Marketing strategy is more than just a slogan. It's a long term, strategic approach and a general game plan of any company or even any industry with the basic aim of attaining a sustainable competitive edge by understanding the desires and needs of consumers. Basically, marketing is an integrated process that involves the design, development and the implementation of a plan for communicating the services and products of a business with prospective consumers. Marketing is the one which enables a business to acquire, sustain and improve its position in the market. Hence, the importance of it cannot be ruled out for any company at all times.
Any business indulged in a marketing campaign will invariably have to deal with its single medium of communication, be it radio, TV, print or the Internet. Each of these channels has its own advantages and disadvantages for a business depending on their mode of operation. Radio is an easier to understand and a good way to reach out to all types of people while TV is the channel of choice for advertisers who opt for short and concise advertisements. Print is the best medium of communication for a company that wishes to distribute leaflets or brochures to the prospective customers. However, all of these cannot address the basic need of a company for a single medium of communication.
The common mistake of marketing campaigns in all channels is to overlook or undervalue the importance of response rates. Without having the response rates of a particular media buy below 5%, a campaign is of no use. Any company or advertiser can afford such rates, but they would not be able to pay for such a campaign if their response rates were high. Hence, always ensure that your media buys have response rates that are acceptable to advertisers.
Another mistake that is often committed in marketing campaigns is the overuse of brand awareness. This mistake can lead to massive expenses as companies tend to launch multiple marketing campaigns at one time which in turn eats into their advertising budget. A campaign should always aim for a higher brand awareness in the target market. A simple technique in achieving this goal is to launch an ad about the brand with a picture and text of the product that it is offering. This will not only create brand awareness but also encourage the viewers to search for more information about the brand via the Internet.
Media buys should be planned according to the target audience and their buying power. Television is highly competitive when it comes to targeting the right consumers. It is therefore advisable to start a marketing campaign in just a few cities or markets where you think you have a better chance of reaching the target consumers. A television campaign may take weeks to implement depending on the popularity of the product.
Another mistake that often occurs in brand strategy is the failure to generate leads. There are various techniques to generate leads, but the most popular include leaflet drops, direct mailing, telephone conferencing, and cold calling. Some companies also opt for direct mail campaigns that can generate immediate sales leads. Though these methods can be very effective, they are also very expensive.
One of the worst mistakes that many companies make is waiting until after launching a new product or service to launch a new ad campaign. It takes months before the product or service is released so it is best to try harder to obtain ad space in newspapers, magazines, or websites prior to its release date. Ad agencies often advise companies to buy ad space in media buys weeks before the launch date so that they can create a lead-generation strategy in advance. With this in mind, make sure you have enough time to create your marketing plans and train your team in how to handle the production side of the ad campaign.
If you want to do well in your campaign, test a small segment of your demographic. For example, if you are launching a campaign about pets, try to include people who have pet allergies in your database. You can then use Facebook, MySpace, and other social media sites to reach this group. While TV and radio spots will help reach a larger audience, the right social media campaign can drive the right type of traffic to your band's website, which will ensure an excellent return on investment.