Some key indicators to keep an eye on include central bank interest rates, unemployment rates by industry, and the consumer confidence index. Macroeconomic indicators give you an overview of where the economy is going and can help you identify your target market, plan your advertising budget, and create a product strategy with greater precision. Where’s the economy headed? Is it contracting or expanding? Are consumers spending their wages or saving them? When you have insight into the “big picture”, you can then align your marketing strategy to aim for consumers that are benefitting from changing economic conditions. Factors such as inflation, job growth, imports, exports, and other indicators will give you an idea of where money is flowing. Market research makes that possible by giving you a thorough understanding of the economic factors that can affect your overall strategy. Component 1: Market ResearchĪll successful marketing strategies start with a map of the territory. Ready to get started with a successful marketing program of your own? If so, then you should build a solid foundation to set you on the right path for success. This guide can serve as a practical starting point with the standard components we’ve seen repeated over the years as experts in digital and social media marketing. A successful marketing mix will help you reach your marketing goals and put your company in a position where it can quickly increase its bottom line and keep growing. Digital marketing is an art and a science - a delicate dance of persuasion as well as a carefully calibrated game of odds and statistics.
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