As we approach the end of the 2016-2017 financial year, the month of May tends to be a time to reflect on the achievements of your business and prepare for 1 July.
When you do your own review, how happy are you with your success? Have you achieved your sales goals and managed to grow? Did you increase the number of customers like you had planned? How many customers did you retain and how happy are they with you and your business?
To ensure a great start to the next financial year it is essential that every business owner/leadership team have an honest review of both marketing and sales performance.
Do you want to just press the reset button and do the same things again this year or are you ready to do something different?
A great quote from Abraham Lincoln is ‘Give me 6 hours to chop down a tree and I will spend the first 4 sharpening the axe.’ By spending time on creating an effective marketing strategy, this ensures you have clarity and focus. Once this is achieved you can create an effective plan that will give you structure and then focus on implementing the right tactics that will provide the results you desire.
In today’s world the way you market to your target audience has changed. Anyone who has watched the TV show Madmen recognises the old/ traditional way to market. The show portrays an era where the ability for new or existing customers to make their own informed decisions was limited and they ‘relied’ on the stories told by advertising to decide whether a product or service was something they wanted to purchase.
Today, thanks to the constantly growing capabilities of the internet, your potential customers can do their own research and have the ability to create their own opinion rather than feeling the need to be sold to. The days of marketing and sales being separate departments is becoming ‘old school’. Smart businesses look at the entire buyer’s journey from awareness to consideration to making a purchase decision. Once the decision is made the work doesn’t stop. The cost of retaining a client is far more than acquiring and this is again where marketing can help businesses turn buyers into advocates and help share their stories of success.
The ‘new way’ to market and transform your business starts with your marketing strategy to help develop the following:-
- A clear understanding of the value you provide to your target audience and why you are different from the competition.
- A strong brand that includes how you look, sound, and what you stand for and your reputation.
- A deep understanding of your target audiences’ needs, goals and content that talks to them in an unobtrusive and personalised way.
- A great shopfront (website) that attracts passers-by as well as people seeking your product or service.
- Sales and marketing alignment in a system that works together to generate marketing qualified leads, converts them to customers and then retains them as advocates.
Finally, what about the ‘elephant in the room’ that no-one likes to discuss – your budget.
How much should you invest into marketing?
Successful business owners and leaders have changed their mindset and now look at their marketing budget as an investment to grow their business rather than an expense.
Ask yourself do you have your marketing budget and plan ready for 2017-2018 and who keeps you accountable?
Talk to our professional team at McMahon Osborne Group and find out how our business coaching programs can help keep your business plans on track. Quarterly and monthly options now available.
General advice disclaimer – General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.