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return on investment Archives - Syneka Marketing

Setting the Business Agenda through Marketing

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

Many areas of business incorporate continuous improvement, ensuring that processes are streamlined to maximise efficiencies and to reduce costs.

Unfortunately, marketing is an area that is often overlooked, resulting in either aggressive cost cutting during economic downturns, or a rush to the latest buzzwords, with little strategic thought and consideration and returns.
Marketing like all other aspects of a business should be held into account, and needs to adopt a framework that fosters continuous improvement.

Our Syneka Marketing Framework, with our cycle of Audit, Plan and Execution, is designed to incorporate the feedback mechanisms required to improve business decisions, while identifying performance indicators and measuring outcomes.

Strategic Planning Framework

The Framework commences with an Audit as this enables you to assess current marketing activities and to incorporate metrics that evaluate outcomes. The Audit phases answers the question of how to maximise the return from marketing investment. This phase strengthens the measurability of marketing and provides input into the broader business direction.

The Plan aligns business goals with marketing outcomes, positioning marketing as the centre for innovation that drives business capacity. Importantly, this phase helps avoid a silo mentality, by embedding a whole of marketing approach and strengthening internal communications. As a result, marketing is able to guide business growth, through the identification of new market opportunities and aligning the customer experience across a business. The Marketing Plan guides not only short-term actions, but also longer term initiatives that will be achieved that strengthen business capacity.

The Execution component represents the implementation of actions identified in the Audit and Plan phases and is guided by the metrics that have been identified in the earlier phases. The embedding of metrics ensures that there is an ongoing review of marketing outcomes and that value is being achieved. The aim is to move beyond marketing for the sake of marketing and into an approach that provides a measurable return on investment.

The Framework reinforces the fact that marketing can and should be measured, moving beyond basic measurements and into metrics that actually matter for business growth. The approach enables marketing to step up and drive business outcomes, rather than being reactive and missing the ability to influence strategic decisions.

Further details are available in our eBook A Marketing Framework for Ongoing 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.

Aligning business goals and marketing outcomes

By | Advice for Businesses | No Comments

A business plan identifies what you want to achieve for your business, while a marketing plan will look at how to achieve these outcomes.

Unfortunately, it is far too common for businesses to view marketing as a series of tactics, where the ability to measure outcomes is diminished. The danger with this approach is that often the wrong questions are being asked. For example, a business may want to increase website visitations, but fails to ask the right question in terms how do I gain value from website visitors? Who is it needs to visit my website and why?

An execution or tactical led approach to marketing also fails to encapsulate the entire customer journey, as well as the role of others who may be influencing the purchase decision. While there may be an attempt to shoe-horn a strategy into a tactic, it will still fail to understand the overall marketing approach adopted across your business.

Execution led approaches fail to understand the real definition of marketing, and the alignment it should have with the strategic direction of a business.

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A strategy led marketing approach ensures there is an understanding of each of the touchpoints required for your business to interact with initial prospects right through to becoming a repeat customer. This approach provides the ability to define the overall experience that is required to achieve customer acquisition and retention, as well as the metrics required to measure tangible outcomes.

In addition, a strategy led approach understands how best to utilise marketing resources to achieve the direction identified in your business plan. This ensures that marketing outcomes are consistent with your value proposition to build the capacity of your business.

The end result is marketing that is measurable and enables you to evaluate outcomes and consider the overall return on investment.

Inside Small Business

Inside Small Business: Success Starts With a Marketing Plan

By | Advice, Advice for Businesses | 2 Comments

Syneka Marketing is featured in the April edition of Inside Small Business, where we discuss the importance of
marketing plans
and why they are essential for businesses.

Every viable business needs a marketing plan. A
marketing plan
shows you how to achieve the goals you have set to grow and develop your business.

Marketing is one of the most misunderstood words in business. Marketing is more than sales, advertising, logos, promotion or processes – it is about leveraging these tactics to achieve your goals.


Marketing starts with strategy
. A marketing plan considers your business and sets goals that are realistic and achievable. Marketing lets you identify new opportunities, as well as grow revenue. A marketing plan identifies potential target markets and the best methods to reach these customers. Once you understand your potential customers,
the plan
will identify what tasks need to be undertaken, the budget for these activities and the outcomes to measure success.

A new logo, brochure or social-media presence is not marketing. Marketing is when the logo is used to create a brand, providing an identity that can be reinforced with brochures, websites or Twitter accounts. Marketing is created through the strategy that identifies the right communication channels, messages and visual identity to reach your target markets.

Marketing also considers how you can scale your processes and operations to accommodate future growth. There is little merit in starting a new sales campaign if you are unable to respond to these potential customers. Ensure that staff can accommodate new demand and can assist potential customers who may be unfamiliar with your products and services.

Marketing activities must be measurable and a marketing plan allows you set the outcomes you want to achieve. For example, if it recommends that a brochure reaches your target market, then the response that it generates must be measured. Likewise, measure how people navigate through your website and the items that generate the most interest. If something doesn’t work then you have the option of refining these activities to achieve the outcomes you want.

A marketing plan creates a positive return on investment so you can achieve revenue growth. Before spending money on marketing or sales, make sure you have a marketing plan that shows you how you can achieve your goals and grow your business.

A marketing plan lets you receive a positive return from marketing.

Marketing is an Investment – Make sure it delivers results

By | Advice for Not-for-profit Organisations and Charities | One Comment

For many businesses and organisations, marketing is more often than not, regarded as an expense, rather than being viewed as an investment. Marketing should be measurable so you can track your return on investment. It is critical not to haphazardly spend on marketing, but to be guided through a plan that identifies opportunities and mitigates risks.

A marketing plan is the guide that identifies how you can achieve outcomes, such as increased sales, growth in market share and ways to improve the design and distribution of your product or service. A marketing plan will also provide you with metrics so you know how to measure your success and outcomes.

Unfortunately, far too many businesses and organisations ignore the need for a marketing plan. Instead these organisations implement individual marketing and communications tools, such as advertising, websites and social media without considering how best to reach and motivate target audiences. Outcomes are always going to be diminished when there is no cohesive strategy. Furthermore, this approach fails to take into account potential constraints, such as the need to collect relevant market intelligence, or sales training, to better service customers and to demonstrate responsiveness.

A marketing plan lets you receive a positive return from marketing.

A marketing plan lets you receive a positive return from marketing.

Most businesses and organisations are not in the business of marketing, yet marketing is fundamental in developing capacity to achieve ongoing growth. A plan, like any other investment, lets you develop a full picture of what is required and how to allocate resources accordingly.

Existing marketing plans need to be reviewed to ensure they are relevant. A marketing audit involves a healthcheck on marketing activities, enabling an assessment against the identified strategies. A marketing audit does not replace the need for a plan, but can identify when strategies may need to be revised, or if actions are not generating the required results.

Before you embark on marketing expenditure, consider the need for a marketing plan to deliver a positive return from marketing, saving you time and money.