When you repeat a mistake, it’s not a mistake anymore. It’s a decision.
Over the years, we have noticed a few common mistakes that students make in the simulation that will be reflected in real-life if not learned from. We want you to learn from these mistakes and know how to resolve them.
Here are three of the common mistakes we see AdSim users make:
Mistake #1: Not getting the Message Strategy right
Getting the Message Strategy is message strategy is vital. This will be used to position your brand using your advertisements and therefore has a large bearing on your Advertising.
The purpose of a Message Strategy in AdSm is to establish your brand position to ensure that you are effectively targeting your customers through media advertising with a message that they will respond to. You will be able to measure the effectiveness of your Message Strategy decision through two market research reports:
- The Advertising Evaluation Report – this shows your adverts to a focus group from your market segment and asking them to rate your campaign’s appeal.
- The Tracking Study Report – shows a comparison of your product’s top of mind brand awareness versus its unaided brand awareness. The better your brand position, the higher your top of mind brand awareness will be.
Retention of Existing Customers is a key part of how to win AdSim and this is your main decision for keeping them satisfied with your Customer Service Level.
The purpose of a Customer Relationship Management strategy in AdSim is to decide which policies you will implement to try and keep Existing Customers loyal to your Digital Camera brand. Each option has an associated cost. Generally, the greater the cost of the option, the more appeal it will have to your market.
You will be able to measure the effectiveness of your Customer Relationship Management strategy through two market research reports:
- The Customer Relationship Management Evaluation Report – showing your adverts to a focus group of New and Existing customers and asking them to rate your current strategy’s appeal.
- Competing Products Customer Relationship Management Options – a comparison of your product’s Customer Relationship Management Options with its competition.
Mistake #3: Not spending all your Marketing Plan Budget and not purchasing Market Research Reports
You need to ensure that you spend all your marketing budget as funds do not carryover on to the next year if left unspent.
You can look at investing it in activities where you think the return will more than cover the cost. In addition, you can also allocate it towards purchasing additional market research reports.
Information has value and by investing on these reports, you are making more informed decisions.