As a leading Cleveland branding firm, we are constantly engaged in brand-related discussions with existing and potential clients. Many business owners are unaware of how valuable building a brand is to their business. We believe that it is important to first understand just how important your brand is, before deciding on how you spend your marketing dollars. If business owners want to make informed decisions about the allocation of their marketing budget, they should first consider the objectives of their marketing strategy.
Just in case you haven’t paid attention, digital marketing is where it’s at. Although there are still applications for print and direct mail, the objective of those campaigns usually focus on getting your potential leads to your website. In 2014, the US consumer products industry and consumer packaged goods (CPG) industries are projected to spend $4.20 billion on digital media. Furthermore, this number is projected to increase to $7.04 billion by 2018.
Once a budget is set, it’s important to establish the objectives of any marketing initiative. Do you want to to promote a specific product? services? line of products? your brand? Many business owners find it surprising that the projection for 2014 show that branding-focused ads will account for 65% of all digital ad marketing budgets, while 35% will account for direct response.
These numbers are aligned with the continued trend of placing significant importance on the value of a brand awareness. Organizations with long-term approach to marketing will be wise to take note of this trend and reflect it in the marketing strategy.
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