Questions and AnswersIn this section, Subhakar Rao will answer your queries related to business/profession/marketing etc. Look for this section every Friday to have your query answered.
What is the importance of marketing as a business function?
Marketing is the life-blood of any business or organization. Strategic marketing can beat recession or business downturns successfully. Marketing allows you to gain new customers while retaining the existing ones. It is actually an investment contrary to the popular belief that it is a huge cost to the company.
What is your suggestion to companies who are not an expert in marketing their products?
Outsource is my only suggestion to companies who are not a pro in marketing their products and services. Outsourcing your marketing wing can strategically reduce your set-up cost, investments, and can bring your ROI a notch higher. You can even consider outsourcing to vendors abroad at a lower cost and a faster turnaround.
What is your advice to companies who are looking to diversify their marketing spend?
It is very important for marketers to diversify their marketing budget and try different marketing tools for different products. You can increase or decrease your spend based on your product, its brand value, target audience and the medium of marketing. It is always advisable to consult a marketing expert before making the blueprint of your marketing resources.