Combining Market Research, Brand Management, Advertising and PR
Business success in the current globally competitive market requires strategic and innovative combination of market research, brand management, advertising and PR.
Difficulties in achieving optimum sales and profits sometimes get managers of corporate organizations and businesses wondering whether they are in the right kind of business.
Other people may sometimes think that changing from their current products to new ones may do the trick. They end up introducing a new product into the market, only to realize that the new product even faces a stiffer competition.
When this happens, they then get the realization:
Changing products is not the key to the competition.
In the dynamics of modern markets, nothing is new and nothing may be old. There is no product that faces no or limited competition.
Staying on top and ahead of other competing brands, therefore, requires innovative business strategies and ideas that can help a corporate entity accomplish the mission of meeting the challenges of modern marketing.
One sure way of becoming a market leader is by adopting what can be called ‘the continuous marketing cycle approach,’ that involves the combination of different techniques as explained below.
Why Continuous Market Research
Market research should be a continuous activity by all companies. Organizations sometimes see the need for doing research on their products only when demand for a product dwindles.
Such research activities are often aimed at finding out what may have caused the reduction in the demand for a particular product rather than finding out how to improve upon the presence or sale of a product with the view of ultimately making the commodity a market leader.
When a product plunges in the market, the reasons for the dip can be difficult to find and getting it back on top of the consumers’ list can take more than extra-ordinary efforts.
The solution, therefore, is doing a constant market research.
The research can always be in the form of consumer surveys that will be finding out from consumers, the strengths and weaknesses of a product and what image the product has among its consumers.
The findings of such market research can then constitute good grounds for sales-boosting activities.
Brand Management Ideas
Selling may be difficult but selling a good brand is not.
Brand management should therefore be considered as a very important factor for business success.
Effective brand management should be aimed at achieving a good brand image and brand personality.
Achieving the two, leads to brand recognition, brand recall and brand identity which are the main prerequisites for gaining brand franchise or loyalty among targeted consumers.
To achieve brand loyalty for products, corporate organizations should ensure that they place premium on:
- Excellent Corporate Image
- Excellent Customer Relations
- Effective Brand Communication
- Brand Consistency
PR and Advertising Campaigns
Good brand management, supported by well crafted advertising and public relations campaigns can be a good brand communication technique for getting consumers to have a high demand for a product and being ready to pay a competitive price for it.
The use of such a marketing strategy is very necessary for value creation, which should be the optimum goal of all business entities competing in the global market place.
Organizations should therefore always consider using public relations activities like soirées, launches, media releases, among others, alongside quality advertising, in all brand management and brand communication efforts.
This may therefore require recruiting an effective PR and/or Ad agency for the job and here are tips for hiring a good advertising and/or PR agency
Tips for Recruiting PR and Advertising Agencies
Cost of Hiring, Media Relations, Networks, Use of New Media
Changing marketing trends and competition, has made the services of Public Relations (PR) and Advertising agencies critical for business survival than ever before.
The advent of new medias and the internet in particular, has changed the dynamics of business transactions and marketing to the extent that companies and organizations desirous of staying in business, have no option but to make good use of PR and advertising agencies or professionals to boost demand for their products or outcompete others for image.
Strategic Marketing Skills
Taking strategic marketing decisions that ensure the development of brand loyalty by existing customers while building pools of new customers on daily basis, is no longer an issue of gamble but one that is a necessity for ensuring business success.
The adoption of strategic decisions that are born out of strategic planning on how to meaningfully engage a company’s publics, are the hallmark of good PR and advertising agencies that should be hired by organizations and businesses.
It should be pointed out, therefore, that the decision to hire a Public Relations or advertising firm, is just as important as getting the right kind of firm to work with. In order to recruit the appropriate PR agency, and/or advertising firm, business managers and CEOs may consider the following guidelines:
Media Relations Skills
Media relations have been and continue to be one of the key branches and tools for effective Public Relations and advertising.
For PR agencies, media relations skills and networking with media professionals, are necessary for running effective public relations campaigns through the mass media. This is also true for advertising firms.
Making the maximum marketing impacts through media campaigns does not only involve getting a statement or a piece of ad in the media.
- How quick and prompt one can get a message or ad in the right media for targeted audience is a skill of media relations.
- How the message is structured,
- how the ad is designed,
- where the message or ad is placed in a newspaper or magazine are all important considerations.
In the case of radio and television, when and how a message or ad is aired or broadcast is important.
Business leaders and managers, therefore, need to assess the media relations capabilities of PR agencies and advertising firms before taking a decision to hire one firm or the other.
One best way of doing this assessment is through a quick market research and survey of media houses and journalists about which PR agencies and advertising firms they feel convenient dealing with and why.
Networks of PR and Advertising Agencies
In recruiting a firm for Public Relations or advertising jobs, organizations need to assess the networking capabilities of potential firms to be recruited. Knowing and dealing with the appropriate people at the right time is what matters most in PR.
Decisions that affect businesses negatively or positively are taken by people and having a network that allows for easy access to the people who matter when issues crop up, should be a fundamental asset of good PR and advertising firms.
Before going in for a firm, therefore, it is important to assess whether the firm has strong links with people who matter as far as matters affecting a particular business sector is concerned.
Right Agency for Right PR Job
Simply, don’t recruit a firm that specializes in mobile phone advertising to advertise or market clothing or automobiles.
Similarly, PR professionals and agencies have their areas of specializations.
So for example, you don’t hire a public relations firm that specializes in crises management in the oil and mining industry, to help market a political candidate.
Web Advertising and Web Public Relations
Web advertising and web public relations are fast replacing traditional media advertising and public relations. This has been the result of the advent of new media such as the internet, smart phones, smart homes among others which have brought about online marketing or e-marketing.
Today, social networking platforms like Facebook, Youtube, Twitter, LinkedIn, Pinterest, Tumblr, Instagram, Reddit and others have become popular platforms for advertising and doing public relations campaigns.
Good PR and advertising firms cannot, but acquaint themselves with these new trends.
In recruiting a firm, therefore, there is the need to find out if it is capable of meeting the challenges of having to integrate traditional media advertising or public relations as the case may be, with online advertising, marketing or public relations.
Cost of Hiring PR or Ad Agency
The other considerations after the above factors have been taking into account, will be the cost of recruiting the agency.
The ultimate concern should be quality of service but the best is to get an agency that cherishes excellence and operates on the basis of value for money. Such firms will usually charge based on the services it renders.
- 1 Combining Market Research, Brand Management, Advertising and PR
- 2 Why Continuous Market Research
- 3 Brand Management Ideas
- 4 PR and Advertising Campaigns
- 5 Tips for Recruiting PR and Advertising Agencies
- 6 Strategic Marketing Skills
- 7 Media Relations Skills
- 8 Networks of PR and Advertising Agencies
- 9 Right Agency for Right PR Job
- 10 Web Advertising and Web Public Relations
- 11 Cost of Hiring PR or Ad Agency