Are TV and Radio Ads Your Only Option? Any marketing team has researched intensively through industry ROI data, discussed possible marketing strategies over extended meetings, and developed extensive product development strategies. These are all designed to answer those crucial marketing decisions regarding marketing budget allocations. How do I increase my marketing ROI? Are expensive TV and radio broadcasts the best way to go? Should I look into developing my product's in-store marketing capabilities? How do I raise customer awareness of my products?
It is rather difficult to calculate ROI, simply because there is no real way of measuring what actually influences a customer's decision to buy. There are trends, and definite ways of increasing brand awareness, but without a flexible, multi-million dollar marketing budget, it can be difficult to gauge if marketing efforts are actually increasing customer awareness and product sales.
Large conglomerates have the ability to launch incredible marketing campaigns, intended to raise brand awareness on a global level. The ROI however, is not efficient in the short term and therefore this option is not viable for small and medium sized companies. Companies of this size just cannot compete with corporate monsters like Pepsi or Walmart.
However, this does not necessarily have to be a issue. Though the power of in-store marketing has always been understood, recent ROI data has suggested even greater potential than previously supposed. Nonprofit companies like POPAI and B&T, have demonstrated that customers make an average of 70% of decisions to buy while browsing in the retail store!
An incredibly power statistic, and one that makes absolute sense. Any customer can sit at home and watch a visually powerful TV ad, but then not be in a position to buy for hours, and sometimes much longer. Which begs the questions: why should a company spend huge amounts of money on TV or radio ads to increase brand awareness, when most of these customers are just not ready to buy at all? There are better methods of marketing.
And that statistic made mention of above clues us in on a very important marketing factor influencing the decision to buy. And that is recency. How quickly after a customer saw your marketing material or advertisement were they able to act on it and make a purchase?
Subsequently, the most effective marketing method for small to medium-sized companies is "in-store" marketing, also known as POP displays. These Point of Purchase displays characterize the only marketing material that is in place when product, the money to purchase, and the client all meet at the same place and time. Now that is the time to delve into brand imagery and presentation of product benefits.
Retailers are always glad to receive POP displays from their product vendors. Though "clean-store" policies are an issue, they do not have to be a hindrance. A well-crafted and carefully designed display creates a much more appealing environment for their shoppers to peruse, and retailers are always looking to improve in-store appeal for their customers. Just be sure to meet the needs of your retailer in your product displays.
Just be sure to meet the needs of your vendors and retailers. Team up with an educated manufacturing company, design POP displays with good imagery and value-engineering in mind, and do not lend to a "cluttered" look. Hire marketing personnel that know their way around retail marketing and can steer your company in the right direction. You will soon be on your way to increased sales and profits.
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Before you look for POP display manufacturers, make sure you research this significant in-store marketing report.
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