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target Archives - Syneka Marketing

Do not overlook your products and services

By | Advice for Businesses | No Comments

The marketing mix, or customer experience, forms the foundation of a strategic marketing approach. Each element within the mix needs to be considered from a strategic perspective to ensure alignment between business goals, market value and marketing outcomes.

While many businesses understand the core of what they offer, they often overlook the other attributes that consist of their product or service. A product or service will typically have three core components:

  1. The Core  – the fundamental need you provide. The core is the generic need that that is fulfilled by utilising your product or service. For example in hospitality you are satisfying hunger, or shelter for accommodation. This is often cited as one of the reasons for the failure of Kodak, since it failed to consider that its products provide story telling or memories, not photography.
  2. Actual product – the tangible components that customers interact with. This is the physical configuration of the product or service, including packaging, staff interaction and the product itself. Hospitality incorporates the setting of the restaurant, cuisine selection and attitudes of staff. In the case of Kodak, the product included the film quality, packaging and store interaction. Had Kodak considered its product as storytelling or memories, then the actual product would have encompassed digital storage, cameras and photography sharing.
  3. Augmented product – additional components you can offer to differentiate yourself from competitors, which reinforce your value proposition. A fine dining restaurant may incorporate an additional course in a degustation menu for regular customers, while a hotel may offer valet parking or extended check outs.
Product components

A product consists of many components – all of them need to be part of the marketing mix

Failing to incorporate a holistic view of your products or services will cause fragmentation within the marketing mix and diminish outcomes. Marketing needs visibility and influence into product development and service composition to ensure alignment across each element of the marketing mix.

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.

Visit Brisbane ad

Is it Visit Brisbane or Visit Melbourne?

By | Government | No Comments

As a strategic marketing agency it is our role to assist clients in determining their unique value proposition, which in turn informs their target markets and marketing mix. Over the break I encountered this billboard at Southern Cross Station:

 

At first, I thought that it was perhaps an advertisement for a restaurant at South Warf, given it is approximately 1 kilometre from Southern Cross Station and has almost the exact same look and feel as this advertisement.

On closer inspection, I realised that this was not an advertisement for South Warf, but for Brisbane.

Visit Brisbane ad

Visit Brisbane ad

Brisbane, unlike other areas in Queensland, is the urban centre, with a population of 2.3 million. It doesn’t have the glitzy beaches and hotels like the Gold Coast or the pristine scenery of the Whitsunday’s; and in many ways it is a lot like Melbourne.

Brisbane Marketing is the official tourism organisation for Brisbane, with one of its goals to increase interstate tourism from Melbourne. Unfortunately, this campaign has not understood this target audience.

South Warf Melbourne

South Warf Melbourne

Riverside dining at South Warf Melbourne

Riverside dining at South Warf Melbourne

There is no point creating a tourism campaign that looks like it was shot in Melbourne and then sold to people in Melbourne, when they can get the same experience walking 12 minutes from Southern Cross Station.

Tourism exists to generate a return, and while this campaign goes beyond the typical flora and fauna approach it does not look at how to position Brisbane’s strengths relative to Melbourne.

We encourage Brisbane Marketing to look strategically at their target audiences and start creating campaigns that these audiences with value.

Measuring Marketing Performance – Don’t confuse inputs for outputs

By | Advice for Businesses | No Comments

Last time we explored the customer journey, returning to the decision making process, as a potential customer begins at a pre-purchase phase prior to a purchase and then post-purchase considerations. We also explored the customer experience, to ensure that the term returns to its core definition within the marketing mix.

Both of these concepts demonstrate the need for consistency, as well as multiple contact points to reach customers and influence decisions. As a result, there is a need for a holistic view of marketing, since running disparate tactics will result in diminished outcomes. Furthermore, undertaking a holistic approach enables a greater degree of confidence in decisions and the ability to measure overall impact.

Unfortunately there is a lot of misinformation in regard to the measurement of marketing performance. Firstly, offline content, such as product factsheets, print media, radio and TV can be measured and should be evaluated to understand overall performance. Secondly, many digital metrics, such as website visitations, social media interaction are in fact inputs rather than outputs.

Far too often, we see marketing managers that report on website visitations, Facebook likes or Twitter followers, without providing metrics that consider the end outcomes, namely conversions into customers or repeat purchases. The key is to use these inputs and map the contact points that are required across the customer journey to achieve the end result, such as a purchase or repeat purchase. Similarly, the customer will have differing forms of interaction with a business, beyond promotions, such as a direct interaction with staff, or a visitation into a store. Each of these aspects form part of the journey and need to be measured, as an adverse experience across any of these areas can deter purchase intent.

Begin by assessing the channels that you use to raise overall awareness and then consider the next steps that a customer takes once there is general awareness. Is your prospective customer visiting a website and then following up through email or phone, or do they undertake further research, prior to returning? Is the first point of contact a broadcast medium or referral, rather than a website?

Pre purchase purchase post purchase

Each of these components form an input into the end goal, so consider overall reach, followed by identifying customers that have taken a subsequent step along the next contact point. Benchmark and evaluate these results so you can make informed decisions on the rate of marketing return and the effects of any modifications. As a result you can identify the relevancy of website visitors, whether event participation is reaching the target audiences and overall number of contact points and timing required to achieve purchase intent.

Russel Howcroft on the Power of TV

By | Advice for Businesses | No Comments

This morning the Australian Marketing Institute held an exclusive session held an exclusive session at the Channel Ten studios, featuring Russel Howcroft who discussed the role of ‘traditional media’ in a digital world.

The role of marketing is to use the right tools across the marketing mix to achieve business outcomes. The traditional forms of communications, through TV, radio and print, remain just as valid today, even with the introduction of digital tools. Multiple communication tools are often required to create action, so there is a need to identify how best to reach and motivate your target markets.

At Network Ten

At Network Ten

No mainstream digital disrupter, such as Twitter, Facebook or Google, has been able to achieve its market presence without the use of traditional media. Rather than seeing digital as distinct to traditional, marketers need to view these tools as the means to achieve business goals.

DM Forum

DM Forum – October 2015

By | Advice for Businesses | No Comments

We attended the October DM forum. The DM forum is a quarterly event series that brings together professional marketers.

This event contained speakers from LinkedIn and the Great Ocean Road.

The speaker from LinkedIn provided insights into new features and best practice around utilising a LinkedIn company page. As avid users of LinkedIn, Alex won a prize when discussing best practices for posting on LinkedIn.

The presentation on the Great Ocean Road focused on the creative communications strategy for the towns located along the Great Ocean Road. Of interest to us will be the impact of this strategy in achieving measurable results.

For information about the next DM forum please visit dmforum.com.au.