Wednesday, 27 October 2010

Marketing Magic

You've got a nice product that has capability to attract customers. But what is the means to attract them and convert your prospective customers into real ones? Marketing!

We can segregate marketing into different stages. Very first is just about letting others know about your product or services. This can be achieved by various forms of advertising. If your prospective customers are internet users consider ads on websites. Marketing one step ahead is making presentations at conference or to one party at a time. If it goes good you can follow it up with telephonic calls and further appointments.

Marketing is a magic stick which can lure clients to the extent of selling comb to a bald! If your marketing strategy is not impressive enough it is equally difficult (and next to impossible) to get the client back once you’ve lost them. But just because marketing is a magic stick you cannot afford to spend enormously on it. To mark a ceiling to spending on it you need to consider cost of acquiring a customer (CAC) against lifetime value of that customer (LTV). If LTV exceeds CAC by a good margin you can make profit and call your expenditure on marketing worth it.

A step ahead of marketing is sales, which is the real transaction and outcome of marketing! Let’s take deep dive into it sometimes later.

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