Often when people talk about their "marketing budget", what they really mean is how much they are spending on advertising. Advertising is just one part of a great marketing strategy!
So, we talk about the marketing mix - the 4 P's: product, price, place and promotion. If you get one wrong, the whole thing is like wading through mud! We see it time and again, great product, too expensive, wrong target audience, impossible to freight cost effectively and no amount of advertising dollar is going to shift it. Besides, you can't afford to advertise if you're not making any sales!
Let's take our icecreams here as an example. GREAT product - yum! Now the next few things hang together... you need to ask yourself a lot of questions... is it gourmet? Is more expensive than other icecreams? Are you selling in an upmarket location? What season are you launching in - summer surely? Is it school holidays? Do children live or visit where you are selling? How will you get your icecream to the location?
See how marketing has to factor in so many considerations. Here are a few more to consider...
No doubt about the product - icecream is well loved! But what about favourite flavours? Helping size? Special toppings? Would you do a marketing survey to find out before you opened?
So as you can see, advertising is just the tip of the marketing icecream! Keep following for more sweet marketing tips!