This archive report was first published on 15 October 2019.
Marketing is a crucial aspect of any business, but it's also an area where resources are often wasted. In fact, studies show that on average, 25% of marketing budgets go to waste.
For Kelvin, a business owner, this reality hit home when he had to cut back on his marketing expenses due to financial constraints. To his surprise, there was no significant impact on his sales performance.
He realized that some of the marketing channels he had been using were not effective, and he decided to focus on the ones that worked best. The result was improved performance at a lower cost.
It's essential for businesses to identify which marketing channels and strategies are effective and which ones are not. This can be done by conducting research, gathering customer feedback, and measuring the return on investment (ROI) of each marketing activity.
By doing so, businesses can save a significant amount of money and resources that would have been wasted on ineffective marketing efforts. In fact, by improving marketing efficiency, businesses can save at least 25% of their marketing budget without affecting sales revenue.
As Mr. Kiunga, a business trainer and author, notes, 'It's essential to know which part of your marketing activities is working and which is not.' By taking a data-driven approach to marketing, businesses can make informed decisions and achieve better results.
