Maximize the Return on Your Marketing Investments—While Balancing Unrelenting Cost Pressures and Channel Proliferation
Marketers constantly struggle to find the right level and mix of promotions to support ever-higher sales goals. Compounding the issue are the growing number of promotional channels in the digital era and the intense pressure on marketing budgets and the bottom line.
Top-of-mind concerns for marketing executives and brand managers include:
- Are we using the right promotional tactics?
- Are these promotional tactics aligned with our brand strategy and are they driving the right behaviors?
- What is the financial impact or ROI of our promotional tactics?
- What is the optimal investment level—in total and by promotional tactic?
- How can we better execute all of the different elements of our marketing plan?
Establishing the best marketing mix requires not only sophisticated measurement to accurately determine ROI, but also a great execution plan to tailor that mix to local market conditions.
Companies need to look comprehensively at the entire set of promotional tactics and go to market with a multichannel approach driven by customer preferences. An effective marketing mix will maximize a company’s chances of achieving and exceeding its sales targets, as well as provide a competitive advantage.
Pharmaceutical Marketing That Works: Marketing Mix