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Creating Multiple Streams of Affiliate Marketing Income
Have you ever heard or read the phrase "multiple streams of
income" before? Do you know what this phrase means? For many
businessmen, creating multiple streams of income online or
offline is one way of securing themselves as well as...
Internet marketing predictions for 2006
Internet marketing has been making some pretty dramatic changes
over the last few years, like the growth and evolution of the
search engine optimization industry, viral marketing,
pay-per-click advertising and the mainstream adoption...
Marketing-Minded Financial Planners, Don't Hold Back Information From the Media
Some financial planners think that they shouldn't share their top tips with the media. I can see some validity in thinking this way. After all, the media is going to deliver these tips to the public at practically no charge. Then all those people...
Real Estate Marketing -- How to Use the Media to Your Advantage
Public Relations is often the forgotten tool of real estate
marketing. Unfortunate, because with an effective PR program,
real estate agents can generate more exposure than with
traditional advertising, and for a fraction of the cost.
Even...
Test Your Marketing Strategies & Systems Or Fail...
----------------------------------------------------------------- Test Your Marketing Strategies & Systems Or Fail... ----------------------------------------------------------------- Duncan Carver Copyright 2003 http://www.marketing-strategy.org ...
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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
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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, ... |
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Marketing - Wikipedia, the free encyclopedia |
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en.wikipedia.org |
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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 |
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Marketing.org - Home of the Business Marketing Association |
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Welcome - American Marketing Association - www.marketingpower.com |
Dedicated to serving the educational and professional needs of marketing executives. |
www.marketingpower.com |
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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 |
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Marketing Magazine - Marketing News - Brand Republic |
Marketing Magazine - Marketing News - Brand Republic. |
www.brandrepublic.com |
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Marketing (Canada) |
Offers a Canadian source of news and articles on marketing, advertising and media. |
www.marketingmag.ca |
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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 |
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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 |
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Sales Jobs / Marketing Jobs / Advertising Jobs - MarketingJobs.com |
Employment site for marketing and sales professionals. |
www.marketingjobs.com |
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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 |
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Marketing: See what people are saying right now on Technorati |
See all blog posts tagged with marketing on Technorati. |
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Marketing Profs - Marketing Concepts and Strategies: Expert ... |
Marketing knowhow from professionals. Newsletter, articles and how-to's. |
www.marketingprofs.com |
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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 |
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Business Marketing - Small Business Marketing |
Business marketing - Read everything your need to know about small business marketing. |
www.entrepreneur.com |
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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 |
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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 |
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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 |
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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 |
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