This article will illustrate tools you can use to monitor performance of various advertising methods.
Advertising is term used in business and it has a multitude of definitions. Advertising is generally the generic actions taken by a business to relate information to the public. It is a great tool for many types of operations. Is it the best for you?
The highest prized benefit of owning your own business is independence. You rely on your skills and have to report to no one but yourself. This is the allure of becoming a real estate agent. Imagine, making a lot of money and working when you want to work. Very appealing to just about anyone, wouldn’t you say? Well, it is all hogwash!
A part of any information feedback loop is the operating control reports in business. Depending on the nature and financial impact involved, these reports can be daily (Daily Operating Controls or DOC), weekly (Weekly Operating Controls or WOC) and/or monthly (Monthly Operating Controls or MOC) in management reporting. Their value is to inform management of business activity and identify any potential issues that could generate undue financial harm on the business or worse, create an unsafe product or work environment.
The number one tool for marketing is the handshake and a smile. It costs zero to extend the hand and use a few facial muscles. But the value it generates is priceless. Pretty much all business relationships begin this way. The handshake and smile is the most effective marketing tool available at all levels of business.
The simplest definition for these two misunderstood terms is that marketing involves customer interaction i.e. human contact, whereas advertising is a non-contact form of information transfer. You can read a multitude of professional definitions, academia literature and talk to just about any marketing graduate and you’ll get a lot of different definitions of these two terms.
I had the privilege of meeting a potential client in one of those business gatherings. I asked him the usual questions and he started to explain his business operation. Well, he was basically a landlord to a gaming function. When I become fascinated by the enterprise, I reoriented my questions to some specifics. Sure enough he charges some high end prices for the facilities. Man, I needed to figure out how he was able to do this. With some prodding, he finally explained that his marketing approach pretty much gave him “A license to steal”.