consider the lifetime value of a customerI have never met a marketing manager or business proprietor who did not want to reduce marketing costs or increase the return on dollars spent on marketing. With that in mind, I have started the year with my first 10 THOUGHTS on how to maximise return on investment in […]

consider the lifetime value of a customerI have never met a marketing manager or business proprietor who did not want to reduce marketing costs or increase the return on dollars spent on marketing. With that in mind, I have started the year with my first 10 THOUGHTS on how to maximise return on investment in marketing. This is the tenth. The words ‘marketing’ and ‘advertising’ are frequently viewed as synonyms – when they most certainly are not! Advertising is just a small, though highly visible part of marketing. It is, in fact, just a small part of the marketing equation. In this series of THOUGHTS, I think I have already highlighted the greater importance of the product and product differentiation. Distribution, service standards, and pricing are often more fundamental to the marketing and sales equation than advertising. Advertising addresses only one of the three critical sources of business. While advertising…