>> Marketing Investment Process:
1. Analyze Market Data
The key to have best marketing strategy is preliminary analysis. Marketer must be able to utilize historical data to learn market growth and potential additional growth if company must invest marketing fund.
2. Select the right Marketing Activities
With the right potential growth target, company should select a set of marketing activities that fit the budget.
3. Implement Marketing Activities
By setting the target and the budget in the beginning will give a marketer to maximize the result of each activity. In addition, setting timelines and expectation is the most important thing in the execution phase. Ideally it will take a minimum of 1 month before company could deploy 1 marketing activities. In reality, company only has max of 2 weeks of preparation time due to several reasons. That’s why set expectation also important during the ramp up phase
4. Close Loop Monitoring
Marketer must aware with all marketing activities in place in daily basis. There are several ways to have close loop monitoring of marketing execution depend on the budget and priority.
The most popular one is daily web reporting with trend analysis application. Marketer would be able to revamp the strategy if the result is not inline with target.
5. Analyze Return on Marketing Investment
ROMI analysis will tell you whether you are a good marketer or not. Marketer must commit to their preliminary analysis and target. Yet, there would be some external variable that may change the result.
As long company can foresee this happen, marketer can always revise the target based on this fact.