Marketing World

An incredible display of the worlds most prominent fireworks display in Sydney, Australia.

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Often, when things are not going as well as they could or perhaps opportunities are being missed, the best thing to do is refer back to the basics. This brings us to the need to assess where we are before we move to the next level of our business development.

A fundamental part of the planning process for a business seeking to develop a marketing plan is the coordination of a Marketing Audit. The primary function of the Marketing Audit it to systematically examine each element of the company’s marketing mix to determine the viability of the marketing components to the overall business objectives.

The focus of the Marketing Audit is to provide:

• A snap shot of the business
• An internal examination at the way marketing is managed and planned
• Identify areas where more marketing effort is required
• A review of existing and past marketing activities
• An examination of what has worked and what hasn’t and why
• Opportunities to be exploited
• Marketing Focus and direction
• External influences such as competitor review – finding effective benchmarks of ‘best practice’
• Recommendations that can be made to make marketing strategies more effective
• Examination of company marketing structure

From the audit review process, priorities are assembled in a report along with a prioritized action plan

Conducting the Marketing Audit:
When conducting the Marketing Audit, it’s best to involve a variety of key stakeholders, both internal and external. Having an independent audit provides a more thorough and cost effective result as the biases are removed and new eyes take on a company ‘holistic’ approach. Marketing World works through a varied process to quickly identify areas of opportunity for your business within your specified industry. For further information on having Marketing World conduct a low-cost independent marketing audit of your business, contact on 0412 968 145 or via our website contact form.

As the economic crisis continues to affect small to medium sized businesses, the marketing focus has turned to cost effective strategies that provide ROI to meet specific organizational objectives/goals or KPI’s. Each organisation has its own specific and unique objectives ranging from lead generation to revenue growth, improvements to market share or simply higher online/offline visibility (top-of-mind awareness).

Undoubtedly, the most visible and cost effective marketing tool that you possess is your business website. The main URL address, the links, content, functionality etc.. all have specific 24/7 objectives to match your organizational goals.

A well constructed website with high ranking key terms in the natural search engine (Google, Yahoo, MSN), appropriate content, linkages and suitable levels of online advertising can and will provide you with quality leads and higher levels of customer acquisition and conversions (sales, downloads, e-commerce).

Creating an online Marketing Strategy

1. The first thing you need to do is develop a strategic plan specific to YOUR business. This means you need to define your goals and tailor a strategy specific to each of your target markets.

2. Each target audience will also require a dedicated communication strategy to ensure online conversion. This may require you to test the usability of your website in various versions and continuing to make changes to your online presence based on these results. Google offer a wonderful array of ‘lab’ tools to assist you. It’s worth registering your business with Google Adwords and Yahoo just to gain access to the tools!

3. Ensuring that your website is found requires a combination of SEO (Search Engine Optimization), integrated online & offline marketing (such as advertising, Pay Per Click, Adwords etc), effective use of your customer database or purchase of appropriate databases, online newsletters, email campaigns and sms’s to your customer databases, affiliate marketing opportunities (including shared links with suitable partners), knowing who your competitors are, what they do differently, how they transact online and benchmarking various aspects of your online business against theirs. There is a complete myriad of cost-effective online marketing strategies that are available to you, all of which aim to achieve goal objectives and communicate the Unique Selling Proposition (USP) that makes your business the primary customer target. YOU NEED TO BECOME ENTHUSASTIC ABOUT SEO AND SEM!

4. Reducing the bounce rate of your website will increase the chances that customers will visit each of your online pages and result in a higher probability that conversion will take place. It’s all very well having a great looking website, but if takes too long to download or it’s uninteresting, doesn’t answer the question or solve a customer need, it’s all to no avail. So, you need to ensure that the content of your website offers a benefit. It may be as simple as testing a variety of online banners that each show a various offer or a link to another page that will convince the customer to click through and ultimately convert to a sale or download or whatever your specific goal may be.

5. When you visit your local department store, you walk through the isles. Here you will notice that products are placed at specific heights, in specific locations at specific price points. It’s all about the ‘EXPERIENCE’. Similarly, people who visit online websites are a fairly savvy crowd. Stop thinking they’re not! They want an experience. They want to learn. They want a great deal. They want to EXPLORE. Your website can have the greatest offers, but if it’s not believable, if it’s just full of ‘hot air’ or it doesn’t deliver (the fulfillment factor), has too much fine print or it doesn’t deliver a result in a suitable timeframe, then everything you do and the money you spend is just wasted! So take your time, think about the placement and value of your content, the architecture of your website and its primary purpose. Have empathy with the customer and watch your sales and leads grow exponentially!

