This article highlights the importance of marketing budgets for planning actual operations of a business. Businesses must control their resources, communicate with, motivate and evaluate the performance of managers and provide the company's performance with visibility, which is all achieved through budgeting. Budgeting is affected by marketing plans. This article also says that businesses must consider the components of IMC when they are determining a marketing budget.
Marketers need to ensure that they've created multiple opportunities for engagement with their brand.
The key takeaway for marketers is that you need to ensure that you've created multiple opportunities for engagement with your brand. You need to build a relationship with your audience. You can't always just take tactics at their face-value and their individual contribution - you have to look at the contribution to the success of other tactics, and how all of these tactics work together to drive success.
Ultimately this culminates in two recommendations:
Ensure your marketing strategy takes an integrated, holistic approach that is designed with multiple consumer touch points.Ensure you have the right measurement strategy in place in order to measure not only the individual contribution, but the combined impact of your tactics.
May the power of integrated marketing be with you!
Lauren Southgate's insight:
It is important for businesses to understand that integrated marketing is far more valuable and effective, rather than sticking to just one marketing tactic. The article states that different consumers respond to different forms of marketing and so there is a need for more than one marketing tactic. Particularly in respect to digital marketing, each individual tactic works with each other to create an impact on consumers. It is also important that customers receive ongoing communication from businesses and a number of opportunitites for consumers to engage with the brand.
Let us start by putting in perspective the grand rules for business and brand success; brands management is based on strategic planning and implementation. The strength or success of any brand or business is directly a function of the operating strategic input. That explains why ideal corporate persons engage top end executives to develop winning strategies.
A strategy is an overall approach towards achieving identified goals or objective. It focuses on the articulate interpretation of extraneous values-influencers, controllable and otherwise, in relations to own-strengths and weaknesses. Strategy evolution for brands and businesses is based on proper understanding of the broader context operative in the business environment of interest. A strategy is directive, instructive and rewarding.
Competitive engagement for businesses and brands start with evolving the strategic option with the most advantageous competitive advantages. Business executives begin with a careful and scientific analysis of the businessenvironment and conditions operative in the chosen industry. Key, therefore, is the underlying logic that a company’s strategic options are bounded by the environment.
This article is very helpful in explaining the conponents of brand management. According to this particular article, brand management is based on strategic planning and how it is carried out. Strategy is extremely important because it drives differentiation for competitive advantage, and ultimately, business and brand success.
The article also places importance on the fact that brand management is challenged by identifying differences amongst competitors, which in turn, comes back to the implementation of strategic planning.
A year that witnessed a whirlwind of technological advancements proved that retail is all about change. The best retailers are embracing that change and diversifying their technology investments in order to stay competitive.
From the way consumers connect to the Internet, get daily information and pay for products, the future is here. Convenience store retailers that fail to accept these emerging trends will find themselves looking up at their competition.
The world's technoogy is constantly developing and companies are taking advantage of the numerous opportunities the technological advancements are creating. It is important that companies, even ones as small as convenience stores, keep up with theses advancements in order to stay competitive in the market. The article claims that customers will be able to check the freshness of food, and pay via mobile are a crucial distinguishing factor between competitors. The new technology trends will also lets retailers have access to inforrmation about their customers they would otherwise be without.
Brands that don't understand online behavior engage with consumers at the worst times. Here's when customers are ready to shop and how to best connect with them.
Brands live and die by their ability to understand and target consumer behaviors. When digital marketing strategies align with consumer online shopping behaviors, it's a major accomplishment for brands eager to capture their share of the digital marketplace.
The catch is that marketers often base digital spend on assumptions and perceived consumer behavior rather than the actual ways consumers interact with brands online. As a result, investments designed to improve consumer engagement -- email promotions, social media interactions, mobile spend -- frequently miss the mark, compromising the brand's ability to connect with the right consumers at the right times.
The misalignment of brands and consumers is even more relevant during the holiday shopping season. For instance, a recent study showed that half of consumers are influenced by social media when making online purchases, but only 8 percent of Facebook campaigns and 4 percent of Twitter campaigns focus on money-saving promotions. Unless big brands effectively calibrate their marketing strategies to align with actual consumer behaviors, it's unlikely that they will be able to achieve holiday sales targets -- not to mention sales goals for the rest of the year.
This article is really helpful for understanding ways in which businesses can improve consumer engagement. The author places importance on firms understanding their consumers' behavior when it comes to online activity. It is suggested that the best ways to improve consumer engagement is to have the right timing, and to leverage mobile platforms for promotion.
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