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business goals Archives - Syneka Marketing

Do not overlook your products and services

By | Advice for Businesses | No Comments

The marketing mix, or customer experience, forms the foundation of a strategic marketing approach. Each element within the mix needs to be considered from a strategic perspective to ensure alignment between business goals, market value and marketing outcomes.

While many businesses understand the core of what they offer, they often overlook the other attributes that consist of their product or service. A product or service will typically have three core components:

  1. The Core  – the fundamental need you provide. The core is the generic need that that is fulfilled by utilising your product or service. For example in hospitality you are satisfying hunger, or shelter for accommodation. This is often cited as one of the reasons for the failure of Kodak, since it failed to consider that its products provide story telling or memories, not photography.
  2. Actual product – the tangible components that customers interact with. This is the physical configuration of the product or service, including packaging, staff interaction and the product itself. Hospitality incorporates the setting of the restaurant, cuisine selection and attitudes of staff. In the case of Kodak, the product included the film quality, packaging and store interaction. Had Kodak considered its product as storytelling or memories, then the actual product would have encompassed digital storage, cameras and photography sharing.
  3. Augmented product – additional components you can offer to differentiate yourself from competitors, which reinforce your value proposition. A fine dining restaurant may incorporate an additional course in a degustation menu for regular customers, while a hotel may offer valet parking or extended check outs.
Product components

A product consists of many components – all of them need to be part of the marketing mix

Failing to incorporate a holistic view of your products or services will cause fragmentation within the marketing mix and diminish outcomes. Marketing needs visibility and influence into product development and service composition to ensure alignment across each element of the marketing mix.

Embedding rigour into marketing – through our Performance Framework

By | Advice for Businesses | One Comment

It is easy to spend time and money on marketing, but a lot harder to ensure that your resources actually deliver a positive impact. As a result, marketing often becomes unaccountable, delivering tactics that generate activity, but underperform in regard to anticipated outcomes.

These issues are due to marketing being undertaken as distinct operational tasks, rather than a core strategic function that secures business growth. Consequently, marketing often lacks a presence at an executive or board room level, despite the reputational and financial risks created through a lack of strategic insight.

Overview of the Syneka Marketing Performance Methodology

Ultimately, marketing is designed to strengthen business capacity, yet this is often lacking within marketing itself.

The Syneka Marketing Performance Methodology is designed to embed rigour into marketing, through data analysis, strategic insights and evaluation. As a result, the Syneka Marketing Performance Methodology consists of four key modules that have defined methodologies:

  • The Audit – forms the foundations of all marketing projects, by reviewing existing activities and assessing performance.
  • The Forecast – assesses future market conditions, guiding the development of campaign plans and product innovations.
  • The Plan – aligns marketing outcomes with business goals, through implementation schedules that guide and measure marketing activities.
  • Execution – the delivery of marketing outcomes, as per the defined timeframes, with all activities being evaluated on the required outcomes.

Our services, encompassing consulting, workshops, training and management are aligned in accordance with our Framework to ensure transparency and accountability. For further information, view our Guide to the Syneka Marketing Performance Methodology .

Setting the standard: Why accreditation matters for marketing

By | Advice, Advice for Businesses, Advice for Not-for-profit Organisations and Charities, Government, News, Resources | No Comments

Imagine, one morning someone enters your office and tells you that they want 20% of your annual turnover because they have a ‘great idea’ to grow your business. They are unable to provide any evidence to support their claims, other than saying they have a ‘great idea’.

It goes without saying, but not many business owners or managers would contemplate making such a transaction.

Unfortunately, this is what marketing often looks like, with far too many decisions made on hunches or guesses, rather than a factual understanding of market needs, positioning and opportunities. As a consequence, marketing consulting and marketing services have a surprisingly low barrier of entry, with anyone able to claim they are a marketing consultant, expert, specialist or even ‘guru’.

Research into business exits often cites the lack of marketing insights as being one of the top ten causes of business failure. This is despite marketing spend often being between 10% and 20% of an annual budget.

The current approach provided by many who claim to provide ‘marketing’ is failing businesses and the wider community.

