Marketing Programs
This article covers meaning, importance & steps of Marketing Programs from marketing perspective.
What is Marketing Programs?
Marketing Program is the plan with respect to the various marketing activities taken by a company to increase sales. A marketing program is a coordinated and well-designed set of activities to achieve marketing objectives within a certain time-frame. Every company must prioritize on creating marketing programs based on their objectives, budgets, audience and then determine the channels they want to use for customer outreach.
Importance of Marketing Program
Marketing objectives are strategic sales goals that fit the products’ strengths and are based on various characteristics of the product. One may follow different marketing programs according to the situation. In order to build strong customer relationships and maximize sales, the organizations follow different marketing, sales and loyalty programs. Marketing is a broad field, encompassing elements as diverse as advertising, brand and logo design, sales calls, Web sites, brochures, packaging, shows, conferences and other events, and so on. The more tools, the better. But the variety and complexity of choices makes getting organized and focused hard. The 4Ps- product, place, price and promotion can be used to develop these marketing programs.
Steps to Create An Effective Marketing Program
Depending upon the nature of business and objectives, there can be different type of marketing programs. However, some of the basic process steps are explained as follows.
Determine Marketing Objectives
It is important for the business for finalize their objectives, revenue targets as well as how many resources would be working on the marketing program.
Efficient Budget Allocation
For any program, there has to be a defined budget limitation which a company is willing to spend. Along with budget allocation for various activities, there should be fixed timeline. A marketing program can be for a short duration like 2 days or a week or a month or even several months, depending upon the budget and objective.
Identify Target Audience
It is critical for a company to identify their target audience for the program. Identifying the accurate buyer persona can help the company create the right message, communication strategy and advertisements to appeal to the customers.
Understand Competitors
Another important strategy is to evaluate and benchmark the activities which are being undertaken by competitors. It is important to differentiate from competitor offerings and highlighting the USPs which the business wants to focus.
Set-up Goal Tracking
For every marketing campaign, there must be tools to track the performance of the campaign. For any campaign to be effective, the return on investment must be positive, i.e. a company should earn more revenue when compared to the budget invested.
Evaluate Marketing Channels
For every campaign, the business must select the most appropriate marketing channels, which can be TV, radio, digital advertisements, social media, events, outdoor media etc.
Hence, this concludes the definition of Marketing Programs along with its overview.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 1800 business concepts from 5 categories.
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