Fortune 500 Manufacturing Companies
Have you ever compared your company to a fortune 500 company and asked yourself how you can market yourself like a large company would? I think there are some fatal flaws in this train of thought and you need to know where to draw the line.
Fortune 500 Manufacturing Companies
Fortune 500 Companies and Your Business - How Do They Compare?
By Chad Sandifer
Odds are, they don't compare very closely! And here is why:
Have you ever compared your company to a fortune 500 company and asked yourself how you can market yourself like a large company would? I think there are some fatal flaws in this train of thought and you need to know where to draw the line.
Companies like Circuit City, Best Buy, and Yahoo spend millions in marketing every year. They send out post cards, flyers and run promotions to get each and every one of us in the door. While these marketing tactics work for large companies with million dollar budgets, they might not work as well for you. Why? I think there are several items that need to be looked at more closely. Fortune 500 companies typically view marketing as a way to create brand awareness. When you need a tissue, do you ask for a Kleenex? Or do you refer to a soda as a Coke? Companies like Kleenex and Coca-Cola have spent millions in making their brand a house hold name. Consumers trust the manufactures and have come to depend on the quality that comes along with the name.
Smaller companies, which make up the majority of the business market, need to realize while branding is important, getting customers and a steady revenue stream is first priority. This is why following the marketing plan of a proven entity may prove fruitless for you and your business. Most of my customers have come to realize that the quickest, most cost effective, way to get consumers interested in their product or service is to utilize online mediums of advertising. Post card, flyers and things alike may work, but can be costly and greatly reduce your bottom line. I have talked about the "law of big numbers" before. When utilizing such forms of advertising, you have to play the numbers game. (the more post cards you send out, the greater chance of receiving a 1% call back rate) Playing the numbers game can be very expensive, so I have come to recommend options that give my clients more bang for their buck.
Try this for the upcoming quarter: Take 50% of your print advertising budget and put that money into a few different online advertisers. (You can easily find a company that can offer you front page exposure on multiple search engines for less than $30.00 a month per city you market yourself in) I assure you, you will see the benefits of advertising to consumers who are looking for your product or service.
A few items to take into consideration:
Try this for 3 solid months and let me know how this works out for you. I am sure you will be very pleased and have a new perspective on how your advertising budget should be allocated.
Chad Sandifer
By Chad Sandifer
Odds are, they don't compare very closely! And here is why:
Have you ever compared your company to a fortune 500 company and asked yourself how you can market yourself like a large company would? I think there are some fatal flaws in this train of thought and you need to know where to draw the line.
Companies like Circuit City, Best Buy, and Yahoo spend millions in marketing every year. They send out post cards, flyers and run promotions to get each and every one of us in the door. While these marketing tactics work for large companies with million dollar budgets, they might not work as well for you. Why? I think there are several items that need to be looked at more closely. Fortune 500 companies typically view marketing as a way to create brand awareness. When you need a tissue, do you ask for a Kleenex? Or do you refer to a soda as a Coke? Companies like Kleenex and Coca-Cola have spent millions in making their brand a house hold name. Consumers trust the manufactures and have come to depend on the quality that comes along with the name.
Smaller companies, which make up the majority of the business market, need to realize while branding is important, getting customers and a steady revenue stream is first priority. This is why following the marketing plan of a proven entity may prove fruitless for you and your business. Most of my customers have come to realize that the quickest, most cost effective, way to get consumers interested in their product or service is to utilize online mediums of advertising. Post card, flyers and things alike may work, but can be costly and greatly reduce your bottom line. I have talked about the "law of big numbers" before. When utilizing such forms of advertising, you have to play the numbers game. (the more post cards you send out, the greater chance of receiving a 1% call back rate) Playing the numbers game can be very expensive, so I have come to recommend options that give my clients more bang for their buck.
Try this for the upcoming quarter: Take 50% of your print advertising budget and put that money into a few different online advertisers. (You can easily find a company that can offer you front page exposure on multiple search engines for less than $30.00 a month per city you market yourself in) I assure you, you will see the benefits of advertising to consumers who are looking for your product or service.
A few items to take into consideration:
- Pay for what is proven. Find a company who has a strong foothold on the first page of search engines. Let their rankings do the talking so to speak.
- Don't get lost in a shuffle. Find a company that limits their members
- Avoid using sponsored links. Too much of your time will be taken up trying to manage you pay per click budget and page location.
Try this for 3 solid months and let me know how this works out for you. I am sure you will be very pleased and have a new perspective on how your advertising budget should be allocated.
Chad Sandifer
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