It is very important to regularly monitor your advertising activities in the process of brand building, to realize how much they are contributing to the bottom line. Expediting marketing expenses wouldn’t generally lead to a stronger brand name. Neither is it necessary that they will give you voluminous sales nor a good market name. Though, when the communication is hay wired it might get ruined!
The marketing objectives for the undertaken activities should be clearly defined. It shouldn’t be a case that an activity is pursued because some one else (may be competitor!) is doing it.
Every organization has to have a budget for its marketing deeds. The budget would vary according to the companies’ profit margin. Branding is the key activity to help grow these budgets by spending the allotted money. Confused? See, if branding is done in sync with the organization’s goals the profits would be higher giving in turn more marketing investments to be made in future.
Analyze where you are at the moment. Understand what is lacking. Check on the external factors related to it. Plan your strategies according to your strengths and weakness. Implement these and regularly check and update them.
8 comments:
A very interesting article. good job.
Sometimes Branding really requires no Budget...
We can handle our services in such a way that the budgeting excercise can be avoided. Sometimes we can observe the Company's strategy at customer / service level an impression that takes away huge extra efforts and money also!!!
I am not sure about Budgeting loosing it's importance but more or less the time given for budgeting is reduced drastically. Today, Time is counted not on milli but nano scale..... Today strategies are day wise, sometimes hours-wise.. Who has the time to update budget every time...there is a change in strategy???
Right absolutely right. But my friend, I guess you are not distinguishing between mission of a company and its vision. We need to make and implement short term plans in order to achieve the organization’s bigger objective.
Its important to understand where you wish to go. Once you know where you want to go, choose your path and lanes according to the circumstances.
Ok Dev...let me elaborate.....
Budgeting is something that takes a real lots of time to work and understand itz feasibility....If I continue budgetting then i have to take my own time to decide and hence procrastinate most of my decisions....and procrastination is a real big hindrance to my success...I STRONGLY BELIEVE!!!
This is the age of decision made with Guts...you have to change the strategies and believe me the path itself!!! But very quick it must be.....a quick wrong decision at times is the best alternative to the delayed right decision....
I agree that mission is set to achieve Vision!! whatz the use of that mission which actually defers the success of achieving the Vision??? you wont even have a clue of changing times; hence the objectives have to keep changing...to move with the world!!!
In a deep forest how will i define where exactly i go....??? how far a objective can have scope in the changing situations? we know that we are taking the less travelled path......hence there is no room for more time on planning!!! Just take decisions at times without looking at the objectives!!! Not doing anything is more sinful than shooting something in dark!!! And believe me the world is heading more towards UNCERTAINTY and our fixed objectives made on some situations will never help!!! Keep updating with the new situations and keep upgrading your objectives and keep responding to the the changes…if you crave for growth and not just exist and survive!!!
-Uma
The write-up seems to lose its focus, somewhere down the line.
What are we truly discussing? The marketing budgets or ways to advertise or an accordance with the organisational goals or a SWOT analysis?
The article, though, a commendable effort for a start, delivers a concoction of all these and more, which is not exhaustive on any one of the topics addressed.
I congratulate the author on his initiative, and hope for more and better work from him, everytime.
Mahima
Good effort.
Would look forward to something better.
Get more clarity and focus and you would be able to deliver much better.
Harjyoti
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