6. Do something different. Don’t just do what your competitors are doing. Stop doing the same old tried and tested marketing campaigns. People get bored with that! Create a point of difference for your business or a compelling offer. Use your online market to create organic growth for your business and reap the rewards of an effective online marketing campaign.

For more information on online marketing and how we can help you to achieve RESULTS visit our main website for contact details. Comments and queries are welcome.

Traditionally, during a period of economic downturn, the marketing budget has been the first to suffer. Yet this is the worst thing you can do.

To maintain momentum during an economic downturn, the focus should not be on reducing your marketing activity but rather on extending a more targeted approach to both your marketing activity and your existing and new customer base.

This is a prime opportunity to offer long term ROI for your business for when conditions improve, being able to capitalise on competitive market share and develop key relationships with your core customers. And you’re focusing on reducing your marketing budget?

In this article, we examine a series of key initiatives to allow you to capitalise on the economic downturn and build long term sustainability for you business.

• 1. Focus on customer relationships. Staying true to your customer base and maintaining regular contact with existing and new customers. The loyalty that you show them now will be rewarded by extending your market share and ensuring the viability of your business when conditions improve. It’s important that you listen to your customers and find out how their needs have changed and address these concerns. Incorporate cost effective marketing relationship tools such as Blogs, podcasts and social networking sites. Remember, it’s highly likely that your competitors have cut their marketing efforts, reduced their quality staff and are failing to offer their customers the level of attention they deserve. Every situation presents an opportunity, so capitalise on this situation!
   
• 2. Focus on supplier relationships. Relationships are not just about your customers, your focus should also be directed to your suppliers and developing industry alliances. Think about how your suppliers business has been affected. Look to develop online links (including SEO webpage links), customer offers that benefit your suppliers, your business and your customers. Look for new alliances, even if this involves your competitors. I’m reminded of a time when two competing businesses were able to buy and promote stock more cost effectively in diverse regional areas. Suppliers will agree to the benefits of split deliveries and advertises will agree to provide group media buys.
   
• 3. Extend Online Marketing Efforts Whilst the rate of traditional media has been declining, the growth of internet marketing has been expanding, and for good reason. It provides measurable results, it can be trade targeted, it’s cost effective and with the right skills, you can do it all yourself. It is estimated that there are 1.46 Billion online users in the world and over 4 Billion web pages with popularity growing at an unprecedented level. (Stats link here) 

 Cost effective internet or online marketing initiatives include:

• a). Ensuring that you have a modern website presence (preferably a Content Management System or CMS). This means that the look, feel and content of the website needs to be in keeping with today’s market and relevant design to you customers. It’s amazing how many websites have content that is over 12 months old, are poorly or completely not optimised, don’t encourage customer registration via the site or the blog, no loyalty associated, not focused on the correct target audience or miss valuable target segments such as the wholesale trade!
• b). Regular customer focused email campaigns
• c). Regular e-newsletters and e-bulletins
• d). Search Engine optimisation or SEO – this has become one of the most critical areas of market share. To achieve higher natural search engine ranking is paramount to your business success. Your objective should be a top 5 ranking for your industry group. We will touch on this subject in a separate Blog entry.
• e). Developing a social media marketing strategy for your business
• f). Introduce podcasts to relevant market segments
• g). Providing blog entries relevant to your website
• h). Develop online vouchers to encourage customers to regularly visit your website, physical business or franchise stores (customer loyalty)
• i). Update your website home page regularly (it’s a bit like a window display in a department store) – keep it fresh
   
• 4. Publicity is often forgotten in the marketing mix, yet it’s as old as the hills and happens to generate fantastic market share, new customer interest and loyalty. Essentially, look for opportunities to introduce new products or services when your competitors are cutting back. Get on board with your local media suppliers and generate editorial, press-releases and online marketing campaigns to promote your products/service and long term loyalty.
   
