in regards to marketing. You will become familiar with the 4 P's of marketing and also learn how to effectively price your product or service. Finally, you will begin to understand which channel or combination of channels are best suited to marketing your brand. The expected duration of the marketing program 12 Months How the program will be reviewed Firstly, take a look at the financial return. You might measure this by value of sales generated from: • Each networking group you belong to • Pay Per Click • Website sales (or enquiries that converted to sales) • Telemarketing (leads that converted to a sales) • Exhibition • Postcard campaign • To obtain this level of detail you need to track where your leads have come from during the year. This could be your second marketing measurement. Number of leads generated through each marketing activity as per list in No. 1. You might then want to look at each marketing activity in detail. So your third marketing measurement might be:
3. Review each marketing activity • Number of website visitor’s month by month • Number of contacts added to your email marketing system • Number of click through to your website generated from your newsletter • Number of new pages added to your website (article/blog posts) • Number of visits to your website from your Social Media channels • Number of networking meetings attended and follow up meetings booked
BSBMKG502 ASSESSMENT TASK 2 The success or lack of the marketing campaign Here are five factors that can make or break your marketing strategy. 1. Your Understanding of Target Market Every marketing strategy has a target market that you want to reach. Even if you’re not certain who you should target, start by inputting information that you do know. Figuring out the demographics of your target audience is a great place to start. Once you nail down the demographics, you’ll want to create a buyer’s persona. The buyer’s persona is the secret weapon used by successful marketing companies. The buyer’s persona includes information such things as age, gender, and income. Depending on your needs, it can include details like what they enjoy eating, how many kids they have, or even what sports teams they cheer for. 2. Communicating The Value to Customers The most impressive marketing strategies in the world won’t work unless you communicate the value of your product or service to your customers. You need to clearly communicate exactly what your product offers. If they can purchase a similar good or service elsewhere, you need to communicate what makes yours different and better than your competition. 3. Watching The Data In these days of Google Analytics, a free marketing data tool, there’s no excuse for not keeping a close eye on the data. With the availability of marketing data, companies can track which web pages are generating the most clicks, how long visitors are staying on pages, where site visitors are coming from, and much, much more. Failure to spend the time needed to watch data can mean the failure of the entire marketing strategy.
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