Making your marketing relevant
"I know that I waste half my marketing budget - the trouble is I don't know which half" is a truism for a lot of companies and is not good enough in difficult market conditions.
The temptation is to cut spend on marketing but the real answer is to cut the bits that don't work and increase spend on effective campaigns. Here are some ideas:
- Consider increasing marketing targeted at ‘Must keep' customers
- Review your pricing - do you know what parts of your product portfolio are price sensitive, and as importantly which parts can be priced to maintain a good margin
- Pay particular attention to why customers buy from you - does your marketing material, and your sales force, articulate the business benefit of your product as well as it can be done
- Segment your market and focus on market sectors that are less impacted by recession
- Review your product portfolio - consider introducing ‘Lite' versions of products or services that still deliver, say, 80% of the benefits but at a more competitive price
- Make sure that you know your most effective lead generation mechanisms and exploit them. Cut back in other areas to fund this
- Analyse your marketing promotion spend - cut back on generic promotion and focus on lead generation. Try to keep the PR going - be seen as successful
- Focus on sales effectiveness. Make sure that your sales process is good and it is properly executed. You can't afford to carry passengers on your sales team. If you need to fire under-performers do it sooner rather than later
- Use the data in your CRM system to target specific customers / groups of customers with attractive offers. If you don't have a CRM system then get one
- Review your website content - does it promote you as well as it should? Is it up to date? Can you use it to drive more business?
For more information contact Paul Chapman on 0207 100 1233 or paul.chapman@azurepartners.co.uk
Azure Partners work alongside the Boards of progressive companies from their earliest stages through growth and maturity to preparing them for sale or flotation. We have the skills, the commercial experience and the necessary knowledge to significantly enhance the value of your business