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business owner Archives - Syneka Marketing

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.

Melbourne Business Network PM Club – End of year party

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The Melbourne Business Network held its final PM Club for 2015. The event provided the opportunity to network with business owners within the City of Melbourne and its surrounds, in both a structured and informal setting.

We met a diverse range of business owners at this event, including some B3000+ Award winners and also caught up with other Melbourne Business Network members.

Port Phillip Business Network Lunch with Harold Mitchell

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The city of Port Phillip is home to many marketing and advertising agencies (including Syneka Marketing) and is considered to be the heart of marketing in Australia.

I attended the Port Phillip Business Network lunch with Harold Mitchell. The event was held at the St Kilda Town Hall, which attracted many local business owners from within the City of Port Phillip.

Harold Mitchell spoke about his experiences working in advertising, including setting up a media buying agency in South Melbourne. One of the key aspects I took away from Harold’s speech was the fact that he made the decision to build an agency around his strengths. At Syneka Marketing we specialise in strategy because this is something that we do well and can deliver with confidence.

Sonya Pemberton a producer and documentary maker also spoke at the event. Sonya, like Harold focuses on creating projects that work to her strengths as a film maker and producer.

We look forward to attending similar Port Phillip Business Network events in the future.13

TiE Melbourne – Informal Networking

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We attended an informal networking event organised by TiE Melbourne. TiE is a not-for-profit organisation that seeks to bring together new business owners with experienced business professionals.

Nine out of ten StartUps do not continue operating beyond their first year, demonstrating a need to build business capacity through strategic insight and direction. Forums such as TiE provide a basis to strengthen business.

HUB St Kilda – Birthday celebrations

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The HUB St Kilda celebrated its birthday on the 16th October. This co-location workspace is based in the centre of St Kilda and brings together an eclectic mix of business owners, with a particular focus on creativity.

We attended the birthday celebrations through the Port Phillip Business Network, which holds events across the municipality.

Marketing – Your short-term action need to strengthen your long-term position

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As a strategic marketing agency we work with our clients to align their business goals with marketing outcomes. The end result is a combination of short-term actions that can be implemented immediately and activities that build the capacity of a business over the longer-term. Like personal goals, business goals can take time, perseverance, strategy and dedication to accomplish.

Unfortunately in today’s fast paced environment it can be far too easy to rush into ill-considered short-term actions, which can have a detrimental impact on growth over the longer term. Aggressive pricing discounts are one of the most evident examples of this approach, whereby a short-term spike in sales, will often jeopardise the value proposition over the longer term.  Pricing is one element of the marketing mix and needs to be considered in tandem with all aspects of your business.

A tactics led approach can perpetuate business uncertainty, given that there is little consideration on the overall impact of a business. As a consequence, the wrong metrics are often collated, providing numbers that appear positive, but have little value. Classic examples include website visitations, when the more important metric is conversion and measuring the desire to purchase.

Furthermore, marketing activities do not work in isolation, and there is a need to measure the effectiveness of several activities across the entire decision making process. The evaluation of your marketing activities need to not only look at the performance of each tactic, but also their collective impact.

Unfortunately, it can often be difficult for business owners to view their business objectively, leading to poor judgement around strategic marketing decisions. Marketers need to demonstrate strategic expertise to ensure that all activities are assessed objectively and in the context of business goals.

The lack of objectivity is often evidenced in the rush for the latest trend, where the buzz blurs the metrics that actually matter. Content is the current example, whereby content for contents sake achieves little, but a targeted approach aimed at connecting and engaging target audiences, can have merit.  Social media was previously caught in a similar buzz, with metrics highlighting Facebook likes, but with little consideration on the need to convert these likes into advocates and customers.

A strategic approach looks beyond the buzz and begins by viewing a business holistically. There is a focus on relevant metrics, so that a business is able to measure outcomes and adjust to changing needs as required. As result, marketing activities focus on overall impact, ensuring a consistent experience that motivates purchase decisions.

Importantly there are often compounding benefits to a strategic approach, with short-term initiatives strengthening over time and reinforcing the value proposition of a business.

Business success is never going to be achieved by looking at discrete short-term actions, or rushing to the latest buzzwords.  Focus on your longer-term aspirations and begin by exploring initiatives that can be achieved in short-term while being consistent with your business goals.