MARKETING TIPS

by Ken Mitchell

At least half of the advertising money spent in the ACT is wasted. You cannot select the correct media or the correct form of promotion or the correct message or the correct artwork or genre etc without knowing and understanding your target market(s).

Market research is the key to finding out who your target markets are, how many are there, where they live, what they need, what they would like, how to best communicate with them, etc. Market research will enable a business to separate their clients 'needs' from what their clients 'wants'. Servicing client's needs may keep you in business but servicing their wants will make you wealthy.

So often businesses pre-suppose that they know their clients and are shocked when independent market research reveals client dissatisfaction with service levels or product quality range, etc. Market research can for example show the price sensitivity of the market and thus enable a business to compete on superior service level and not on price. Market research is based on gathering and marshalling objective facts in an organized and meaningful way to improve the levels of information available thereby enabling better marketing management decisions.

More businesses should develop strategies to save dollars and get more business by considering research to better target their promotions (including advertising). For most businesses this can be done on a simple do-it-yourself basis. Organisations spending more than $250,000 on advertising per year should undertake an independent marketing communications audit at leas every 3 years.

For most businesses basic assistance with market research is available through advice from the specific media as to their coverage, circulation, readership, socio-economic status of readers, etc, etc. This advice should be readily available to advertisers so they can make informed decisions.

Ken Mitchell is the CEO of Australian Marketing & Research Services and can be contacted on 62576677w, or ken@amrsonline.com.au