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capabilities Archives - Syneka Marketing

Syneka Marketing announced as sponsor for Club 3004

By | Advice for Businesses, News, Resources | No Comments

Club 3004 is the premiere business network stretching from the Bay to the Boulevard, encompassing the Cities of Melbourne, Port Phillip and Stonington.

As a business in South Melbourne we are pleased to announce our sponsorship and support of Club 3004. We will be assisting Club 3004 in its strategic direction and marketing capabilities, through a marketing plan that facilities value and growth.

Club 3004 hosts regular events, covering professional development and networking. For details please visit Club 3004.

Swinburne University

Australian Marketing Institute and Swinburne TAFE bringing industry to the classroom

By | News | One Comment

This afternoon I was invited to attend a mock trade show created for Swinburne TAFE students studying Certificate IV in Marketing and a Certificate IV in Business. The expo was created to enable students to develop the marketing strategies for an innovative product that could be sold in the real world.

Alex awarding a prize to a student

Alex awarding a prize to a student

I was the keynote speaker at the event and highlighted the skills that emerging marketers need to gain employment within the marketing profession. The expo enabled students to showcase their marketing knowledge including the need to look beyond pricing points and into the positioning of their products and the audiences they are seeking to attract.

Alex Makin at the expo

Alex Makin at the expo

Several prizes were awarded to the students. Congratulations to Swinburne and its students for developing an innovative approach that showcases marketing capabilities.

Beyond the SWOT – Revisiting this elementary tool

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

The SWOT analysis (the consideration of strengths, weaknesses, opportunities and threats) is a tool that is often incorporated into most business and marketing plans. While the SWOT analysis may be trivialised, it can provide a suitable starting point to assess your current context.

A SWOT analysis looks at both internal factors (the strengths and weaknesses internal to your business) and external (the opportunities and threats that exist externally). Your SWOT analysis will only be useful if you clearly distinguish between these internal and external factors.

A SWOT Analysis lets you review the internal and external factors influencing your business.

A SWOT Analysis lets you review the internal and external factors influencing your business.

The Internal Factors

Understanding the distinction between internal and external factors is key to developing a SWOT analysis. Internal factors are those that are entirely controlled within your business.

Strengths

A SWOT begins by exploring your strengths. These are internal attributes that are stronger in your business when compared to your competitors or the broader industry. Consider factors such as assets, staff, or processes that give your business an advantage above others.

What is it that you do better than your competitors and why is it important? Leveraging your strengths enables you to develop a competitive advantage.

Weaknesses

Weaknesses are the areas of your business that are weaker, relative to comparable organisations. Explore the capabilities of your business, such as staff constraints, production barriers or policies.

What limitations exist for your organisation, and why are these an issue? Weaknesses may need to be mitigated to prevent adverse effects on your business.

External Factors

External Factors are dependent on factors that are beyond your immediate control. For example, these elements may be influenced by competitors or broader industry trends.

Opportunities

Opportunities are areas of potential growth, or activities that could be undertaken by your business. Consider new markets, such as demographics that could be interested in your products or services, or adaptations that could enable you to encourage repeat purchases.

Why do these opportunities exist and what is required to pursue them? How feasible is it to develop these opportunities, and what is their likelihood of success? Remember that opportunities need investment to be realised.

Threats

Threats are aspects that may pose a risk to your business. Examples include new competitors, regulations, economic conditions or industry trends that will have a detrimental impact on your business.

How likely are each of the threats and what would be the potential impact? How can you mitigate these threats to minimise the potential ramifications? Understanding these threats lets you consider how best to allocate resources towards mitigation.

Undertake the Analysis

While it is often easy to list multiple items, it is important that you also consider the context behind each entry. Clearly identify why an item should be listed within one of the components and consider the broader context.

For example:

  • What are the ramifications if a threat is not mitigated?
  • Are your weaknesses able to be exploited by competitors?
  • Can you leverage your strengths?
  • Are you able to develop the identified opportunities?

These are some of the questions that you should be answering as you develop your SWOT analysis. Remember that a SWOT is only useful if you do more than just list items, ensure that you add the analysis as well.

Syneka Marketing

Pro Bono Magazine – Why every not-for-profit needs marketing

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

Syneka Marketing has an editorial feature in Source Magazine, discussing the importance of marketing for not-for-profit organisations. We are pleased to have an ongoing association with Pro Bono and to have been featured in their Source Magazine.

Syneka Marketing's advertisement in Pro Bono Magazine

Syneka Marketing’s advertisement in Pro Bono Magazine

Marketing should be an essential part of any not-for-profit organisation. More than ever, not-for-profit organisations have to compete for funding from a diverse range of stakeholders.

Marketing is more than sales, it looks at how you can position your organisation to sustain itself into the future. It considers how to best deliver consistent messages to stakeholders and achieve goals that you set for your organisation.

Marketing is made up of many components, the most important of which is the marketing plan. A marketing plan acts as the blueprint that can be used to implement all marketing actions.

