Marketing

Practical Strategy – Little budget, Big plan

There is a non-written rule about marketing budgets….budget is always smaller than our needs…..at least in a first view.

Of course, prioritization is the key tool to define where to invest our resources……and the criteria to prioritize is the key to be successful…and efficient.

In the past, the marketing funnel was a common guide to prioritize investments, goals in media for awareness, contacts on familiarization, promotions for purchase intention etc.. However, it´s a little of no sense. Any marketing activity has the ultimate goal of selling, not the awareness, familiarization, etc..

All of these are good metrics for brand health evaluation, even to make some diagnostics for brands….but not good enough to decide investment.

What other marketing tool do we have to prioritize actions?

Purchase Journey.

Beyond brand metrics, there is a process the consumer follows to buy a product or service. It changes in every category and also changes for different price segments of the same category.

As an example, very little people goes out of home with the idea to buy an ice cream. You find the ice cream in the shopping mall or street. When you see, you want. Therefore, the highest priority is the visibility of the store, if I have little resources, better it´s good there.

On the other hand, in order to buy a nice LED screen, there is a lot of planning, many alternatives are seen before deciding. After many are seen, a little group is in the final stage. Consumer goes to the store, see most known brands there, review in the internet, ask the sales man, see some reviews and then decide. Of course this is a complex purchase process, but it´s clear that internet is a key touchpoint with same importance than the store and at the end traditional massive communication. Priorities are clear again.

In the last example, the most important priorities are not the most expensive.

When we think about B2B, any professional buyer, starts for looking information of the possible suppliers through internet, then recommendations of colleagues. Then a complex process starts, varying because of the size and complexity of the project.

At the end, in any case, it´s important to find the priority according to the purchase process….and this applies also in full digital categories. Many times, we would be surprised of the efficient we can be if we choose the right priority in the purchase process.

– Manuel Bautista –

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