Q. Why do my competitors’ businesses grow while mine remains small?
A. Simply put, they are more motivated, focused and willing to invest — mentally, emotionally and financially — than you are. It has everything to do with putting money where their vision is. No risk, no reward. No pain, no gain. Inertia leads to withering and the death of potential. In my 45-plus years in this business, I’ve never known a company to not grow once it transcended the fear of risk and sought outside professional help.
Strategic marketing is the foundation on which tactical marketing is built. Your marketing plan must contain both. Photo credit: ©istock.com/Balefire9
Q. What is the difference between strategic and tactical marketing?
A. Strategic marketing is the foundation on which tactical marketing is built. Strategies are formulated during the planning phase. This requires making decisions to anticipate and respond to customer needs. Strategy lays out the goals that need to be accomplished, and the ideas for achieving those goals. Tactics refer to action. Tactics are the things that get the job done. Your marketing plan must contain both.
Q. What should my advertising return on investment (ROI) be?
A. A ratio of 3:1 is preferable; 2:1 is tolerable. Anything less and you’re losing money when you consider labor, product and overhead costs. Don’t excuse poor ROIs; they are accurate “predictors” of future performance. If you aren’t receiving the minimum ROI, cut your losses and put your money to work elsewhere.
You can reach Harvey Goldglantz, president of Pest Control Marketing Co. and author of Marketing Matters, at hgpcmcinc@aol.com. His book, Marketing Matters, is available from the PMP bookstore.
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