My dad has always said, “the most expensive suit you own is the one you never wear.” Because a cheap suit is never worn, it was a waste of money. But a custom tailored suit might not be the right choice either. It is important to spend to get the right value is important in suit buying and business. Many businesses feel branding, marketing and advertising are “necessary evils,” but others think an increase to the marketing budget will directly increase revenue.
Neither of these viewpoints is productive or true. Branding, marketing and advertising are ways a business communicates with the public. A business should determine the value of a target market and the amount of time and money to invest to reach that group.
The purpose of advertising is two fold:
- Create an equity position in a target market.
- Realize a realistic and specific growth objective by reaching and motivating a sufficient number of consumers.
But remember, growth is relative. By relative, we mean 10% to 30% more growth than a non-advertising, similarly sized competitor, or 10% to 30% more than a competitor who is advertising ineffectively. If your industry or competitors are down 20%, and you maintain a steady sales curve, that is a win with advertising!
People occasionally use marketing and advertising interchangeably. Simply put marketing is all the ways a company communicates with consumers.
Starts with the business’s emergency, not with the customer’s wants and needs.
Focuses on short-term tactics, rather than on long-term business goals.
Is designed to persuade not to connect, inspire or delight.
Invites the customer to buy, instead of to belong.
Speaks to everyone and so engages with no one.
Is only measured in phone calls and click rates.
Intends to interrupt.
To succeed, you must deliver marketing and advertising that is not average. Contact the team at Kudzu Brands at firstname.lastname@example.org to schedule a consultation to learn how we can help!