• 5. Competitive Watch. What does it really cost for you to start analysing your competitors? We are not just talking about their shop window or their product sales and service. Do you know if they are reducing staff? Are there good staff available? Have you done a SWOT analysis on each of your top five competitors? Have you visited their website and looked at their source code for clues as to their keywords, SEO campaign, page ranking, online marketing strategies? How do you really compare? Do you even know what to look for? 

At Marketing World we provide cost effective marketing solutions for your business, regardless of economic conditions. We’re here to help… so ask away or visit our website here. Comments are most welcome and may remain completely anonymous.

Marketing Books available NOW. As part of our strategy to provide a one-stop marketing resource, Marketing World is pleased to announce the launch of the Marketing World bookstore. The new site is powered by Amazon, leaders in online book sales, with integrated secure server and online payment gateway.

The new bookstore focuses on a comprehensive range of books and DVD’s on marketing related topics. Each subject has been categorised according to the marketing relationship.

Visit the Marketing World Bookstore by clicking > here.

We have attached some very cool photos taken by a good friend in a folder located at http://www.marketingworld.com.au/Sydney_NYE_2008.html

or clickthrough here. OR >>> here are the pics! 

PLEASE LEAVE COMMENTS ON YOUR FAVOURITE PIC!

Once you click the photo, you can click the photo again to obtain a full size view.

Anyone who has run any sort of marketing campaign has developed their own unique “tips” to develop successful marketing initiaives. We’d love it if you could share with us your most favourite tips. To get the ball rolling, below we’ve added our top ten (10) tips. Perhaps you have some others you might like to add? Feel free to comment or visit our main website here.

1. Develop a marketing plan for your business. To fail to plan is to plan to fail

2. Set a realistic marketing budget

3. Target a specific audience with a defined USP

4. Develop a clear, consistent and integrated marketing message

5. Develop an up-to-date website to support your business with relevant online strategies

6. Build relationships specific to each of your stakeholders

7. Know your competitors and benchmark your business against the best in your industry

8. Develop your own business referral network

9. Answer your calls + reply to your emails and always over-deliver. Talk to your customers and listen to them (both positive and negative)

10. Measure your success. Set targets monitor your results and enquiries and refine these results

Tell us what you have found to be the most common errors in marketing? What went wrong? Was it avoidable? Did the error work in your favour? Below are a list of five (5) of the most common marketing errors that we have identified. Please free to comment and add to this list. For more information, visit our Marketing World website here.

 1. Failing to have a marketing plan resulting in disjointed marketing efforts, rather than an a clear integrated approach. What is your defined marketing direction?

 2. Trying to be all things to all people, instead of promoting a Unique Selling Proposition (USP) to a targeted audience. What is your market niche?

 3. Thinking you know everything about your competitors. Try developing a benchmark matrix which documents each facet of their product, service or business. Know your market intimately!

 4. Failing to maintain a consistent marketing program. Even worse, failing to maintain regular contact with your customers. You are not building a relationship, there is no loyalty and you are failing to develop the most effective marketing tool – ‘word of mouth’.

 5. Unable to respond to your customers needs. Solving your prospects problems will make you successful. This means understanding the problem, having empathy developing confidence, offering realistic options, responding immediately, over delivering and giving your customers a cause to take action.

Firstly, thank you for taking the time to visit Marketing World.

2009 marks the beginning of our online journey. It also marks an important milestone in the transformation of the way in which we as a business community conduct business.

Over the past several years many of you have enjoyed a proliferation of business success. Marketing was kept to a minimum as an unnecessary expense. Business was doing fine, so who needed it?

Suddenly the credit crisis became more apparent. Sales dwindled, spending became constricted, average dollar spent diminished, the cost of doing business (ROI) increased along with rents and how many companies failed to plan for this event, failed to allocate a marketing budget, failed to analytically watch their competitors?

Over the past 20 years, there has never been a more important time to manage a business with a defined plan of action, specified budget, improved knowledge base of our customers needs, focusing on our main USP and developing customer loyalty through both online and offline channels. We can help you!

Thank you for taking the time to visit the Marketing World Blog. The AIM of this blog is to develop open discussion on issues relating to marketing topics.

Perhaps you have some new ideas, suggestions to improve marketing, what worked, what didn’t? We welcome your input and invite you to subscibe to our site or visit our Marketing World website here.

Thank you once again and we hope you enjoy being part of this blog.