Spreading the Good Word

Is it just me or has Richard Till got the loudest voice in the history of television advertising?

Love him or hate him, this kitchen maestro has raised the profile of Progressive Enterprises supermarkets hugely in the past six months. This brings me neatly onto the subject of marketing – a word that seems to cause nothing but confusion and even fear to many small to medium-sized business owners and managers who ask: what is it, how can I do it, what will it do for me and, more importantly, how much will it cost?

For the past 15 years, I have been persuading companies in the United Kingdom to part with cash in order to inform their customers about their products and services. These companies invested and saw tangible returns in the form of increased sales and greater profits. I have spent the past six months in New Zealand trying to do the same thing with SMEs, and have discovered that a Kiwi and their wallet are seldom parted.

Advertising and marketing works – fact. If you don’t believe me, ask the marketing managers at the top 10 companies around the globe (whilst you’re at it, ask them what their annual marketing spend is). At a time when customers are continuing to tighten their purse strings, now is the time to set aside a marketing budget and invest in spreading the word about what your company has to offer.
As a starting point, I thought it would be useful to put together a top five marketing tips list. So here it is:

Set objectives
Before undertaking any kind of marketing, advertising or PR activity, set some goals. Do you want to increase in-store traffic? If so, what is your footfall now and what would you like it to be? Do you want to up basket spend? Do you want to increase inbound calls? If you set parameters, it’s easier to see what you have achieved at the end of the activity.

Ring-fence a marketing budget
Just as you know how much your annual building lease is, so you should know how much you would like to spend on advertising for your business. As a guide, I would suggest not less than 20 percent of your annual turnover.

Define your target market
The most important people involved in your business are not your employees but in fact the people that pay for your products and services. Who are they, what are they interested in, what do they do, why do they give you money?

How do you reach your target market?
Where will you find them and how should you talk to them? Not everybody can afford a television ad, so you might have to be clever. The good news is that there are many ways of talking to potential and existing customers, and some of them don’t cost a thing. Never forget the power of ‘word of mouth’.

Evaluate
Always measure how successful your marketing activity has been. Revisit your original objectives and see if you have achieved your goals. It’s important to identify what worked and what didn’t, for future activity. You should also look at return on investment. You may be able to afford more on your marketing budget next time around than you thought.
And there you have it, New Zealand. If you’re still in a quandary about committing to marketing, I’ll leave you with the wise words of Thomas Jefferson:

“The man who stops advertising to save money is like the man who stops the clock to save time.”

Emily Smart
www.storymarketing.co.nz