Updating your marketing plan
For example: Is your franchise an early-stage start-up that needs to build a name before customers will respond or a mature business with an established brand that requires that you to generate leads to sustain the infrastructure?Do you operate in a price-sensitive commodity space or do you offer a differentiated product?
These Web-hosted solutions have become the backbone of the annual planning our regional business consultants conduct with franchisees.If your company is spending a considerable amount online, you may want to consider researching these tools or partnering with an agency that has access to them in order to assist you in more effectively reducing or reallocating your marketing budget.Horse and Rider The evaluation of the marketing plan should be done in tandem with a review of the related sales tactics.Nowhere has this results orientation been more evident than online.As online tracking capabilities become more sophisticated, analysis that was previously impossible is now within reach for relatively small companies.One of the first items to be evaluated in this context is the marketing plan.
While it is important to look at your marketing efforts on a regular basis, this exercise has taken on a whole new meaning in the business environment in which we now operate.
In most cases, these systems will provide detailed information on your customers’ paths through the business relationship and the results from various touch points.
If you do not have a customer relationship management system or the ability to fund primary research, secondary research is better than none at all.
These diverse perspectives can create incredible value when harnessed toward a common goal. If you do it right, you will develop a better plan, create a superior program that is practical to implement at a local level and accelerate franchisee adoption. Brand Awareness or Direct Response During recessionary periods, we generally see a flight of capital away from brand awareness advertising in favor of direct-response advertising.
While this remains the case today, more cost-effective, results-oriented public relations firms and ubiquitous social-media platforms have enabled companies to maintain brand awareness on some level, while focusing the lion’s share of their marketing budget on direct response advertising.
For example, an attribution model enables online advertisers to determine what multiple impressions led to a conversion.