This is why accreditation matters for marketing, and is why we are so heavily involved with the Australian Marketing Institute (AMI). Accreditation has the potential to uplift the marketing profession and provide a benchmark for the delivery of marketing services.

No business would seek financial advice from someone that lacks appropriate accreditation, given the potential ramifications of bad advice. Yet we as professional marketers, have lost track of the amount of times we have been brought in to fix the mistakes made by pseudo-marketers. It is time to put an end to pseudo-marketers by recognising the definition of marketing (as defined by the Australian Marketing Institute):

Marketing creates value – for customers, shareholders and society as a whole. It does this by creating an alignment between what consumers value and what organisations offer. It offers techniques that help firms better understand the needs, preferences and perceptions of their customers (a prerequisite to adding value to them), and ways of using that understanding to focus the value-creating and communicating activities of the firm into areas where they will be most effective.

Marketing exists to build the capacity of your business so you can achieve your business goals. This is why one of the core marketing concepts is the marketing mix (commonly known as the customer experience):

A strategic marketing approach would have asked the right questions: focusing on all elements rather than just promotions

The marketing mix highlights the areas that marketing needs to consider to enable business growth

The marketing mix shows the impact of marketing across a business, yet pseudo-marketers, the self-proclaimed ‘experts’, ‘specialists’ or ‘gurus’ will often only focus on one or two elements. This leads to disparate tactics that will create inconsistent outcomes, ultimately resulting in reputation and operational risks.

The Certified Practising Marketer - as accredited by the Australian Marketing Institute

The Certified Practising Marketer – as accredited by the Australian Marketing Institute

The Certified Practising Marketer (CPM) designation is accredited by the Australian Marketing Institute and sets the standard for the marketing profession.

Certified Practising Marketer (CPM) accreditation assesses academic and professional experience to ensure that there is an understanding, as well as ability to apply marketing. Accreditation means a commitment to the Australian Marketing Institute’s Code of Conduct and the requirement of continuing professional development to ensure ongoing learning.

A Certified Practising Marketer (CPM) understands that marketing is more than disparate tactics. A Certified Practising Marketer (CPM) realises that marketing is the strategic alignment between business goals and marketing outcomes, resulting in a measurable and positive impact on business growth and innovation.

At Syneka Marketing we are proud of our ongoing involvement with the Australian Marketing Institute. Our founder, Alex Makin is the State Chair of the Australian Marketing Institute’s Victorian Advisory Committee and our leadership team maintains Certified Practising Marketer (CPM) accreditation.

Do not risk your business with pretenders that lack accreditation and industry recognition. Accreditation matters for marketing, just as it does for Accountants, Lawyers and Engineers.

A Strategic Approach to Measuring Marketing Performance

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What value does marketing deliver? This is the number one question any Chief Executive or Chief Financial Officer asks of marketing. Unfortunately, more often than not, the answer is not forthcoming.

This is why marketing is often the first department to be downsized during economic uncertainty, despite logic stating it should be one the of the last. Why is this? Ultimately, it is because marketing has failed to justify its own value.

This situation will not change while marketing follows an execution based approach, lurching between tactics; whether they be social media, content, events; or concepts, like the customer journey or customer experience, which have become so over utilised, they have been severed from any basis in marketing.

This situation is rife across all sizes of organisation; whether for-profit, not-for-profit or government, and yet the traditional approach is rinse and repeat, further eroding the credibility of marketing and its capacity to deliver value.

Since our formation in 2009 we have demonstrated the value that is created through a strategic approach, leading to recognition in the Australian Marketing Institute’s Awards for Marketing Excellence and our designation as Certified Practising Marketers.

Unfortunately, the word strategy has been hijacked by execution led agencies, who have tarnished the term for their own needs. This is despite the fact that the only strategy you will receive for example from a social media agency is social media. This does not provide a marketing strategy that integrates each element of marketing communications and the remaining marketing mix.

In 2016 we want to be able to stop saying we told you so, by preventing the litany of costly marketing mistakes that never should have occurred in the first place.

