How are YOU defining your marketing investments? Does the manner in which you define these investments effect your decision process? And if it does, is the effect positive or negative? Marketing investments are expenditures that create tools that will continue to drive value and impact sales well after the cost to create the tool is spent. This includes items like websites, sales collateral, sales training and yes, marketing strategy. Unfortunately accounting rules don’t allow companies to amortize these expenses over the agreed to life cycle of the tool, as you can do with vehicles and buildings.
Marketing is important and necessary for all business owners. In order to have a successful business you must invest in marketing. It will grow and bring your business objectives to new heights. Without the implementation of marketing, products would only be sought after by word of mouth. Although it is important to have a good reputation and word of mouth following the use of social media to advertise your product will reach a larger clientele base. Marketing can be costly so it is also important that you consult with a professional so you can get the type of marketing that would work best for your business and your business goals.
#AcQyro can help you determine these important questions:
- Which marketing activities are most effective? Which ones don’t add value?
- In what areas of marketing are spending levels too high? How should funds be reallocated?
- What external market conditions (e.g. unemployment) affect marketing’s ability to generate results? How does competitive activity impact the required level of marketing investment?
- How should incremental funds be allocated?
Utilizing robust data mining tools and processes, can reveal patterns about how and when customers buy. This information can be highly valuable in predicting sales and formulating relevant marketing strategies. Stop spending and start investing in #AcQyro and the #acqyrobusinessculture!