To succeed in the marketing world, a business needs an effective marketing program. A marketing program is a “set of planned marketing activities designed to achieve a specific objective within a specified period” (Marketing Industry dictionary).
A marketing program can include advertising on TV or radio, placing ads in the newspaper or magazine, public relations work such as events and press releases, and more.
The whole of these planned actions is what makes up a company’s marketing program. Not only do they promote awareness of the product or service, but also of the company itself, thus increasing brand loyalty.
Company-wide consistency between their campaigns shows that they believe in their product and furthers corporate branding and image. This also helps keep expenses down since they are all done under one umbrella rather than many different campaigns using separate resources.
Who runs the marketing program?
A marketing program is typically managed by the chief marketing officer (CMO) or marketing director. The CMO oversees the development, implementation, and evaluation of the company’s overall marketing plans.
This person sets goals for what needs to be achieved, establishes timelines, allocates budgets, and coordinates with other departments such as advertising or PR, so everything falls into place effectively on time.
Each component of a campaign is also assigned to an employee who has some expertise in making it successful.
There will often be deadlines set to keep things moving smoothly without wasting money or resources on unnecessary tasks that aren’t contributing to their ultimate goals.
Why is it essential to have a marketing program?
Having a successful marketing program is vital to the success of a company. Investing in this marketing strategy allows them to grow their brand, increase awareness and promote sales.
A good marketing program can also increase income by attracting new customers and rewarding current customers with loyalty programs or discount deals. This practice encourages repeat business and ensures the company’s continued economic stability.
A good marketing program allows consumers to become aware of the company’s product or service and build trust. This can lead to increased sales in the future, so businesses need to have a consistent presence throughout all different media types.
For example, TV commercials are shown when people watch so more eyes see them, and they stand out more. Likewise, a telemarketing campaign increases phone call volume during business hours, so potential customers get discouraged by constantly busy signals and hang up before getting through on a solid line.
Why do some companies not have a marketing program?
Not every company has a successful marketing program because this requires quite a bit of time and effort and many resources such as money and manpower. Running an effective marketing program can get expensive, so not every company has the budget to spend on this type of thing.
For example, a new business might not have enough money to start its marketing program right away and remain competitive with other companies that already have one in place. Another potential reason is that they may be trying to gain market share before having the resources available to invest into it once staffing levels or accounts allow for this kind of thing.
Note: In general, though, companies that have a good marketing program in place are the ones that see the most success. This is because it helps them reach their business goals from day one and increases their growth potential since they are already prepared for any changes though, a company without a marketing program will notice a lack of customer engagement overall and ultimately will face decreasing sales over time if they don’t take steps toward fixing it.
If you want to understand more about marketing check out What Are The Functions of Marketing?
Companies without a robust marketing support system in place won’t compete in the same way as those who do and may struggle with coming up with new ideas to effectively promote products or services. This is why it is essential to have a marketing program in place early on to see better results overall and increase its success.
Who can help build a successful marketing program?
A large variety of different professionals assist in having a successful marketing program, including advertising, public relations (PR), telemarketing, direct mail, and social media personnel.
Although each one has its role, they all work together to make sure things go smoothly, and it’s an effective campaign from start to finish no matter how long it lasts.
Without these people, most companies would struggle to develop promotional plans and keep their brand or business out in the public eye. This is a crucial step to increasing diversity and getting a company’s name out there, growing sales once it’s been established as a household name that people recognize and trust.
Why is it beneficial to have professionals help?
Having professionals on hand to assist with marketing ensures that each marketing plan is done right without missing anything important along the way.
For example, advertising personnel is responsible for creating, placing, and tracking ads with different media outlets, showing up where they need to be when expected.
Meanwhile, PR personnel focuses on press releases about the company itself, which give insight into its values and practices and what kinds of products or services it offers consumers. Public relations also deal with any customer feedback or complaints that arise as part of their work.
Direct mail personnel handles all aspects of email marketing campaigns, including creating and distributing emails for maximum appeal to customers.
This includes images, colors, logos, call-to-action buttons, subject lines, and anything else that might be included in an email marketing campaign intended to attract attention from clients.
Telemarketing staff members are professionals who assist with marketing programs by making phone calls to potential clients on a company’s behalf.
This gives people the chance to learn more about whatever the company is selling while giving them access to additional information or services they may need if necessary. In addition, businesses can schedule telephone calls at certain times during the day, which helps them avoid missed calls and leads to a more successful campaign.
Social media personnel is a group that works together with others involved in marketing to raise awareness of the company’s brand on sites like Facebook, Twitter, Instagram, Pinterest, and others.
This marketing team focuses their efforts on important milestones for the business, such as when they launch a new product or announce something changing within the industry. Social media staff also helps maintain brands’ online image by responding to comments and complaints that may arise.
So having professionals there for support ensures that each aspect of marketing is covered and thorough, so things go smoothly along the way no matter how long it lasts. In addition, marketing programs take different forms depending upon what kind of products and services are being sold.
How to set a proper marketing budget?
So you have an idea for a product or service that you think would be worthwhile to market. Now, the next step is to set your marketing budget so you can give it your best shot at succeeding.
It’s essential to determine how much money will be needed upfront and what marketing channels are available for this endeavor before devising a successful marketing plan. Otherwise, the costs to get started may prove too costly, and it might become difficult if not impossible to continue with business plans without adequate funds initially allocated.
Marketing budgets vary depending on what kind of products and services are being sold; however, some general rules apply across the board:
- A high-end luxury item such as jewelry might cost $500 to $5,000 for a marketing budget.
- A medium-tier luxury item such as a handbag might require an estimated $10,000 to $20,000 for a marketing budget.
- A lower-end luxury item such as perfume or cologne might require an average of $30,000 to $40,000 for a marketing budget.
In comparison, a high-cost mass-market product such as an electronic gadget would likely have an estimated marketing budget somewhere between the range of $3 million to $5 million.
In contrast, a low-cost mass-market product like soda or candy will likely have a much more modest marketing budget that starts at around 50k and goes up from there depending on how many people need to be reached out to.
It’s also important to consider the potential return on investment for your marketing budget, meaning how much money will be made by selling this product or service. This needs to be taken into account so you can determine how much of your initial marketing budget will come directly from profits versus other sources.
Marketing is a complex process that involves human behavior and cognition. Therefore, it’s crucial to understand how the brain works at different stages in the purchasing process or lead funnel so you can drive more sales with less effort. If you enjoyed this article, feel free to share it!