Improving Marketing and Marketing Communications - A Midsized Company Dilemma

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Improving Marketing and Marketing Communications - A Midsized Company Dilemma Powered By Docstoc
					You've slashed expenses and reduced investments to deliver your current
profitability. But your sales growth is marginal at best, and you know
this is not a sustainable model.You're not alone. According to Frost
& Sullivan's CEO Choice Growth Survey, ninety-three percent of Chief
Executive Officers consider "growth" their number one objective over the
next five years. And with an ever increasing need to use the latest
"sales deal-of-the-day" to meet quarterly goals, you know you can't
profitably continue this course much longer. Further, and perhaps of even
greater importance, marketing budgets have also been cut drastically,
impacting brand value for the short, as well as long, term.One tactic you
should consider to begin "righting the ship" is to invest in and improve
marketing and marketing communications to grow both the top and bottom
lines. But where to begin? How to do this? Using which marketing tools?
And with whom?Understand The Changing Marketing EnvironmentFirst, you
must recognize that there is a changing marketing environment. Businesses
and consumers are learning to "do more with less", while also having less
time to evaluate choices and make purchase decisions.Therefore, the most
fundamental change revolves around one word - trust.With all that has
happened, people distrust not just the most traditional of institutions -
banks - but business in total. According to a survey by Edelman, only 44
percent of Americans said they trusted business in the Summer of 2009,
down from 58 percent in the Fall of 2007. Whether you're a b-to-c, b-to-
b, or even a nonprofit, how you act and communicate in this environment
is vital to your success.As a first step, employ market research. You
probably think you know everything about your existing and potential
customers but, other than price, are you really sure you know what's
important to them? And do you know what factors are critical to their
purchase decisions, and how much trust they place on you to deliver
versus your competition? And with downsizing affecting everyone, and new
faces in many positions, what do your new purchasers and prospects know
about you to begin with? It's time to find out.And these changes are
taking place not just in the outside world. Your internal corporate
environment has changed as well. With already stretched marketing and
sales departments, are the leads generated by marketing actually being
followed up by sales? A recent study by the Kern Organization estimates
that up to 80 percent of b-to-b leads are not followed up by sales, and
only 13 percent are followed up in the first 90 days. Why? Because sales
doesn't trust the leads from marketing as being qualified.Whether you're
a $35 million organization or a $350 million organization, without
recognizing and developing solutions to meet the needs of a fundamentally
changed environment, your growth and brand will stagnate.The economy may
improve and help you, but it most probably will also help your
competitors as well. So, now is the time to get an edge on them by
improving your marketing and marketing communications.Determine Your Best
Marketing Mix And Measure ItThere isn't any boilerplate answer to
determine which marketing communications disciplines to employ, much less
whether your brand position is right for today's marketplace. But there
are steps you should take to answer these questions.Focus your attention
on being media neutral or at least find advisors who are, and are
seasoned professionals with broad experience across industries and
companies who don't have a vested interest in promoting a particular
marketing communications discipline.And recognize that all of the hard
work that goes into today's marketing and marketing communications needs
to be measured to make sure you're on the right track. Find an individual
or company that really understands analytics and what it means for the
future.Which Media To Employ - New Or TraditionalThe next question is how
to effectively and efficiently reach these customers and prospects.
Professional marketers have spent countless hours addressing this; take
advantage of their knowledge and expertise.For example, your website is
probably heavily branded, but did you know that less than ten percent of
your visitors will actually click through to see the important message
you're putting out there?You're probably sending out email newsletters,
and may even be blogging and tweeting to your important audiences. But,
when was the last time you handed something to your customer or prospect,
and looked them in the eye? There's no question that webinars, for
example, are effective and cost efficient, but what about in-person
events, seminars and trade shows?Much of today's marketing dilemma is
appropriately focused on media fragmentation and the resulting difficulty
of efficiently and effectively reaching a prospect. Newspapers and
magazines are clearly losing ground, but they're still important channels
of reaching certain demographics (such as the ever growing older
demographic). Contrast that with the fact that the fastest growing
segment on Facebook is women, aged 55 to 65.Determining which media
alternatives to use to reach any key marketing or demographic segment
means that you have to consider both efficiency and effectiveness.
Traditional media and social media should be able to co-exist in your
marketing communications plans. It's just a question of when and where to
use them.The Marketing Communications End GameWhich leads us to the
ultimate dilemma - how to obtain and evaluate the creative work that will
impact and move your customers and prospects. Recognize that whether you
use television, radio or billboards, or emails, blogs, Facebook or
tweets, they are only tools to deliver your message. The strategic
thinking and outright "creativity" that you employ with these tools will
ultimately determine your success.Look for strategic and creative
partners, with demonstrated ability; people who are genuinely interested
in profitably increasing your sales, not just trying to garner the latest
industry awards.There is much to think about, especially for a mid-sized
company. The dilemma is trying to understand what to do, how to do it,
and finding people you trust to help you accomplish this. But, standing
still clearly isn't the answer.Find a senior professional, or group of
professionals, whom you can trust, who can not only improve your
marketing ROI but will also be willing to help you evaluate your on-going
marketing communications efforts.Don't try to go it alone.

				
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