Every company wants to grow, but with the risk of investing in a new marketing campaign comes a high cost. This increase in expenses can often force corporations to turn their focus back to more tried and true methods of reaching their audience – even when they have already been using these methods for many years.
But an approach called The Economic Marketing Approach has been proven time and time again to help companies grow by up to 300% faster than they would without it, while also boosting ROI by 400%.
In this article, we’ll walk you through the basics of the Economic Marketing Approach outlined by Clean ERSJ, and give you a quick overview of just how powerful it can be in your business. By doing so, you’ll have a better idea of why this particular approach is so widely used by Fortune 500 companies, and what your company can do to implement it into your marketing plan for more success.
What is the Economic Marketing Approach?
The Economic Marketing Approach is a system that allows a company to effectively use economics – which includes psychology and sociology – to boost their marketing ability for greater ROI.
This approach is not new, but has been used in various forms for decades by companies throughout the world. As the name suggests, the idea behind it is that you should look at your current marketing campaign in an economic context – rather than just a purely psychological one.
And while economics is often used to calculate ROI – rates of return on investment – they are far more complex than simply calculating how much it costs to make a certain amount of money for example.
The Economic Marketing Approach looks at business issues in this way by examining why people both buy and do not buy products, along with how different markets will respond to factors within your business.
This enables you to get the best possible results from your company’s marketing efforts, and to use your budget in the most effective way – which is very important in these tough economic times.
But even before you can get down into the complex details of how this approach works, it’s important to get a high level overview of how it works best for companies.
Why Use the Economic Marketing Approach?
When you are running a business, looking at economics is very important for many reasons. You could even say that it’s vital for businesses looking to thrive amid tough economic times – meaning that using an approach like this is very important.For starters, using economics to measure your marketing efforts allows you to get the right amount of return on your money.
By doing this, you can see how much money you could make from the same budget as before, and ask yourself if it is worth continuing with those same methods or not.
If this approach means that you could make more money from the same budget by saving it for a future use – or if it’s even better to invest in whatever it is that your company is planning to expand into – then this is good news for you. After all, why break all of these new ideas for products and services? Simply put, by using economics in marketing you will be able to save back some of that budget too.
Sustainable marketing campaign
In addition, this approach allows you to create a more sustainable marketing campaign by looking at it from a different perspective. In most cases, you will find that your current method of marketing is not really working as well as you would have hoped.
For example, let’s say that you have been using a certain type of advertising for the last few years to advertise your products and services. And while this method seems to work at first, it doesn’t provide enough return on investment to keep spending on these ads every month – which is exactly where the Economic Marketing Approach comes in.
Three basic steps
According to this approach, you should look at your marketing campaign and break it down into its three basic steps: The first step is to analyze what you are doing now – which we will walk you through below. The second step is to figure out what you could do better to increase your ROI. And the third and final step is to implement these changes, and measure how much of an impact they make on your company.
Basically all you need to do is take a close look at your current situation, and see if those methods are really worth continuing with or not. From there you can figure out if you’re getting the most return for your investment, and if it’s worth continuing to invest in them or not.
For example, let’s say that you are using an online marketing service to get people to come to your site. And while this method seems to work at first, it does not lead to enough profits for the amount of money that you are spending on it each month. After looking at your data and determining where exactly things are going wrong – which we will walk you through below – you could then switch over to an alternative form of advertising like radio commercials or TV ads.