Where Should I Invest My Marketing Dollars?

Melinda Emerson recently blogged in the Boss Blogs at nytimes.com about a company headquartered in Manhattan and run by a Jeff Chiniman who was having a crisis of confidence in where to spend his marketing dollars.

And Ms. Emerson apparently didn’t have the business background to ask him some more probling questions. I  would comment both of them to our school….we’ll comp Ms. Emerson on any courses she wants in return for a little publicity. Just call 1-800-716-9626.

But, this question posed above is an age-old one, made even more important by the rise of social media. What social media should I use? Why? What influences my customers to buy from me? Jeff was apparently struggling with the role of traditional media, which had worked very well for him in the past. And, it didn’t appear that he was using Facebook, which might work well.

It appeared to us that he should really do a marketing audit on his company. We just happen to have a course on that, E-15, on Marketing Best Practices. We put it in the curriculum just for situations like Jeff’s.

Specifically, we had some comments on Jeff’s situation, which could be applied generally:

1. Why is HE doing the blog? One of his employees, probably a store manager, could do it. And he might want to hire a consultant to profile his customers and what media are most likely to influence them Jeff might want to look at the blog periodically to ensure it represents the company well, but there’s no particular reason for him to do it, but the broader question is that he needs to do a marketing review more often, probably quarterly of what’s working.

2. A newsletter about line changes and the like might be good for current clients, and this can certainly be brought up in the blog.

3. An email campaign to existing and even new customers is something he should examine; it might be quite influential. One of my Solutions Forum clients does a monthly ‘deal sheet’ to all 5500 customers that invariably lifts the sales and sells the stuff on special.

Anyway, Melinda’s article is well written, and you should all read it: http://boss.blogs.nytimes.com/2013/03/01/where-should-i-invest-my-marketing-dollars

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