5 Ways Marketing Asset Management Improves the Bottom Line!
“One of the great responsibilities that I have is to manage my assets wisely so that they create value.”
When a business reaches its target audience, it is crucial to have a sound, effective, and efficient marketing strategy. This is especially true in the food and beverage industry, where competition is fierce and the market is constantly evolving. Even if a business has the best product or service, creating sales and driving front-end revenue can only be minimal with an effective marketing campaign. A company must make its unique brand, and that brand identification must communicate the business identity and perceived customer value and provide a solution to a "problem" that the consumer is having.
This becomes even more critical in food marketing asset management and drinks company marketing asset management. The management of marketing inventories can positively impact the net revenue of businesses, regardless of their size, from small food and beverage companies to large franchises.
The first way a company can increase its bottom line is to be aware of the inventories they maintain regarding its physical marketing materials. These materials include table tents, flyers, banners, and various types of signage. In the modern age of business, digital marketing is king. However, marketing materials like those mentioned will always have their place in business and attract new customers.
People love buying from people, and the way that any food and drink marketing asset manager is going to be successful is to network and connect with its potential customers face-to-face effectively. This is done in a forward-facing manner by handing out business cards at a local networking event or business meeting, strategically placing stake signs in heavily trafficked areas, and proudly displaying banners that promote a "grand opening" or new business "coming soon."
The cost for these and other materials can add up quickly if the business owner needs to manage their inventories of marketing materials effectively. This is where food manufacturing marketing asset managing comes into play, ensuring that resources are used efficiently and effectively.
Many businesses are guilty of maxing out or exceeding their marketing budgets by haphazardly ordering "tons" of marketing materials en masse. Banners, door hangers, and flyers often lie in unopened and unused boxes and never see the light of day due to a surplus of the quantity being ordered.
A second way to control inventory, and address this problem, is for the marketing asset management for franchises to set both minimums and limits to how many materials can be ordered at a time. Managers should always set minimum goals for distributing marketing materials, set a corresponding timetable for those materials, and even include an expiration date to facilitate their effective distribution.
Consistency of message is one of the keys to getting consumers to identify and create loyalty to a specific brand. 65% of senior executives feel that visual marketing materials are crucial to the success of any business. Managers have enjoyed great success in generating gross revenue and controlling the inventory costs of marketing materials simply by establishing daily, weekly, monthly, and annual goals for distributing marketing materials by their sales associates and other employees.
The simple act of goal setting will not only allow inventories to be controlled and maintained. Still, it will also help ensure that employees always have access to the marketing materials they need. Management should strive to take another step and empower its field employees with instant access to the current marketing material inventory. This will save time with duplicate requests and increase organization, so replenishing products for those working in the field can be painless.
Another way to control costs is to negotiate the best prices before ordering and set up a schedule for reordering basic marketing materials. One recent survey found that 52% of business marketers believed that a comprehensive, automated marketing campaign was paramount to maintaining the continuity of message and brand between a company's front office and the touchpoints with its customers.
This is good news because costs such as design setup charges and shipping can be waived if the negotiator is intelligent and diligent in obtaining at least three quotes for the same products. This is particularly relevant in the beverage industry, where brand assets are frequently updated and refreshed.
Another example of how inventory costs can be managed is based on automation. Usually, marketing materials will be ordered or reordered regularly. Negotiating a reoccurring auto-ship of standardized material will reduce short- and long-term costs and help ensure brand continuity of message and presentation. This is where digital asset management comes into play, ensuring that digital assets are properly managed and utilized.
Finally, another way to control inventory costs is to establish marketing campaigns proactively. Companies that employ direct mail may have their entire annual marketing campaign set up a year at a time. That way, they know what campaign is coming up, when it will hit, what the "financial offer" on the piece is, and when the offer on that piece expires. A schedule of this type ensures brand recognition, conveys a new offer, and communicates that there is a call to action that will expire at a particular time.
No rocket science is involved in controlling the costs of marketing inventories. Suppose a company takes the time to create and maintain marketing materials by ordering responsible amounts, creating time-sensitive materials and employing a call to action, aggressively negotiating production prices, assigning goals to relevant staff members, and ensuring that employees have quick and easy access to material through automation. In that case, they can drive front-end revenues while controlling costs that impact their bottom line!
Effective marketing asset management can make all the difference in the food and beverage industry, where competition is fierce and the market is constantly evolving. Every aspect of marketing plays a crucial role in a company's success, from managing physical marketing materials to digital assets. By implementing these strategies, food and beverage companies can improve their bottom line and ensure their brand stands out.