growth Archives - Syneka Marketing

Syneka Marketing announced as sponsor for Club 3004

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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.

The 2015 Australian Marketing Institute Awards for Marketing Excellence

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The Awards for Marketing Excellence is the premier event for the Australian Marketing Institute (AMI), highlighting the role of marketing in fostering growth and capacity.  We were finalists in both 2013 and 2014, and this year I was invited to serve on the Judging Panel.

The Awards were officiated by Channel Ten’s Russel Howcroft and it was fantastic to see the strong interest from AMI partners in supporting the event. The Awards provide an opportunity to showcase not only the entrants, but the value that is created through effective marketing.

There is a need to re-define marketing so it returns to its core intent of being a strategic function that builds business capacity. The National Awards support this conversation by demonstrating the impact that is created through a holistic and measurable approach to marketing.

Entrants in the Awards for Marketing Excellence, will be further recognised at our AMI end of year function on the 9th of December.

Australia Malaysia Financial Services Forum

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The Australia Malaysia Business Council fosters business development between the two countries, through networking and professional development. Today’s session focused on the financial services industry, exploring the growth in this sector, as well as the differing regulatory frameworks and processes between the two countries.

Malaysia and Australia are already significant trading partners and this growth is expected to continue. The Australia Malaysia Business Council helps to develop these potential opportunities.

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.

Guest Lecturing for the Australian College of Sports and Fitness

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The Australian College of Sports and Fitness is a Registered Training Organisation, delivering accredited courses focusing on health and wellbeing.  I was invited to deliver a guest lecture on marketing to Diploma students.

Sports marketing continues to experience strong growth, and it was great to speak directly to students who are either planning on forming their own business or exploring marketing related roles in the sports sector.

My session discussed the customer experience that is created through the marketing mix, as well as the need to align business goals with marketing outcomes. We explored several case studies that highlighted the need for an integrated marketing approach, including examples such as the poorly executed Woolworths ANZAC Campaign, which failed to adequately risk and the overarching brand experience.

Guest lecturing provides an opportunity to share knowledge with current students and to provide an insight into the real world application of marketing. I wish the students well as they progress towards completing their studies.

BCG Growth Share Matrix

Use Metrics to Grow

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Peter Ducker, is considered as one of the founders of modern management. One of his often quoted insights states:

“Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”

And yet for too many businesses marketing is often the area to face scrutiny when there are costs pressures.  This is largely due to marketing not being correctly understood and perceived to be difficult to measure.

The definition of marketing, as we have said on a number of occasions, needs to be strengthened. Marketing is about creating value and through this you are able to expand your capacity to deliver on your strategic goals.

Last week we explored metrics relating to customer insights, particularly in regard to purchase frequency and recency.

Metrics also exist to measure market share and awareness, both of which can assist in understanding overall positioning.

BCG Growth Share Matrix, Source: Elquens

BCG Growth Share Matrix, Source: Elquens

Relative market share has been popularised through the Boston Consulting Group’s market growth matrix.  This matrix divides products or services into four quadrants based on market share (strength) and market growth (potential):

  • Stars, which have both high market growth and market potential. Stars need ongoing investment to maintain their edge in a competitive market.
  • Cash cows, which have high market share, but low growth potential. Cash cows are stable income generators and should enable investment in other areas.
  • Question Marks, which have high market potential, but a low relative market share. Question Marks may need significant investment before they become immediately profitable.
  • Dogs, which have low market potential and low market share. Dogs may be breaking even in terms of profitability.

Awareness is often the first step that is required for a purchase decision. A potential customer needs to be aware of your existence, before they can even consider a purchase. Awareness can be prompted, where someone is asked whether they have specifically heard about your brand, or unprompted where they are asked to suggest the first name in a brand category.

In both cases, the level of prompted and unprompted awareness is determined through research into your target markets. Both of these metrics are useful in determining your presence in your relevant marketplace.

Metrics validate the role of marketing and its ability to create positive outcomes for your business. Identifying the metrics you should use will enable you to make informed decisions for your business.