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demographics Archives - Syneka Marketing

A Strategic Approach to Measuring Marketing Performance

By | Advice for Businesses, Resources | No Comments

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.

Melbourne Silicon Beach Meetup

By | Advice for Businesses | No Comments

As supporters of Melbourne’s Startup community we attended the July Melbourne Silicon Beach Meetup. Our role is to ensure that startups receive the right marketing advice so they can make the informed decisions on how best to achieve their business outcomes.

Unfortunately over 80% of startups do not survive after the first twelve months. The lack of a suitable marketing approach, though a failure to understand market trends, customer demographics and the competitive landscapes, is one of the top ten reasons for this failure.

Our mission of re-defining marketing as a strategic led approach that links business goals and marketing outcomes, means we are working with startups to ensure they receive the right marketing advice.

Jean Paul Gaultier NGV

What happens when you promote something too well?

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

Promotion is one facet of marketing. This Saturday I saw an excellent example of promotion at the National Gallery of Victoria. It was the last week of the Jean Paul Gaultier exhibit and the gallery was open from late in the evening to midnight.

As an after dinner event with music and a party-like atmosphere it had the potential to be a great date night, mother-daugher bonding activity or family outing.

The gallery provided the option of purchasing the tickets prior to the event, which I did to avoid queues at the door.

I arrived at the National Gallery at 8pm and so did several hundred other people. Unfortunately, most of these people had also pre-purchased their tickets and I was left waiting in a line outside the gallery, then a smaller line to collect a wrist band, followed by a large line to be given access to the exhibit and then finally another smaller line waiting to make my way into the exhibition. Four lines, and more than an hour later, I finally made it to an exhibition that took two hours to see.

Line outside the National Gallery of Victoria

Line outside the National Gallery of Victoria

Had I gone to the National Gallery of Victoria at 10:30pm I would not have had that problem, but like many others I had made the decision to go there after dinner. This experience is an example of what happens when promotion goes too well.

There was a great deal of thought put into the creative collateral developed for this exhibition as well as Public Relations and digital content, however, what the National Gallery of Victoria has not done is manage the follow through effectively.

An excellent use of creative collateral

An excellent use of creative collateral

 

Inside the exhibition

Inside the exhibition

Marketing is more than promotion, it extends to the entire customer experience. From initial contact, to purchase and then interaction, the right marketing should provide a consistent experience.

My experience with the exhibition itself and the purchasing of tickets was a positive one. However having to wait in line with several hundred people was not pleasant.

So what would we recommend to provide your customers with the best possible experience?

It starts by looking at what experience you want to create, and then following this through the entire marketing process.

Marketing strategy can enable you to streamline the mix of marketing tools that create a consistent experience.

For this particular example, while the National Gallery of Victoria created a sufficient amount of excitement around the exhibition; what they did not do was create a positive overall experience. The result diminished the value I had for this particular exhibition.

This could have been avoided by doing the following: 

  • Gathering demographics about participants to gain an understanding of potential purchasing habits and behavioural patterns;
  • Streamlining viewings by staggering attendance times;
  • Notifying individuals of peak periods and estimated wait times;
  • Creating events around peak periods such as themed dinners or pre dinner exhibitions;
  • Working with other venues around the gallery to provide pre and post entertainment.

Promotion is one aspect of marketing. Creating an experience requires looking beyond this. The next time you want to promote something, avoid the trap the National Gallery of Victoria fell into with the Jean Paul Gaultier exhibition and consider promotions to be one part of your marketing mix.

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.

Inside a Marketing Plan – Your Strategies Set The Direction

By | Advice, Advice for Businesses, Advice for Not-for-profit Organisations and Charities, Government, News | One Comment

Last week we discussed the importance of capturing the right information when developing a marketing plan. The Capture Phase lets you gain insights in your business, markets, competitors and other aspects that will influence demand.

