Question

Topic: Strategy

How To Spend For Marketing

Posted by thennavan0411 on 8/24/2016 at 7:04 AM ET 25 Points
Guys, we have planned to spend around one lakh for marketing. I have a dilemma here. My take is we should spend wisely on Seos, on tools such as Intercom etc as it will dividends on long term. is it right to spend the amount on advertsing, offering incentives to users etc. How we should go about it? Please give your thoughts
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RESPONSES

  • Posted by Mike Steffes on 8/24/2016 at 8:26 AM Accepted
    Depend on whether you need money now, or if you can afford to play a longer game.
  • Posted by thennavan0411 on 8/24/2016 at 10:30 AM Author
    Mike thanks for your reply. Let's see what we can do
  • Posted by mgoodman on 8/24/2016 at 12:08 PM Accepted
    How you spend your marketing budget depends on who your target audience is and what the goal is.

    Who is your primary target audience? Where? What unique and compelling benefit do you offer?

    Make sure your objective is in line with your budget. If they are not balanced, you will fail for sure.
  • Posted by Gary Bloomer on 8/24/2016 at 7:55 PM Accepted
    " ... we have planned to spend around one lakh for marketing". Not sure what this equates to in US dollars, but one lakh for how long?
  • Posted by mgoodman on 8/24/2016 at 8:32 PM Moderator
    A quick Google look-up shows: "One lakh, equivalent to 100,000 rupees, is equal to $1643.65 U.S. dollars, as of Sept. 12, 2014."

    So the obvious next questions are: Would you spend that much each day/week/month/year? What do you expect to accomplish with that level of spending (and is that realistic)? Who is your primary target audience? What is the average lifetime value of a customer?
  • Posted by thennavan0411 on 8/25/2016 at 12:24 AM Author
    Our primary audience is Students and IT Professionals. We planned to spend $1644 for the next two months. We gonna bring visibility about our product among the customers, giving them compliments etc..
  • Posted by Shelley Ryan on 10/28/2016 at 5:19 PM Moderator
    Hi Everyone,

    I am closing this question since there hasn't been much recent activity.

    Thanks for participating!

    Shelley
    MarketingProfs
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