Week 7 - MBA 6601 - Marketing Money

When committing to a marketing plan it is important to understand that getting the best price is not always the goal. Rather you should focus on spending your money in a place that will turn out the best profits. Not to say that you should not try to save money, but that is not the only goal. One way you can decrease the cost of your marketing is to design a campaign and stick to it. Chances are you will get tired of your campaign long before your prospects and customers will, but do not just change it when you are bored with it. Instead, you should let your accountant guide you on when you should change your campaign. Your accountant will know how profitable your campaign continues to be and when the money stops flowing in they will be able to alert you to it.

Another way an entrepreneur can save some money is through bartering. Will everyone need what you are offering? Definitely not, but they will know someone who does. Just maybe you can connect people and swap out products and services to get what they do want. Note that about half of media is purchased through bartering. Understanding that there is a great big world of barter and a network for it is important in saving a lot of marketing money. 

In the world we are in today there are a vast amount of online resources to gather free research data and to utilize for marketing. Paying other people to promote your products and services and then giving them part of the money when people purchase or sign up is one way to do it. You can gather immense amounts of free research data with internet questionnaires simply because people love to talk about themselves. Give people the right opportunity and ask the right questions and you can learn anything.

When utilizing advertising online it is important to be able to track responses so your know what is effective and producing results and what is not. You can do this by assigning individualized key codes, unique numbers or URLs, and through tracking online responses. The goal is not just to track the information as that is not of the upmost importance. The goal is to know where you are converting people over to sales and knowing which platform through tracking is an effective way to do that. 

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