The Choice
In the current case, BMI has managed to develop a multi-million dollar business, but they still remain unknown as they are a new company. The company has a management team made by individuals with years of experience and strong industry reputation. BMI (Brand Momentum Inc.) needs to evaluate all options and identify the way the company can maximize their brand reach and exploit their competencies. Among all three choices available for promoting BMI and developing the company’ brand name, the most effective option would be to use traditional marketing option. The traditional marketing option requires BMI to purchase ad space in newspapers and magazines by presenting their story and their vision to the industry. Overall, the option would help BMI to achieve its objective of making potential customers aware of the company’s presence and competencies.
Reasons for the Choice
Reach of Large Audience
There are distinct advantages of choosing traditional marketing option as other options cannot provide the same market wide reach. Newspaper and magazine are above the line advertising choices that would ensure the company’s message and vision reaches a large audience (Jolibert at al., 2012, p. 392). BMI needs to take a decision that maximizes awareness of their business among potential B2B customers. It is the core objectives of promoting the business that BMI becomes a well-known brand name in the world of branding. The choice of traditional marketing would ensure that the company realizes their objectives. Magazines such as Marketing Magazine and Strategy and Newspapers such as The Globe & Mail have large audiences and would ensure that BMI reaches out to its potential customers who are looking for marketing solutions. Other options would not provide the same reach and exposure for the company.
Stamp of Authority
The choice of traditional marketing is also logical as respectable publications posting BMI advertisements would provide a certain level of legitimacy to the business. Seeking B2B business is not an easy task and businesses would only trust an organization that positive image in the industry and gets hired by other organizations and competitors. By posting advertisements in major publications with a large audience, BMI would gain certain level of authority in the industry (Dumke, 2002, p. 108-113). Organizations that view the ad in major publications would see BMI as a major brand that has potential to help them manage their business. The advertisement would attract businesses that are seeking marketing, sales, merchandising, technology, and HR solutions. It would become easier for BMI to attract business as many companies would themselves contact BMI and enquire about their credentials. Overall, the choice of traditional marketing creates respect for BMI and helps in achieving their overall objective of business promotion.
Less Time Consuming
BMI has a clear plan to spread their brand name in the industry and make potential customers aware of their presence and success. BMI also needs to ensure that their message reaches to potential customers in a swift manner (Belch, Belch, & Purani, 2010, p. 502). The choice of traditional marketing would also provide the ability to reach target market in a swift manner. The advertisement would be published in publications with high circulation that would ensure that the message is sent to the target audience. Among all options available for promoting BMI, the choice of traditional marketing is the only one that would ensure the message reaches the audience faster and less time is wasted on advertising decisions. Therefore, the choice of traditional marketing makes it a highly attractive option for the BMI as their message will be spread faster and they will get a response from potential customers sooner.
High Probability of Success
BMI provides certain services and has an experienced lot in their management team, but they cannot present these facts unless they advertise for their business to the masses. Their goal is to attract B-2-B clients, but it would only work if they are able to present themselves in a positive light to the potential customers (Lilien & Grewal, 2012, p. 103). It would only be possible if they promote their business. Another reason for choosing the first option is the high probability of success attached to it. Other options require the investment of a lot of time or failure through experimentation. The choice of traditional marketing would ensure that some potential customers might get in touch. From that point onwards, it is within BMI’s ability to convince potential clients to give BMI an opportunity to manage their business needs.
Take Advantage of the Experience
One way to communicate the competencies such as experienced management at the helm is through personal selling, but the same objective can be achieved through traditional marketing. Albeit, traditional marketing can only share the message of experience, still it would be able to reach a mass audience in swifter way. Therefore, choosing traditional marketing option would share the message of experienced management to entice potential customers. After enticing interested parties, BMI can pull out all their cards and share the level of expertise available in their management team to seal the deal with prospective customers.
Drawbacks and Ways to Overcome
Despite all the advantages of there are several drawbacks attached to the traditional marketing option, but these drawbacks can be overcome. Some of the drawbacks and the ways to overcome are listed below:
Limited Personal Touch
There is an issue of lack of personal touch with the traditional marketing option as it does not personalize the approach like the personal selling option. But, it is important to understand that the personal touch can be applied to potential customers that are attracted by the advertisement of the company. Rather than wasting time and energy on going through contacts and searching for potential clients, the traditional marketing approach will ensure that the potential customers would approach BMI themselves. This process would ensure that the management does not waste their time on finding business. Rather, they would spend their time on meeting attracted business client who can be convinced of the high levels of business experience, knowledge and practices of BMI through direct interactions.
Limited Cases Studies
There is another drawback for using traditional marketing option as the organization has limited case studies to show potential clients. But, this problem can also be overcome as the management team of BMI has years of business experience and have performed as leaders in different successful cases. These points can be presented and BMI can work on gaining business opportunities through the reputation of their business leaders. The lack of case studies are also a short term problem as BMI will automatically develop a large pool of case studies with time. But, this would only be achieved when the organization promotes their business and generates business from different industries and in different management principles. Therefore, traditional marketing is the best option in BMI’s case and it will help them develop a collection of successful case studies of their business.
Expensive Option
One of the biggest concerns for implementation of traditional marketing option is its expensive nature. The investment size makes it a risk for BMI as they surely do not have a huge cash reserve. But, it is important to understand that promoting a multi-million dollar business requires multi-million dollar advertising budget. BMI can always make their money back through the business they generate from the advertisement. Despite being an expensive option, the return on investment can be highly profitable from the perspective of the organization (Maisel, 1982, p. 108). Therefore, it is important that they make significant investment in traditional marketing option available to them and leverage the talent they have in the organization.
Conclusion
There are three clear options presented to BMI and among them there is a clear choice of traditional marketing. The reason for choosing traditional marketing is clear as it the most effective choice is traditional marketing. There are clear reasons for the choice as BMI are looking for an option that provides large audience reach, stamp of authority, less time consuming option, high probability of success, and take advantage of the experience. These reasons make it easier to choose traditional marketing option as all of the advantages are essential for the promotional needs of BMI. Even though there are some drawbacks of the traditional marketing option such as an expensive option, limited case studies and personal touch; these problems can be overcome due to the importance of promoting their business.
References
Belch, G. E., Belch, M. A., & Purani, K. (2010). Advertising and promotion: An integrated marketing communications perspective (7th ed.). Boston, MA: Irwin/McGraw-Hill.
Dumke, R. (2002). Corporate reputation and its importance for business success. Hamburg, Germany: Diplomica Verlag GmbH.
Jolibert, A., Mühlbacher, H., Florès, L., & Dubois, P. (2012). Marketing management: A value-creation process. Basingstoke, UK: Palgrave Macmillan.
Lilien, G. L., & Grewal, R. (2012). Handbook on business-to-business marketing. Cheltenham, UK: Edward Elgar.
Maisel, L. S. (1982). From obscurity to oblivion: Running in the congressional primary. Knoxville, TN: University of Tennessee Press.