This is why we developed the Syneka Marketing Performance Methodology , which delivers an accountable and measurable marketing approach that is aligned with business goals. The Syneka Marketing Performance Methodology delivers continuous improvement within the marketing function and brings it back to its core definition of delivering value; the same way other business areas have been expected to strengthen outcomes and returns.

The Syneka Marketing Performance Methodology

The Syneka Marketing Performance Methodology commences with a Marketing Audit, which reviews existing activities through stakeholder consultation and internal analysis. The Marketing Audit defines the metrics required to measure marketing outcomes and establishes the foundations to deliver marketing performance.

The Marketing Forecast considers the external environment, identifying competitive pressures, customer demographics and market potential to achieve campaign or marketing goals. The result are outcomes that are optimised to deliver returns, supported through implementation schedules that identify metrics, outcomes and areas of responsibility.

The Marketing Audit and Marketing Forecast are designed to deliver results within the existing resource requirements. The Marketing Plan, the third component of the Syneka Marketing Performance Methodology , is designed to align business goals with marketing outcomes. The Marketing Plan considers both the short-term opportunities and the positioning that is required to achieve results into the future. The Marketing Plan defines the metrics that are required to measure marketing outcomes over the life of a business plan.

Marketing Execution is the last element of the Syneka Marketing Performance Methodology . This is because tactics and execution need to be guided through a strategic approach and not the other way around.

In the financial world the auditor never undertakes the day-to-day bookkeeping function due to the obvious conflict of interest. Marketing needs a separation between strategy and execution to ensure the delivery of accurate and measurable outcomes.

Our delivery of the Syneka Marketing Performance Methodology is undertaken through consulting services and training to build the capacity of marketing teams. Download our free guide of Syneka Marketing Performance Methodology to discover how we are re-defining marketing.

Welcome to 2016 – The year we want to stop saying ‘we told you so’

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Welcome to 2016! February is almost here and we have said hello to one of our busiest and most productive starts to the year.

Each year we set a narrative that guides the ongoing direction of Syneka Marketing. Our narrative is designed to be ambitious as we strive to re-define marketing into a measurable and accountable profession.

It is unfortunate that far too many businesses and not-for-profit organisations are fixated on tactics, rather than undertaking a strategic approach to marketing. In these situations, people become so fixated on a shiny bauble (the tactic that makes someone look busy but fails to have any depth) that they invariably run off, commit their budgets, only to run back to us when outcomes were not achieved.

A tactics led approach benefits no one. The client fails to gain traction and while execution based agencies may secure a sale, they often struggle to retain clients because the marketing mix was inconsistent and metrics were poorly defined.

This is why we want 2016 to be the year that we stop saying ‘we told you so’.

A strategic led approach leads to measurable marketing outcomes that deliver value to clients and the agencies that work with them. Our Syneka Marketing Performance Methodology , through the process of Audits, Forecasts and Strategic Marketing Plans, ensures a systematic, consistent, measurable and independent approach that delivers value and builds business capacity.

We continue to maintain our professional accreditation, with our leadership team being Certified Practising Marketers (CPMs) and being recognised through the Australian Marketing Institute’s Awards for Marketing Excellence.

We are working with execution based agencies to embed our strategic approach, ensuring that their tactics can be measured across marketing channels and throughout the decision making process. We are continuing our focus on education, with workshops and conference presentations to discuss the role of marketing, based on its core definition of delivering value and building business capacity.

We look forward to continuing this journey with you throughout the months ahead. Welcome to 2016 and may you achieve your business goals throughout this year.

Russel Howcroft on the Power of TV

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This morning the Australian Marketing Institute held an exclusive session held an exclusive session at the Channel Ten studios, featuring Russel Howcroft who discussed the role of ‘traditional media’ in a digital world.

The role of marketing is to use the right tools across the marketing mix to achieve business outcomes. The traditional forms of communications, through TV, radio and print, remain just as valid today, even with the introduction of digital tools. Multiple communication tools are often required to create action, so there is a need to identify how best to reach and motivate your target markets.

At Network Ten

At Network Ten

No mainstream digital disrupter, such as Twitter, Facebook or Google, has been able to achieve its market presence without the use of traditional media. Rather than seeing digital as distinct to traditional, marketers need to view these tools as the means to achieve business goals.