In Australia’s hard-pressed economic climate, it can be a huge challenge to drive an established company’s brand, let alone get a new business off the ground. Today’s CEOs need to view marketing as a strategic function in their business rather than a simple transactional mechanism to drive sales.
A University of Technology Sydney study finds that one in three start-ups and small businesses fail in their first year of operation. A major reason for these failures is that many CEOs and founders don’t understand how to market their products and services effectively.
Time and again, companies are weighed down by poor promotional strategies that diminish their business profile and profitability. Many leaders fall into the trap of superficial short-term solutions, ignoring the broader marketing ecosystem or the state of play in their particular industry.
A PricewaterhouseCoopers study predicts online marketing strategies will account for 51% ($8.2 billion) of the total marketing and advertising spend in Australia by 2019
An integrated marketing strategy drives growth across a number of areas, from performance and profit to employee engagement and customer advocacy. Marketing is not just about driving sales – it’s about delivering business value for your people and customers, and creating a framework for sustainable growth.
Top 3 tips on how to get business value from strategic marketing:
Think of marketing as an integrated approach that adds to the business value chain.
The best marketing is not a stand-alone campaign but a long-term growth plan. Strategic integrated marketing needs to be a priority for business leaders and disruptors.
Marketing involves a wide spectrum of stakeholder communications, strategic and targeted networking, data-driven analytics, digital platforms, media and creative design. It can include anything from branding and PR, to events and networking, to digital and creative strategies.
Be smart and savvy about where you invest your dollars, ensure that your budget covers the marketing mix, and manage your expectations accordingly.
Treat marketing as holistic & sustainable.
Ask yourself: how does my marketing strategy fit in with the marketing ecosystem and broader business arena? For your promotional strategies to gain credibility and substance, they need to be part of a holistic whole – that is, a broader marketing arena.
Promotional strategies are meaningless without a holistic marketing plan that looks at the bigger picture. Short-term promotions may deliver temporary success but they don’t deliver healthy returns in the long term.
A PricewaterhouseCoopers study predicts online marketing strategies will account for 51% ($8.2 billion) of the total marketing and advertising spend in Australia by 2019. To maximise the benefits of online marketing, ensure that your brand messaging is consistent, authentic and translatable across a wide variety of platforms. Implement a marketing strategy that’s sustainable and can adapt to digital disruption.
An authentic brand drives customer advocacy & employee engagement.
The strategic value of marketing for a business also drives employee engagement. By implementing an integrated marketing strategy, you will attract the right talent, improve employee retention and boost productivity.
People want to live and breathe a meaningful brand philosophy. Employees will strive to work for companies with a strong brand and marketing presence. Why? Because when employees’ individual values align with the values of the organisation, they are able to connect emotionally with the brand and walk the talk.
When people feel they are working for a company that delivers value, they become more engaged. This leads to greater customer advocacy and sales. Highly engaged employees are more emotionally intelligent and build stronger relationships with colleagues and customers, disseminating the brand’s values throughout the organisation.