|
|
Marketing Is A Game
Marketing is a game, very similar to the game of baseball. As most of our readers know, I manage the local Pony baseball team. This past weekend we played in an 8 team tournament, and managed to get to the final game, only to settle for a...
Marketing-Minded Financial Planners Get Free Publicity by Choosing the Right Outlets
Sure, any publicity is good. But don’t invest time and effort to be in “Lucky: The Magazine for Shopping” if your major topic is planning for college. Go where your market is! Which media outlets are the best for you? Easy answers – and the Home...
The Simplified Profundities of Internet Marketing
People make things way too hard to understand on the Internet. I mean, come on, marketing CAN'T be all that complicated. So, it's about time someone, like say me, cut through all the crap and just plain offered some SIMPLE answers to the most...
Use These Highly Effective Terms In Your Marketing Copy To Pull Sales!
It is always important that you use the right terms when marketing your product to potential buyers. The right term may mean increased enquiries for your product and possibly more sales.
Failure to use these terms may leave potential...
Which Stage of Internet Marketing Are You In?
After having been marketing on the Internet for over a year, and having been turning a profit for a while now, I've come to realize something. Each new person as they get involved in Internet marketing goes through certain stages. Naturally, there...
|
|
|
|
|
|
|
|
Marketing Success Defined
How do you personally define success? High income? Substantial net worth? A fine home? Peer recognition?
On a personal basis, there are likely almost as many definitions of success as there are people in the world.
In marketing, though, there are just four measurable elements of success:
Profitability, Market Share, Customer Satisfaction and Customer Retention.
Profitability requires little explanation. The very reason businesses exist is to make a profit, or generate more revenue than they pay out. Profitability may be increased by reducing overhead and the cost of goods sold—or by increasing the price to the buyer.
But prices can only be raised so much. Per the laws of price elasticity, as prices rise, unit sales tend to decline, as does Market Share; which brings us to our next measure of marketing success.
Market Share, as a measure of success, is important to marketers since the greater the share, the more stable the brand’s performance is in the marketplace. A product with 65% market share is a force with which to be reckoned. A product with 3% share is vulnerable to a variety of market factors such as competitive pricing, promotions, loyalty to better-known brands and more.
Financial managers understand the impact of Profitability and Market Share. But concepts such as Customer Satisfaction and Customer Retention are softer items and tend to be treated as lesser by those managers. Yet, the long term success and growth of a brand is highly dependent on them.
Customer Satisfaction doesn’t appear on a balance sheet. It can’t be measured in dollars and cents. It’s measured by the customer’s feelings
about a brand. Does the brand deliver its promise? Is it a good value? Does it bring status to the owner? Is the customer generally happy with the product? Customer Satisfaction begets repeat purchases, loyalty, word-of-mouth advertising and, of course, long-term profitability via Customer Retention.
Customer Retention, the final measure of marketing success, is closely tied to Customer Satisfaction, Profitability and Market Share.
A satisfied customer is likely to remain loyal to a brand, thus enhancing market share over the long-term, as new customers are acquired. Retained customers increase the profitability of a brand. In the course of acquiring new customers, retained customers’ purchases can be counted on for continued profit performance.
It’s widely known that it’s five times more expensive to acquire a new customer than it is to keep an old one. Makes you wonder why marketers don’t generally invest more in Customer Retention, doesn’t it?
Few business organizations focus on all four elements of marketing success, probably because they’re difficult to balance and manage as separate items, yet they’re strongly interdependent.
The four elements of marketing success are reasons enough for financial managers and marketing managers to gain a better understanding of one another’s’ disciplines and work toward the common good of their companies.
About the Author
Mark Levit it managing partners of Partners & Levit Advertising, New York and a professor of marketing at New York University. For more information about Partners & Levit visit www.partnerslevit.com or call 212-696-1200
|
|
|
|
|
KnowThis: For Marketing, Market Research, Internet Marketing ... |
KnowThis.com offers a wealth of information, forums, and resources for professionals, academics and students in traditional and internet marketing, ... |
www.knowthis.com |
  |
Marketing - Wikipedia, the free encyclopedia |
Marketers depend on marketing research, both formal and informal, ... The next big thing is a concept in marketing that refers to a product or idea that ... |
en.wikipedia.org |
  |
Marketing - Marketing Strategy - Marketing Plan - Marketing ... |
Learn about marketing careers, the stages of developing a marketing plan, how to begin marketing research, create a marketing strategy, and how to market ... |
marketing.about.com |
  |
Marketing.org - Home of the Business Marketing Association |
Serves the professional, educational and career development needs of business-to-business marketers. |
www.marketing.org |
  |
Welcome - American Marketing Association - www.marketingpower.com |
Dedicated to serving the educational and professional needs of marketing executives. |
www.marketingpower.com |
  |
Advertising, Marketing, Media and PR News - Brand Republic |
Find the latest Advertising, Marketing, Media and PR news from Brand Republic, the online resource for up to the minute advertising and marketing news and ... |
www.brandrepublic.com |
  |
Marketing Magazine - Marketing News - Brand Republic |
Marketing Magazine - Marketing News - Brand Republic. |
www.brandrepublic.com |
  |
Marketing (Canada) |
Offers a Canadian source of news and articles on marketing, advertising and media. |
www.marketingmag.ca |
  |
BidVertiser - Pay Per Click Advertising On Sites Of Your Choice. |
Pay per click advertising - online advertising directly on sites of your choice, internet marketing solution for online advertisers. |
www.bidvertiser.com |
  |
Online Behavioral Contextual Advertising and Marketing. |
Promote your business with today's most effective online advertising technology, contextual advertising at a cost effective metric of CPC, PPC, CPM or CPV. |
www.clicksor.com |
  |
Sales Jobs / Marketing Jobs / Advertising Jobs - MarketingJobs.com |
Employment site for marketing and sales professionals. |
www.marketingjobs.com |
  |
The Chartered Institute of Marketing |
The Chartered Institute of Marketing is the world's largest international marketing professional body and helps with career support and information ... |
www.cim.co.uk |
  |
Marketing: See what people are saying right now on Technorati |
See all blog posts tagged with marketing on Technorati. |
www.technorati.com |
  |
Marketing Profs - Marketing Concepts and Strategies: Expert ... |
Marketing knowhow from professionals. Newsletter, articles and how-to's. |
www.marketingprofs.com |
  |
Guerrilla Marketing Online - The Official Site |
Guerrilla Marketing Online is anonline magazine for small business, entrepreneurs, sales people and marketers of all kinds. |
www.gmarketing.com |
  |
Business Marketing - Small Business Marketing |
Business marketing - Read everything your need to know about small business marketing. |
www.entrepreneur.com |
  |
All About Marketing |
Adapted from Field Guide to Nonprofit Program Design, Marketing and Evaluation ... Inbound Marketing Includes Market Research to Find Out: ... |
www.managementhelp.org |
  |
Pages tagged with "marketing" on del.icio.us |
USA Network Announces a NASHVILLE STAR Marketing Partnership With ... - Yahoo! ... Direct Marketing Association: Telephone, Mail & Internet Marketing ... |
del.icio.us |
  |
ClickZ Internet Marketing Solutions for Marketers |
Includes columns with commentary and analysis on a wide variety of internet marketing subjects ranging from B2B marketing to search engine marketing. |
www.clickz.com |
  |
Direct Marketing Association: Telephone, Mail & Internet Marketing |
Trade association for users and suppliers in the direct, database and interactive marketing fields, offering seminars and resources, and lobbying for ... |
www.the-dma.org |
  |
|