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Category Archives: Marketing

Marketing Madness

In a recent blog we discussed how we can make sure that marketing is effective for our business. This blog reiterates that while you need ensure the effectiveness of your Marketing, it is also crucial to ensure that it is effective all-year round. Businesses will often gear up for events such as Christmas, Mother’s day, Father’s day, Stocktake Sales and the like, and then accept that there are quieter periods in the rest of the year. But really, this should not be the case. What can we do to market all-year round? Let’s look to multinational companies to explore this issue. It gets hard to compete when you are reacting all the time to promotions of big players and you feel you have to follow. Unfortunately, most businesses react by putting on sales which may actually reduce your profits due to the size of the...

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A Changing Environment

Change is a fundamental and common element to our business environment and this will continue to impact on the whole Australian economy for the next few years. As we have discussed previously, both the volume and rate of change are growing exponentially. Very few businesses proactively plan to overcome or respond to the opportunities that change creates. A business’s ability to manage and implement change effectively is critically important, now more so than ever. To remain competitive and sustain vibrant businesses, quick and effective action is required to maintain long term financial viability. Major changes include: • the impact of globalisation • the adoption of innovation and technology • the change in the demographics of our target markets • the change in labor dynamics • the personalised marketing demands of customers • the ecological issues and changing government regulations These changes have had wide reaching...

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What is Marketing?

This is a conversation I often have with clients. Many businesses take a really narrow view – ‘it’s what we put on our web, print on our brochures or broadcast via our ads’. Effectively what they push out in the hope it will hit their target customer and get them to respond. Well, yes, that is a part of marketing but it’s not the whole or, I would argue, what truly matters. If the objective is to positively impact how customers (both current and prospective) think and feel about you then viewing marketing in a traditional sense isn’t going to cut it. An exercise I get clients to undertake is to map out their touch points or, put another way, the customer journey. Where, when and how do customers interact – from the first time they hear about you, to the physical or online experience,...

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Business Failure

The flipside of "success” is "failure” and it’s the latter that every business owner and manager strive hard to avoid. By definition, the term "business failure” refers to the cessation of a company’s operations following its inability to generate enough revenue to cover expenses without adequate reserves. In the recent times, there are many examples of strong businesses that have failed to adjust to the changing markets and economic times or to take advantage of opportunities – and this has ultimately led to their downfall. Based on my 26 years experience working closely with business owners, here are my 9 key tips to avoiding business failure: 1. always ensure that you target your marketing. Too many businesses have an undifferentiated product/service offering and fail to understand who their target customer is and what they require. Don’t be undifferentiated, make sure you’re speaking the right language and...

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How Great Leaders Inspire Action

Wonder when you’d get the best results with your marketing strategies? Wonder no more – with a new insight by Simon Sinek called The Golden Circle, you are sure to inspire your consumers and persuade them to make the action you've been expecting from them. But before we expand on the idea of The Golden Circle, here’s a brief background on Simon Sinek. One of the TED Talk speakers, Simon is also known as the author of the book "Start With Why” which was released in 2009. With his works, he has been convincing and motivating people to do what inspires them. With that said, there is no doubt that this new insight from him will help you get the results you have been dreaming of from your marketing strategies. The Golden Circle Concept As its name implies, the concept known as the Golden Circle...

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Tailoring your Marketing to your Consumers

I recently posted about an interesting ad campaign from Canada using Porsches in a wealthy suburb in Toronto. Let's expand on this concept of really understanding your target market and personalising your approach to them. In the video, the advertising agency Lowe Roche in Toronto Canada thought of a way to make advertising more direct and more personal for client - Pfaff Porsche. They drove the Porsche to a neighborhood of affluent families in Toronto (which was their target market), parked the Porsche in driveways and took photos. After the pictures were taken, the team from the advertising agency produced tailored marketing pieces for each address using mobile printers. They then distributed the print outs and the residents of the neighborhood received a personalized direct mail piece. From this creative and very unique campaign, 32% of people responded to a website where they booked a...

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The Lost Art of Management

You know, I think that over the last few decades that “business” has lost the art of managing their people. (I say “business” because obviously there are some great managers out there – but, in general, management is a lost art!) We’ve managed to pull through the GFC (“Global Financial Crisis”) and have emerged into a market that is very competitive, with tighter margins and that is far more globalised than ever before. There are also significant opportunities for businesses that are have the capacity and capability to embrace them. But here lies the challenge… I am finding that most businesses do not have the necessary “middle- management” skills and personnel to pull it off. Why is this so? Well, in an effort to become more efficient, we have “exised the fat” and removed layers of middle-management by pushing more and more responsibility down the...

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To Tweet or Not Tweet

To Tweet or Not to Tweet Social networking has indeed changed the world. Since its introduction, this modern phenomenon, which is also referred to as social media, has provided a new and faster way for people to connect, interact and go about with their daily lives. Social networking may have started out as a fad, but its massive appeal has transformed it to something even bigger. And today, almost 50% of the world’s IT literate population, under 30 years old, is on social networking sites such as Facebook, Twitter, Linkedin and more. Social networking has affected almost every person in the world in one way or another—good or bad. In fact, many people’s personal lives have changed because of it. Research shows that 1 out of 8 US couples have met through social networking sites. With things like this happening because of social media, the...

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The Neat Analysis

NEAT Analysis We have developed a simple methodology for looking at our marketing and business development options and have called it NEAT, which stands for: Number of Customers Efficiency % Average Sale $ Transaction frequency Now, N x E x A x T = Profit You can look at NEAT from a whole business perspective or on a business unit basis, if required. It is usually done on an annual basis. Number of Customers simply stands for the number of Active Customers in your business. In most businesses active customers will be those that have purchased off you in the last year or two. In high turnover businesses , eg. NewsAgents, active customers could be those that have purchased off you in the last 3 months. In the building industry, it could be people that have purchased off you in the last 5 to 10 years. In...

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Marketing for Tough Times

What is Marketing? Marketing is a term used to define a whole range of functions within a business and is expressed in a whole range of contexts. So exactly what is marketing? If we pare back the rhetoric, marketing is simply the strategies we employ to move our products/services from us to the client profitably. Marketing is the process of converting prospects to customers. It is much more than just advertising and promotion. Marketing also includes: understanding who is your target market; what is your competitive advantage; what are your product, pricing and distribution strategies as well as promotion & advertising. It is the combination of these factors that determines the effectiveness of your marketing programs. If we think in these terms it becomes obvious we need to review and expand effort into these strategies during tough times. The Sales Conveyor Belt In order to...

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