Budget
Investments in marketing should not be built on the residual principle - this is the same expense item as, for example, the salary fund. But in order for the costs to pay for themselves, it is necessary to write down all the indicators in specific numerical indicators.
Don't immediately abandon a promotion channel if it didn't bring any applications. Perhaps your target consumer "got acquainted" with your brand in one channel, but left an application in another. But revising the budget allocation is quite acceptable.
On average, the marketing budget can be 2-5% of sales. 80% of the budget is spent on 2 main types of advertising, the remaining funds are distributed among other promotion channels.
Mistake #4 – Not Knowing Your Target Audience
The danger is that you facebook database spend money on ineffective advertising. If you have one product, focus your efforts on those who really need it. If you have many products, segment them to choose the right promotion methods for each segment.
When there is no portrait of the target audience, there is no understanding of how to sell.
Important! You need to study consumers at least once a year, because the interests of the audience may change due to the emergence of new products, trends or other factors.
Mistake #5 – Lack of analytics on key competitors
Your competitors are a source of inspiration and search for new ideas for development. (Unless, of course, your competitors take ideas from you. Then it is not entirely clear why you are reading this article, because everything is fine with your marketing).
Lack of analytics on key competitors
What you should pay special attention to when studying competitors:
USP and product line;
website and groups in social networks;
pricing policy and marketing strategies;
channels for attracting customers;
advertising strategies;
promotions and special offers;
contractors;
sales funnel and lead magnets;
Sales manager scripts.
If you study your competitors carefully, you will save yourself a lot of money and time on marketing research. Today, there are many analytics services that can be used for "spy" work.