We’re continuing the exploration of our marketing methodology, by exploring the Strategy Phase. This component is the second part of the marketing methodology and builds on the information you gathered during the capture phase.

The Strategy Phase considers what strategies will achieve your marketing goals

Begin by analysing the information you captured

The strategies for your business should be informed by the findings from the capture phase. You need to understand what the data is telling you to identify where there may be merit in developing specific strategies.

For example, if you wish to introduce a new product, consider the target demographics and the motivating factors that would influence purchase decisions. One of your strategies would specifically develop this market, with the aim of delivering sales and revenue growth.

Understanding the information you have gathered will ensure that your strategies are relevant and will deliver positive results.

Be open to engagement

The Strategy Phase should be open to collaboration and there is merit in involving stakeholders and staff to ensure that they are able to contribute their observations.

Several methods exist to encourage engagement, including workshops, interviews or surveys. Often you may need to use several of these methods to reach all relevant stakeholders, depending on their level of engagement. Often you can involve staff in an internal workshop, hold selected interviews with key customers and then conduct a survey seeking wider input. Each of these methods are valid and should have a consistent foundation to ensure that you can compare results. Furthermore, consistency will enable you to benchmark future results to identify trends and measure performance.

Consider all options

You need to consider all possible options during the strategy phase. The aim of this phase is to think strategically about your business and its possibilities. Subsequently, you will be able to identify the strategies that are the right fit for your business and which will be included in the final marketing plan.

If you have a seasonal product, such as ice cream, one relevant strategy would be the introduction of complementary food, such as waffles, that may be more suitable for winter. This would be a sound strategy, as it would reduce seasonal fluctuations, but may not be suitable if you are planning on being known exclusively for ice cream.

The final strategies that you select for your marketing plan should be consistent with the research, validate the engagement that was undertaken and reinforce the strategic direction of your business.

Your strategy sets your direction

The Strategy Phase is where you begin to explore future options and possibilities. Taking the time to identify the right strategies ensures that the resources you allocate will achieve results.

The Strategy Phase establishes the criteria you will use to measure the success of your marketing plan.

Inside a Marketing Plan – Begin by capturing the Information you need

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Last month we explored our framework, which provides a holistic approach to developing marketing and business strategies.

Over the next few weeks we’re going to delve into a marketing plan, exploring the methodology we utilise to develop and execute a marketing plan.

Capture Business Plan NFP 1000px

Know what you need to Research

The first step is to understand the information you need for a marketing plan. Consider details of your customers, the composition of your products and services, as well as the competitors and industry trends.

Each of these elements should be researched in sufficient depth so that you do not need to make unfounded assumptions.

Identify competitors

Pay particular attention to your competitors, consider not just those that offer similar products or services, but indirect competition as well. What other alternatives exist to purchasing your products or services? These alternatives are all a form of competition and should be considered. For example, a restaurant would not only consider other similar competitors, but also take-away and delivery options.

Furthermore, given that restaurant spending is often used as a form of enjoyment, there is a need to consider alternatives as a form of indirect competition, including movies, theatres and other forms of entertainment.

Know Your Customers

Understand your customers, including what motivates them to make a purchase, as well as key demographic information. Knowing your existing customers will assist in extending your reach within your target markets. If you are a new business or want to consider new markets, then you should assess the customer segments that are being served by competitors and whether you will serve similar demographics or identify alternative targets.

Understand your entire business

Marketing involves your entire business operations. Understand your sales process, how do staff greet customers, do they encourage interaction and the confidence for someone to make a purchase? How could staff encourage purchases or strengthen engagement with customers?

Similarly consider the process for delivering services or products. How could these be improved to strengthen the customer’s experience? It is important these aspects are considered, so that bottlenecks do not emerge if sales are increased.

Research Underpins Your Entire Plan

The Capture Phase sets the foundations for your entire marketing plan. The latter phases of a marketing plan are based on the information that is uncovered during the capture phase. The Capture Phase relies on current and historical information to inform the future direction of your marketing plan.