So much choice, so little return?

It’s often a dilemma for many companies. They know they need to promote their business, connect with customers and develop their brand, but deciding how to go about it and be able to quantify a return on any investment, can be a difficult decision process fraught with disappointment.

Businesses can quickly fall into several approaches to their marketing spend and activity. Before they know it, they’re looking at the year end accounts and wondering where the heck all that money went and what they really have to show for it.  

These four typical scenarios demonstrate how you can avoid the dreaded pitfalls of marketing planning and be more confident when it comes to allocating your marketing spend in 2019.

Scenario 1: The ‘scatter gun’ approach.

This involves businesses advertising their company through numerous outlets, at varying expense and at random times, ultimately hoping for the best. It’s mass marketing as opposed to target marketing and could involve a mix of print advertising, branded merchandise, event sponsorship, digital advertising and PR.

It’s all brand awareness, right? Surely someone reading x publication might need your services/product someday, right?

Unfortunately, not.

Making sure you fully understand your customer in terms of which publications they read, where they socialise, which social media channel they use, what radio station they listen to or how they commute to work, all can paint a valuable picture in informing your decision process and which communication channels you should be using and when.

This approach is typically associated to the famous quote “Half the money I spend on advertising is wasted; the trouble is I don't know which half” as often there’s no consideration on evaluation and accountability. Do you ask your customers where they heard of you? Are tracker codes used in any discounting promos?   

To avoid wasting your marketing budget, do some research, determine who your target market is and which mix of marketing channels will work best. Look at your service/product and the purchasing behaviour of your customer to help pin point key times in the year to plan your marketing around and regularly ask where and how your customers heard of you.

Scenario 2: The ‘one channel only’ model

This involves businesses sticking to one means of marketing to communicate with their customers.  It’s always worked well, so why should you change, right?

Wrong.

Customers needs and requirements change all the time. Technology changes all the time. Lots of businesses have used the digital arena to create a marketing strategy that solely relies on one platform to generate their income. And for some it can pay off, especially for small businesses with tight budgets and resources. However, the changes to the way consumers share their data, and have a greater control on who and what they want to see, can mean it’s not as effective as it once was.

Experience and statistics show the most effective marketing strategies are those which are integrated and involve using a number of channels to further re-affirm your proposition with specific target markets. Alongside a digital strategy for example you could develop be a PR plan to maximise your brand’s proposition to your target market and doesn’t have to cost anything other than your time.

An interesting read featured in Marketing Week details when columnist and Marketing Professor Mark Ritson, went head to head with Facebook at the 2018 Festival of Marketing debating their accountability and role in people’s lives and business.

Scenario 3: The ‘we’ve always done it like this’ method

The no-change approach refers to those that continue to use hereditary methods without regular re-evaluation.

Market research unfortunately doesn’t factor in many business plans but with the pace of change in technology, consumer habits and behaviours ever increasing, it’s key to ensure your marketing strategy aligns with your current business strategy and maximises the potential to reach your target markets. Outdoor media, or Out Of Home (OOH) for example was out of favour for a number of years but recently the projections are out performing many other areas because of the impressive developments in innovation, technology and analytics, meaning it’s very much en vogue again, and possibly ripe for revaluation for your business. 

Scenario 4:  The ‘don’t need to’ attitude

A worst case approach is no approach at all. Believe it or not, some businesses don’t believe they need to actively market themselves (without realising their social media channels, website or sales force are actually a significant part of their ‘don’t need to’ marketing activity.)

Not giving consideration to how you will strategically grow and develop your business by attracting and retaining customers and promoting your brand and proposition is a risky plan of action and although a business might have been fortunate to have a period of growth with what seems like little effort, those good times certainly won’t continue to roll forever.   

These scenarios are all too familiar to many organisations up and down the country, big and small.

Of course, aside from the above, there are some great examples of businesses who adopt the holy grail, market orientation to their marketing. The likes of Lidl and Not On The High Street really seem have got their approach, attitude and accountability right, and it looks to be paying off too when it comes to their latest financial results.  

The important thing to remember is all businesses can do this. It’s not just the big boys and big budgets. In fact, some smaller businesses could teach the large corporations a thing or two about quality personalised and authentic marketing.

By spending time and effort really understanding your message, your target audience, your channels of communication, design and approach, you will see a positive return. That’s a fact. However, marketing isn’t magic. If your business model is flawed, then no amount of marketing is going to stop the inevitable.