Whether it’s during challenging economic times or periods of sustained economic growth, the allocation of marketing budgets should never be a simple question of ‘repeat what we did last year’ or ‘do what the competition did’! The allocation of such funds needs to be strongly linked to all elements of the business plans for your business.
I was recently presented with a cost estimate (unsolicited I might add!) by a marketing / design / advertising agency who promised me the transformation of the way my business is perceived in the marketplace. They were going to re-design my logo (it’s dated apparently!), provide me with “fresh, stimulating visuals” and support this by changing the font we have used to a more “modern, friendly style suitable for 2011”.
How will this support the business plan to increase sales by 25% this year? What will this radical overhaul of my visual style mean to my online customer as they search for a promotional item to use as a giveaway at their next exhibition? How will we know if the red-design has worked? As you would suspect, there were no answers to these questions as they had no idea about me, the business or the plans we have for the business both short and long term. My point is if you are allocating several thousands of pounds to a design fee, personally I would question it! How have they come to this valuation? Hourly rate possibly...but they might take 10 minutes, 10 hours or 10 days to come up with the idea so how do they know? And will it have a justifiable impact on your bottom line...apart from the additional cost of new signage, van livery and stationery!!
To me, any allocation of marketing budget must be linked to a tangible, measurable, increase in sales. After all, why else are win in the private sector in business? I need to see ideas, innovations and suggestions that are quantifiable. For example, I know the sort of budget I need to put into seo to get onto page one of Google for the search term promotional merchandise. And I have a fair idea of the type of new innovation in the promotional products market that is likely to sell in volumes next year.
For example, a promotional takeaway mug has come onto the marketplace complete with lid – a neat crossover between the standard Sparta ceramic mug and the Travel mug complete with exterior handle. Or the new Token 2 Go keyring with the ability to print on the plastic trolley token and the outer casing. Or the new technology that allows me to offer customers scented polymer so that plastic products can be impregnated with an aroma to support any marketing message they have.
In my humble opinion, it’s not the design of a piece of marketing support you should be allocating funds to...it’s the delivery ability of that piece to the bottom line that should be the be-all and end all!
About The Author
Code Promotional Merchandise is an online supplier of promotional products and business gifts to businesses, charities and public sector organisations with products including promotional pens, promotional mugs, promotional umbrellas, promotional desk top items and eco friendly promotional giveaways. The full range can be found at http://www.codepromotional.co.uk/ or call 0844 879 7323.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment