By Tyler Garrett, executive assistant to Randy Russon, founder of TOP CFOS
Someone once coined the phrase: “People do business with people they know, like, and trust.” Knowing this to be true, companies should have unending motivation to market effectively. An element of effective marketing is hitting your target audience, and this is so important when firms are spending millions of dollars on marketing.
Think of all the Super Bowl ads that are aired. Quoting syracuse.com: “A 30-second advertisement during this year’s game costs a cool $4.5 million. That’s an average of $150,000 per second.” This price is up from $42,000, which was charged during the first Super Bowl in 1967! Obviously, firms wouldn’t spend this kind of money unless they were hitting their target audience. These firms want you to buy their product.
This reminds me of two companies that are currently doing some very effective marketing in an attempt to get us to buy their products. The first one is Taco Bell. Every time I hear a Taco Bell ad, I want to run down immediately and buy a taco. The other part I like about Taco Bell’s ads is the fact that they keep their ads fresh and are consistent in their advertising. I’m not hearing stale, recycled ads all the time.
The second company that does some effective marketing is State Farm. Those guys have also created some fun-to-listen-to ads. They bring a lot of fun humor into their ads, and like Taco Bell, they keep their ads fresh.
Along with creating effective advertising, what are some other reasons why companies should market? Sba.gov has a great section on their website about it. Here’s what they say marketing can do for your business:
- Remind customers and inform prospective customers about the benefits of your product or service
- Establish and maintain your distinct identity
- Enhance your reputation
- Encourage existing customers to buy more of your product/service
- Attract new customers and replace lost ones
- Slowly build sales to boost your bottom line
- Promote your business to customers, investors, and others
At the same time, effective marketing will not solve all of your business problems. For instance, marketing won’t bring instant customers, and it won’t provide an immediate spike in sales. To be effective, marketing has to stay fresh, and you have to be consistent over a long period of time—this is where a CMO can provide some helpful guidance. This is their specialty, and the ones that are good can really help influence sales through effective marketing campaigns.
We hope you’ve enjoyed our blog. Remember, TOP CFOS offers the finest CFO services to companies that want to take their businesses to the top. We love being the catalyst behind firms’ soaring profits, and we’d love to be a part of your team. Our contact info can be easily found on our website, so feel free to reach out anytime.
Our next post will come from the Business Operations category and is titled “Risk Management.” Thank you for joining us!
(For your convenience, we provide an RSS feed at the bottom of our website so you can subscribe to our blog.)