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marketing audit 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.

Measure your Success through a Marketing Audit

By | Advice for Businesses | No Comments

The Marketing Audit forms the first phase of our award winning framework, whereby we assess the existing efficiency and effectiveness activities, with the aim of strengthening the return on your marketing investment.

A Marketing Audit assesses these activities based on the goals you have established for your business. This approach ensures an alignment between business goals and marketing outcomes, delivering consistency while building the capacity of your business.

Lastly, the Marketing Audit considers the appropriate metrics that are required to perform ongoing evaluation of marketing outcomes. The identified metrics move beyond the basics, and instead explore the key drivers that are required to achieve your business goals. The use of these metrics enables you to undertake continuous evaluation to ensure ongoing marketing performance.

A new financial year – a new opportunity to make marketing work for you

By | Advice for Businesses | 2 Comments

Over the past six months we have been re-imagining marketing, and seeking to define the outcomes achieved through a strategic approach to marketing.

With the start of a new financial year fast approaching it is time to start thinking about your marketing and re-define the way that you do things in your business.

Marketing like Accountancy or Law is a professional service. There is a need to utilise the right expertise to provide the foundations that enable ongoing business success.

One of the ways we work with businesses is through our marketing audits. A marketing audit is a marketing health check for your business. The marketing audit assesses the effectiveness of your current marketing activities. Outcomes include an understanding of what marketing components you need to undertake to achieve ongoing success.

There is a need to redefine marketing based on definitions adopted by peak marketing associations.

There is a need to redefine marketing based on definitions adopted by peak marketing associations.

 

We have led the need to embed metrics into marketing through our focus on re-imaging marketing. The marketing audit provides the framework to evaluate your marketing activities and ensure a positive return on investment.

A strategic approach to marketing takes away the guess work in terms of what marketing you need to achieve ongoing success. Marketing should not be a hit-or-miss exercise and a marketing audit will show you the mix of marketing tools that align to your business outcomes.

Significant Women's Network

Significant Women’s Network End of Year Cocktail Event

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

The Significant Women’s Network held its annual end of year cocktail event this Monday. The Significant Women’s Network provides the opportunity for women in executive and senior level positions to meet and develop meaningful business, social and philanthropic relationships.

Significant Women's Network End of Year Cocktail Party

Significant Women’s Network End of Year Cocktail Party

The Charity Auction

The Charity Auction

The network attracts a diverse group of women from a range of industries and sectors. The end of year cocktail event had a great turnout, with activities including a champagne tasting, a pampering station and a charity auction. We donated a Marketing Audit for this auction providing over $2,500 in value.

We would like to congratulate Colleen May from The Victorian Homeless Fund for winning this award. We look forward to working with the Victorian Homeless Fund in 2015.

We would like to thank the Significant Women’s Network for inviting us to this event and for supporting our sponsorship of the Marketing Audit.

October in Review: The Syneka Marketing Framework

By | News | No Comments

Throughout this month we’ve covered the three components of the Syneka Marketing Framework. Our Framework is discussed in further detail through our latest YouTube Video, where we outline these three stages and their importance in developing effective business and marketing strategies.

The Audit Phase

This is where you assess your existing marketing activities, identify what works and where improvements can be made. The Audit Phase is designed to improve the effectiveness of your marketing activities and to leverage opportunities that can be created in the short-term.

Our Marketing Audit is specifically designed for this phase to deliver a twelve month marketing action plan.

The Plan Phase

The planning of your business and marketing activities needs to considered in the context of your objectives, target markets and value proposition. The planning phase considers this context, through undertaking research and analysis that identifies how to position your business or organisation into the future.

Our Strategic Services, incorporate both of these phases, with outcomes that include strategies to achieve your business and marketing goals. These strategies are reinforced through analysis that supports their direction, by understanding customer demographics, industry conditions and your value proposition.

The Execution Phase

This is when your plans become reality, through the delivery of marketing outcomes that achieve the objectives you have identified. Marketing execution requires an implementation schedule that identifies when key tasks are required and the outcomes that should be expected. Delivering outcomes is only possible if you are clear on what needs to be measured and the anticipated results.

Our outsourced marketing implementation and execution services is where we provide support dung the execution phase.

Read All About It

We also have our free eBook, Marketing Methodology That Works, which explores each stage in greater detail. We believe it is important to have a strategic approach to business and marketing planning and have shared some of our insights through this eBook.

Marketing Methodology that Works can be downloaded from www.synekamarketing.com.au/ebooks.

A Marketing Plan Informs Your Strategy

By | Advice, Advice for Businesses, Advice for Not-for-profit Organisations and Charities | 2 Comments

A Marketing Audit is the first stage in being able to plan for the year ahead. As we discussed, the audit enables you to review your activities to identify what worked and what needs to be refined.

The second stage is Planning, so you can gain insights into the your market and the actions that are required to achieve your goals. This stage incorporates the development of a Marketing Plan that provides both a short-term and longer-term vision to position your business in the marketplace.

A Marketing Plan is a high level strategic document that should support the direction identified in your Business or Strategic Plan. The Marketing Plan explores how you can achieve the outcomes you have identified in the Business Plan, as well as the resources that are required.

You need to start with strategic marketing planning, as the right strategy will ensure that your tactics or actions will deliver results. Begin by understanding your current market position, competitive pressures and the value that is provided by your products and services.

You should also gain insights into your target customers and key demographics. Understand who your ideal customer is and the value that they receive from your products or services. Also consider other potential customer segments that may receive similar benefits. Identifying new markets can provide further opportunities for growth and enables you to discover segments that may have less competitive pressures.

A Marketing Plan identifies how you can achieve your goals

A Marketing Plan identifies how you can achieve your goals

Research is an essential element of any successful marketing plan. Undertaking the right research will enable you to make informed decisions so you can understand how best to allocate marketing resources.

This research will enable you to consider strategies that will enable you to achieve your business objectives. For example, if you want to develop new growth opportunities, then potential strategies could explore the development of new markets or encourage repeat purchasing. Research into customer trends and demographics will enable you to identify what markets may be suitable or how best to encourage additional purchases.

The strategic marketing planning approach validates your direction, ensuring that resources allocated toward strategies will deliver positive results. This in turn will influence the actions and tactics that will be undertaken as you implement your marketing plan.