Maximising Your Marketing Ability

Yesterday I ran a workshop for business start-ups with the Leeds Chamber of Commerce. I was tasked with explaining how these organisations could “Maximise their Marketing Ability”. I want to now share with you the presentation I gave. Unfortunately I only had 15 minutes to cover this large subject, so I kept it brief by focusing on 5 key points:

1.Know the market: anyone starting a business needs to understand everything they can about their market. The best framework to use is Porter’s 5 Forces:

a. Know the customers: who they are and what they expect. You can either do the research yourself, commission someone to do it for you or utilise one of the specialist reports that already exist. Don’t be put off by the potential costs; many central libraries will have access to these expensive reports.
b. Know the competition: which businesses are already delivering in the market place you want to occupy. You need to find out what their USPs (unique selling points) are, this will allow you to differentiate yourself from them.
c. Know the suppliers: some businesses will have a supply base that is key to the product offering. Their service, terms and conditions could have a major impact on the overall profitability and/or cash flow for the business. Others may just be using specific partners like web/hosting agencies or accountants. Either way, make sure that they are right for your business and you are not likely to be left exposed.
d. New entrants: take time to consider what new entrant could challenge the market. Find out if their market share is growing and take the appropriate action if necessary. Just remember how the digital arena has changed the photographic, music and retail sectors.
e. Substitute products: you need to be aware of the likely substitute products that your customers could use. What impact will they have on your market? There are many examples of substitutes in FMCG, just take a few moments to wander the aisles of your local supermarket and you’ll see what I mean.

2. Know the key drivers: by this I mean the marketing mix, but don’t get hung up on the 4Ps. You need to identify the important elements that will support business growth. As an example, in the service sector the “people element” is a very important factor. Their marketers would develop key messages and processes for the staff to use.

3. Balance traditional and digital marketing: this is critical if you want to maximise your reach. There are many processes, events and activities that could extend your marketing reach. You need to make sure that you identify the most efficient and cost effective options.

4. Make sure you can be found: there was a time when most businesses relied on the Yellow Pages to promote themselves, these days most people use the internet to search for organisations, products and services. As a result one of your priorities has to be the creation of a web presence. You could build a website, work with social media or utilise an online directory. There are companies like Vistaprint that allow you to commission low cost templates. You could also contract an agency to do it for you or build one yourself (why not consider using one of the blogging platforms like WordPress). Think about developing advertising campaigns with Adwords and the local press or use free advertising sites like Gumtree or even use ebay as your main portal if you are selling products. If you are working in a small area you should definitely use the local directory.

5. Manage your reputation: you need to keep abreast of what your customers (the public) are saying about you or your business. The advent of social media and the smart phone has meant that more people are commenting on businesses, products and services. There are tools like Addict-o-matic which will consolidate the “noise” for you. A word of warning, you must develop processes to tackle adverse PR or your business could suffer in the long run.

So there you have it, a “whistle stop tour” on Maximising your Marketing Ability. To see the slides for the presentation please click on the Prezi link below.

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Alan Shaw

Director & Senior Lecturer at Strategic Planet & Leeds Beckett University

Dr Alan Shaw is a Senior Lecturer and Marketing consultant focusing on a range of sectors. His main interests are in strategy development, social marketing, digital marketing, advertising, consumer behaviour and marketing application.