Whatever the scale of your business (micro, SME or multinational) or development stage (start-up, established or market leader) you will almost certainly have used marketing to promote your business. How do you know if it is working? How do you decide if your marketing strategy is right? The following key thoughts will help you maximise return on investment, ensure the best use of resources, avoid fire fighting and get it right.
Maximising return on investment
If marketing isn’t giving you the results you want then I agree it is time for a re-think, but this doesn’t mean abandoning marketing – be careful that you ‘don’t throw the baby out with the bath water’. One of the major challenges businesses face is uncertainty, influenced by the economic climate on a global scale, by technological changes at an increasing pace, by the introduction of new products and competitors more frequently than ever before, and by Government policy decisions and regulation.
Marketing is changing too with the everyday use of digital platforms and social media continuing to challenge the very fabric of what is effective marketing. Marketing is no longer about strategies of ‘push’ but rather driven firmly by the ‘pull’ of the customer demands.
To generate a better marketing return on investment (MROI) businesses must have clear vision and objectives. The importance of strategy becomes paramount in defining who is the target market, understanding the customer journey (decision-making process), the message (what customers want) and the method (how we engage with them). Increasingly the way we engage with prospects and customers is about building relationships offering information and services based on trust and less about persuasion.
Ensure the best use of marketing resources
The tools we use today, whether in construction and home improvements & DIY or in our everyday lives have changed dramatically. Our children grow up with smartphones, tablets, ‘the Internet of things’ and social media as the norm.
The Marketing Mix has become more sophisticated and choosing from the menu requires a clear understanding of our prospects, customers and the communities in which they move.
Many years ago in my role as Head of Marketing for the Pilkington’s Tiles Group I implemented group strategy to establish an in-house graphic design department to support our marketing team. Moving this facility in-house achieved what appeared to be substantial savings in cost, however on the down side brought a limitation to the skills and creativity of the team and it’s potential.
Today as a high growth business consultant I have the privilege to work with a team of associates across a full spectrum of disciplines and skills, which ultimately ensures that clients get the best specialist for the area where they require support. This works equally well where the client has no in-house marketing or has an established marketing team, which is thereby enhanced by resources when and where they need it.
Avoid fire fighting
Increasingly I find business teams are stretched and expected to cover multiple disciplines. As a result they often lack the time and experience to maximise the effectiveness of the marketing effort in all situations. A way to overcome this is to understand and maximise the potential and effectiveness of staff through business coaching. This can be completely tailored to the individual’s needs and in the short-term may be managed through external support in key areas whilst the coaching develops staff with the skills to maximise marketing return on investment and improve performance. In the world of smartphones, devices and technological advancement, its time that businesses adopted the flexible smarter approach to ensure they have the right marketing strategy.
To review your marketing strategy and to generate a better marketing return on investment (MROI) contact us at firstname.lastname@example.org for a free initial consultation or for more advice on business strategy and marketing expertise.
How your strategy can benefit from reach-mc
- Specialists in business strategy, marketing expertise & business development, leadership and management, product management, new product development and effective marketing campaigns.
- Specialist expertise for the construction and property, manufacturing and distribution, building materials, drainage and water management, renewable energy and home improvement sectors (bathrooms and kitchens, tiles and flooring).
- Successful track record targeting architectural specification, building contractors, housing developers, installers & contractors, and distributors.
- Winners of the Construction Marketing Awards 2014 for strategic planning and management.
- Leo Aspden, founder of reach-mc is an approved High Growth Business Coach, a Chartered member of the Chartered Institute of Marketing (CIM), Steering group member of the Chartered Institute of Marketing Construction Marketing Group (CIMCIG) and a Fellow of the Chartered Management Institute (CMI).