduction of redundancy (intentional excess content, which provides the ability to receive a message) allows the recipient to better understand the message, reduces the impact of negative interfering factors, including those related to information noise, through which the content of the content increases.
Modern marketing, in addition to creating a high quality product, setting an attractive price for it and ensuring its availability, also requires communication, understood as an interactive dialogue with existing and potential customers, suppliers or distributors.
This means that every company or every manufacturer must be inextricably involved in the role of communicator and promoter at the same time, and in this sense it acts as a set of information from different sources to the marketing environment. Not understanding this fact or omitting one of the factors may not allow enough brand promotion and ultimately cause slow death of the brand or in the initial stage make the lack of cognitive aspect for the customer.