4 Steps to Money Making Marketing

11 January, 2013

4 Steps to Money Making Marketing
Internet marketing is a very cost effective marketing strategy but many businesses feel that all they have to do is just have a web site and the money will come in. Internet marketing is similar to any other marketing campaign. It must have an outcome or objective; the activities must be planned and well executed; and the results must be measurable. Many elements of marketing campaigns are not always measured against their intended objective. There is an element of build it and they will come. Hope becomes part of the strategy and therefore a lot of money maybe wasted on traditional ideas that may not be working for your business. Each business has a marketing sweet spot or certain elements that resonate with your customers. One major advantage of internet marketing is measurability. All elements can be monitored for results so you can be more effective in targeting customers and save money.
We are going to review 4 steps that will help you get the most out of your internet marketing efforts
These steps are; inputs, processes, outputs, and outcomes.
Step #1 Inputs
Inputs refer to your defining your organizational capabilities, structure and how the marketing department will set up to execute, monitor activities and results.
Questions such as, what are the main responsibilities that we want to handle? Do we want to host our own web site, or outsource? Are we going to make the web site a primary way to get new customers. What skill set do we want to have in the business? Can we have a senior person co-ordinate all activities and outsource the execution? Who is responsible to reviewing the results? There are advantages to each strategy so they must be defined. All strategy is carved in oatmeal of course but you need to establish a direction.
Step # 2 – Processes
Processes refer to the elements of the strategy and how they will be executed. Elements that must be completed such as websites, on-line advertisement as well as traditional ads, public relations, relationship marketing and market research. If these elements are outsourced, then we must set the objectives and results expected from the supplier. For instance, blogs are to be completed twice a week, or videos created once a month. These elements get embedded into the process so content becomes easily generated and is coordinated with the needs of the sales teams such as new product releases, special seasonal promotions, etc.
Step # 3 – Outputs
Outputs refer to the results of the different marketing efforts. Intermediate outputs refer to data results. Is the web site creating a number of new visitors and thus new leads for the sales team? Are people searching for your business as they are seeing an increased presence on the internet? Are people following your social media pages? Are potential customers downloading free reports that you are providing as part of your educational marketing campaign. Are your selling partners getting more business from your efforts?
Final Outputs are the true measure of the overall strategy. Final outputs can be broken down into Marketing Assets and Financial Flows. Marketing Assets include customer value, brand equity, and knowledge base. Do customers recognize your brand as a market leader? Are customers seeing your business as adding value and thus coming back as repeat customers? What information have you obtained from your customer base? Being able to understand the customer base and what they are buying from you creates value to the business in terms of understanding product direction and market development.
Financial flows include increased revenue, lowers costs, better cash flow that is resulting directly from the internet strategy. How has certain elements increased revenue? Have new markets been penetrated as a result of an internet marketing campaign that is 45% lower than traditional marketing campaigns? Has cash flow increased because our internet marketing has allowed us to get to the market faster thus realizing revenue faster than expected to offset development costs?
Step # 4 – Outcomes
Outcomes are the affect the results have on shareholder value and the corporate profitability or (return on Investment)
The marketing assets contribute to shareholder value. The ability to understand your market, where it is going and how you will execute your strategy attracts investors as they see a company that is well managed as it knows what is does and where it is going.
The financial flows contribute directly to the corporate profitability. Any marketing activity must have an associated return on investment. The advantage of a developing and implementing an Internet Marketing strategy is that all elements are easily measurable thus has their own return on investment or ROI. Marketing can now be viewed as a money making business unit instead of a necessary expense.


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