Marketing is an integral part of running any business; a business has to catch the interest of their potential customers, showing them how their goods and services are superior to their competitors’. Marketing is a very involved process, and as such, there are so many things that business owners have to think about when planning and running their advertising and marketing campaigns. Below, we will explore the different factors that can make a difference in your marketing and advertising endeavors.
Before you can run an advertising or marketing campaign, you have to plan everything. Doing this helps businesses track their campaigns to know what is working or not. Planning also allows businesses to have a roadmap to follow, so they always know where they are on the campaign and what comes next. Here are some of the things that affect marketing and advertising campaign planning.
- The Campaign’s Objective
Every campaign you have should have a concrete objective or goal. Every decision you make afterward will be geared towards reaching that goal or objective. Even though your campaign’s objective might be to increase sales, it does not have to be. Your campaign can be about introducing new products and services to the market, letting people know about your business, or introducing a new business segment to the world.
Regardless of what your objective is, it will affect how you plan and execute your marketing campaign.
Although many business advisors advise against comparing yourself to your competitors, especially if you are just starting out, there is value in doing just that. Once you understand what your competitors are doing in their marketing campaigns, you will be in a better position to align your campaigns better so that you can come out on top.
Also, consider the timing and placement of your ads. If your competitor is running the same types of ads as you are, at the same time and in the same spaces, your message might be lost in all the noise. Pick your time for ad placement correctly to better stand out from your competitors.
- Geographic Differences
Your customers are located in lots of different areas, with some areas having few to none of the people you may be targeting. Spreading your ads too far is never a prudent use of money and that is why most businesses turn to geo-targeted advertising.
Geo-targeted mobile advertising is where a business creates a virtual fence around specific areas where their target audience is located. Once they do this, they create campaigns that are specific to that area and group. If you want to better utilize every resource in your advertising and marketing campaigns, companies like LNP Media Group can help you with your geo-targeted mobile advertising campaigns. They come highly recommended as they help businesses build brands using various forms of advertising and marketing to put your business right in front of your potential customers.
- Introducing New Products
Introducing new products to the market should be done carefully so that people do not feel like they are being pushed to buy the new products. The frequency of your ads and where you place them are important in this regard. Also, you might need to spend a lot more money advertising a new product than you would an established one, so proper planning should come into play here too.
- The Seasons
Every business knows that the time around major holidays is when they are likely to sell more products. These seasons affect every business differently, so you should take some time to find out how the seasons will affect how and where you advertise. After the results are in, you will be in a better place to align your advertising and marketing campaigns.
- Projected Sales
Advertising and marketing are expensive, and the amount of money you allocate to both of them will be directly influenced by your projected annual sales. Once you have the projected sales numbers, you can set aside the actual allowance for your advertising campaigns without putting aside too little or too much.
Marketing and Advertising Outcomes
As with planning your marketing and advertising campaigns, there are a lot of things that will affect the outcome of your campaign. Below are a few of them.
- Economic Factors
Some of the economic factors that can affect your campaigns are in your customer’s control, while some of them are not. For example, the ability to purchase a luxury car will depend on your customer’s ability to pay for it, but factors like inflation are not in their control. Inflation affects people’s purchasing power, and if it is too high, people opt to buy basic goods instead of goods they do not deem essential.
Inflation can also cut the profit margins on certain products as some businesses may be forced to keep the prices of their goods and services the same even though the cost of their inputs rises due to inflation.
Low-interest rates mean customers have more money to spend. When interest rates are low and customers have a lot more money to spend, that could affect the purchase of the goods you advertise.
Income levels are another important economic factor to consider because it directly affects people’s ability to afford your goods and services.
If you do business globally, you have to keep an eye on exchange rates. When you sell goods and services globally, you will likely deal with different currencies. The prevailing exchange rate at the time of doing business can lead to profit or loss. This is why the exchange rate should be factored in when planning a global advertising campaign.
- Social Factors
These are factors that are inherent to your customer’s lifestyles. These include things like religion, buying potential, and family. As all these things can change, they can have drastic effects on your marketing outcomes. This is why it is so important for businesses to keep an eye on these things. This makes it easy to carry out the necessary adjustments if any of these social factors change.
Demographics play a central role in determining the socio-economic characteristics of a group of people. Since businesses have to plan on ways to approach different demographics, demographics do affect the outcome of a marketing campaign, especially in cases where the demographics of an area change. When this happens, the business has to start from scratch. This is why it is so important that businesses utilize historical data in determining where and how they run their advertising campaigns, because if they do not and the demographic changes, all their efforts will be for nothing.
As with planning your advertising and marketing campaigns, the competition will play a huge role in your marketing and advertising outcomes. Competition can lead to lower sales as customers are split between the different businesses that offer the same goods and services. The competition also leads to innovation when one or two businesses want to stand out among the multitude of other similar businesses. This means that if you do not keep up, you will be left behind, and no matter how much you advertise, you will not see the expected return on investment.
Every business needs to run marketing and advertising campaigns. As they do so, they should keep a close eye on all the different factors that can affect how they plan these campaigns as well as their outcomes.