Sales promotion efficiency
It is anticipated that the most productive mechanism for creating brand awareness is through financial seminars conducted by Brian Nash to advisers, on a variety of topics of interest. These seminars have been conducted for many years and have built a considerable reputation for providing sound advice for financial advisers.
The seminars are currently conducted monthly in four states at an average cost of around $2,500 and admission is charged to offset some of this cost. Given that several potential customers can be targeted simultaneously, the efficiency of this 'soft-sell' marketing effort is considered very high. Regular analysis of the costs of pursuing this line of marketing is necessary to ensure its profitability and to quantify its effectiveness in attracting new customers.
Distribution efficiency
Embracing the Internet as the primary distribution and delivery mechanism empowers ASFM with the advantage of automating all administrative functions, including accounts and revenue collection, which significantly reduces operating costs, creating efficiency. In particular, advisers have the ability to manage their client's account, including opening new accounts, which creates no delay between sale and delivery.
It is important to monitor customer satisfaction during this process through the customer 'performance scorecard'. This will need to be factored to the reliability of the computer system, operating to agreed service levels.
Strategic control
ASFM must periodically undertake a critical review of its overall effectiveness in achieving its market goals through a strategic audit of the marketing effort. Kotler (2000:708) argues that "a marketing audit is a comprehensive, systematic, independent and periodic examination of a company's ... marketing environment, objectives, strategies and activities with a view to determining problem areas and opportunities" that can be improved.
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