The Big 3 is a David Reid Group blog series designed to give you insight into the big issues in branding, marketing and selling. We break each topic down into 3 straight-forward points, so you can get the picture and get on with your day.
This is the final post in DRG’s Barometer series and here’s what we’ve established: Perth’s market may not be as good as it once was and, if you’re feeling the effects, the immediate solution is to focus on sales. In the long term though, every business needs to establish and maintain the systematic approach to marketing that we described in our earlier post DRG Bounty – Marketing. This Big 3 of marketing is simple to list but requires consistency over time:
- Think it through
- Do it and do it well
- Review it
In this post we’ll look at the Big 3 marketing situations your business may be facing, helping you understand how to tackle them and what to expect when you do.
1. Your marketing is successful – what next?
If your business is successfully following a systematic marketing process to plan, execute and review your marketing – well done. You’re probably seeing the impact of your marketing over time and are able to direct resources to your most effective marketing channels. However, you may have invested in a limited number of channels up to this point: now that your marketing is running smoothly, it’s a good time to consider adding new mediums to the mix. Many businesses are now considering moving into social media and digital marketing, other companies may have never tried case studies or sponsorship opportunities. It’s easy to see the potential of these marketing methods, but how can you make them work for your company? If you don’t have the in-house knowledge to plan, execute and review any new marketing ventures you decide on, talk to specialists in the area. It’s worth making the investment to unlock marketing potential and maintain your current success into the future.
2. Your marketing’s not right (or just not there)
Just as businesses can become rusty on the basics of selling, they can also lose the habit of using a systematic marketing process. They usually then begin to take a more tactical approach, focused on a new website or brochure, which generally doesn’t serve them well. Again, this is usually because they’ve had the luxury of an easy sales environment and, when this changes, they are reactive with their marketing efforts. In this situation you know who your target market is – they just don’t know you, or maybe they don’t know everything that you do. While you may not have to go back to the drawing board, reaching your target market will involve reviewing your branding and the story you’re telling. Once you have this straight, you’ll need to start systematic, proactive marketing again. You need to expect that the planning and execution of this effective marketing will take significant time – and here we mean months, not weeks. It will then take time for the marketing to make an impact on your customers, and then your sales. But the wait will be worth it; you’ll have a solid marketing plan to get you through this difficult period and a long term approach to stick with through the many changes to come.
3. You are marketing to a new market
A change in the business climate can mean business opportunities shift too – the effect is not equal in all industries. If your business is coming to terms with having exhausted an existing market, you’ll be looking to reposition in order to move into another market. Of the three marketing situations, this will certainly take the most thought, time, money and expertise. First and foremost you’ll need to research your target market and get to know them. You’ll need to take a strategic marketing approach and consider where your business should put its resources and efforts if it is to service this market. You’ll need to thoroughly reassess your branding and brand story in the light of this new target market and then you’ll need to grow this brand over time through a systematic marketing process. Marketing to a new market is definitely a long-term, high investment proposition. It’s not just about a new marketing channel or a new tactic – it’s a strategic decision made for the future of your business.
We hope some of what we’ve discussed in the Barometer series has resonated with you and your situation. This is the last blog of the year and as 2014 looms perhaps you’ll have the opportunity to discuss some of these ideas and how they might apply to your business. We are always available to talk it through with you, its what we do, and hopefully we can offer even more insight into your particular situation.
David Reid Group are a branding, sales and marketing consultancy in Perth, Western Australia.