Thriving businesses recognize the prominence of building and retaining good working relationships, whether it is with associates, employees, business or trade organizations, the government, media representatives, vendors, consumers, or the community at large.
A business must cautiously balance the benefits of these interpersonal relationships and should never allow these relationships to blind their decisions specifically when it relates to what is in the best interest of the business’s constant success and development.
Purchasing advertising media based on interpersonal relationships is a common blunder made by many small businesses. This Strategy throws the business’s strategic Marketing plan into the winds of chance in exchange for the warm and uncertain approaches that come with doing business among friends.
However, when the smoke clears the business has made high advertising outflows with little or no results and the long term negative effects may not readily be seen.
Simply, the advertising expenditures have been made, the budget may or may not be broken, and the results may be none to little measurable penetration into the business’s target demographic market segment.
Is buying media from a friend in the business always bad?
Not at all, but in order to choose the most effective media channels a business must first consider the audience or customer it is trying to reach.
Developing a strong sense of the target demographics’buying and shopping patterns, interests and hobbies, entertainment and media choices for example will lend itself a tremendous benefit to making informed media buying choices.
Once the advertising business has developed a strong sense of what media channels may prove to be the most effective it should try each a little at a time carefully tracking the results of each. Once this is far-reaching the business will be able to make a sophisticated decision on where to invest its marketing dollars, prioritizing expenditures into the mediums that have proven results for the business.
It is very much true that robust interpersonal relationships skills and the ability to develop and maintain good working relationships with a variety of people, businesses, and other organizations are imperative in today’s business environments.
However, the significance of a well planned and implemented strategic marketing idea cannot be understated and is dominant to the business’s development and endurance never taking second seat to acquaintance.