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industry trends Archives - Syneka Marketing

Business over Breakfast

Business over Breakfast – Re-defining Marketing

By | Advice for Businesses | No Comments

Business over Breakfast is a business networking club that meets each fortnight at the NAB Village. The aim of the group is to exchange knowledge to promote a collegial business atmosphere.

Each session involves a formalised presentation, and this morning I was invited to provide a presentation on marketing and the approach undertaken by Syneka Marketing. Ultimately marketing needs to be redefined. The term has become known for tactics, rather than the strategies that lead to ongoing business success. As a result, many businesses spend money on activities that generate little or no return.

Success starts with strategy, through a marketing plan that considers how to achieve the goals that were identified in a business plan. Understanding the market context, enables you to make informed decisions on how to respond to customer needs, competitive pressures and industry trends. Importantly, this enables you to have a value proposition that connects your strengths with the needs of your target markets.

Having this context and planning strategies based on these insights lets you allocate marketing resources effectively, providing financial savings while delivering outcomes that create a positive impact on your business.

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 – Begin by capturing the Information you need

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

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.