A marketing plan should support your organisational strategies and look at how your organisation can achieve these goals. Common elements include an assessment of internal and external capabilities, key messages, target markets and relevant stakeholders.

A marketing plan can help you to understand the strengths of your organisation and can assist in uncovering new opportunities. Marketing plans also provide guidance on what marketing tools you can use when undertaking your marketing activities, as well as understanding how to measure outcomes and evaluate the success of these tools.

There are many marketing tools; including websites, media releases, brochures, advertisements, telephone and email correspondence and social media. Every form of contact with a stakeholder is a form of marketing as it leaves an impression about your organisation. When used effectively, these tools can effectively promote your organisation to stakeholders.

Marketing tools are most effective when they are used together to promote your goals. This is due to the fact that different mediums allow you to reach your stakeholders in different ways and to capture a larger audience.

It is important to be consistent when undertaking marketing activities. Inconsistency creates confusion and diminishes the ability to provide a connect with stakeholders. Your marketing plan should identify key messages and the tools that should be used to communicate.

You need to make sure that you have staff or a marketing agency that understands your organisation and your key messages. Training and support can help your staff understand how you want to be seen by your stakeholders.

Marketing also ensures that you utilise these tools as effectively as possible. For example, you can integrate your website with social media platforms, like Facebook and Twitter, to provide a consistent image and to save time, by only requiring the need to enter each message once.

Marketing can help you to reach your stakeholders and obtain funding. Effective marketing requires planning and an understanding of where you want to be into the future. Implementation should encompass the use of the right marketing tools that reach your stakeholders and promote your messages.

What is Marketing?

What is Marketing?

By | Advice, Advice for Businesses, Advice for Not-for-profit Organisations and Charities, News, Presentations | 7 Comments

Marketing is unfortunately one of the most misunderstood functions in businesses and organisations. Professional Marketers have unfortunately allowed the term to be hijacked – through telemarketing, direct marketing, SEO marketing – and by others, who claim to offer marketing, but without the foundations to ensure ongoing success.

Marketing is created when you leverage the tools you have to achieve your organisation's goals

Marketing is created when you leverage the tools you have to achieve your organisation’s goals

The definition

Marketing has no standard definition – the key terms even differ between professional marketing associations.

The American Marketing Association defines marketing as:

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

While the Australian Marketing Institute uses the following definition:

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.

While the definitions differ, there is the common element of value, ensuring organisations provide value that resonates with customers, clients and other stakeholders.

Marketing – more than the sum of the parts

Marketing is more than sales, advertising, logos, promotion or processes – it is about leveraging the combined effort of your business or organisation to achieve its goals and mission.

Marketing starts with strategy. It considers the capabilities of your organisation and assesses the wider operating context to outline the steps required to achieve the goals you want for your organisation.

A marketing plan works in tandem with your business plan, providing the context and identifying steps that are required. A business plan identifies what you want to achieve, a marketing plan shows how you achieve these outcomes.

A logo on its own is not marketing, nor is a brochure, website or Twitter account. Marketing is when the logo is used to create a brand, providing an identity that is used in a brochure, website or Twitter account to communicate messages that reach and resonate with a target audience.

Marketing is when you leverage each of these tools to achieve the goals you have set for your organisation.

Beware the Pretenders

There are unfortunately many operators who are nothing more than pretenders – hijacking the marketing term through promises that cannot be kept.

You can use more than one provider to draw on specific expertise, but each of them should understand your goals and how they fit into the bigger picture. Services that neglect the bigger picture will do more harm than good, offering suggestions that fail to understand the people, processes and strengths of your organisation.

The consequences

Failing to understand the bigger picture can harm the reputation of your organisation, by creating conflicting messages that erode the value of your brand.

Let’s consider a brand likes Porsche. If Porsche wanted to increase sales then one option would be aggressive price discounts. Reducing prices would most likely result in a short-term increase in sales, but would also erode the prestige that Porsche has established over many years. The end result would be conflicting messages and an eroded brand that would adversely impact sales and reputation into the future.

A holistic marketing approach would understand the strengths of the brand and provide strategies that do not erode an organisation’s value.

Retail is experiencing a similar issue in Australia, where the focus has been on price rather than service.

There was a time when shoppers travelled to Myer to experience its highly regarded levels of service. Over time a focus on reducing prices resulted in staff reductions and a lower level of service, making Myer just another department store.

Along came online stores, who can undercut traditional retailers because they do not have the same cost pressures.

Unfortunately, retailers have focused predominately on price, without leveraging the strengths provided by a store presence. The result is an erosion of their unique selling proposition, or the attributes that distinguish one organisation from another. Retail needs to focus on the experience: service, personalisation and where shoppers are able to see what they want to buy.

Don’t damage your brand

While a standard definition of marketing is unlikely to be agreed upon soon – it is time to recapture what marketing is and the value it provides.

Don’t risk your organisation with providers who fail to understand the bigger picture and do not provide the steps to get you there.

Success starts with strategy – know what you want to achieve and then plan the steps required to get you there.