The first step to improving your MARCOM is again by assessing the situation first. Do you know where are the big guns investing? Why is this so? The answer is simple: in those areas are the biggest gains as of the moment.
If you’re not quick in deciding, the profitability from those investment points will go down and your ROI will not be as maximised. As John Wanamaker said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
You don’t want to be saying the same lines – full of doubt and uncertainty on your investments.
Here are some factors to know when and how to lay down your investment money.
- Scan for trends – Be updated on the latest trends opening in the market. Use various tools and follow notable futurists in marketing and your specific industry. You can also scan the environment with social media such as Twitter and Linkedin.These sources can be your gold mine in seeing ahead key points you can prioritise allocating your marketing budget for.
- Read up on research and statistics – To back up the trends you’re seeing, you can search further and buy data from research agencies. Reputable research from firms such as the Big Four (which include Deloitte and PWC) can give you a better idea on the movement of investments.With solid data as basis, you can figure out for yourself which direction you might want your marketing communications to focus on.
- Look at the movements of prime competitors – An alternative to the two above is to eye your competitors’ movements – most especially those who are ahead of your company in terms of development. Chances are they have the means to look ahead with more tools, so use that leverage if you can monitor their investment moves.Next, set your objectives with a marketing communication program and push ahead in that direction.