10/10/2012
Check our discussion proposed on Linkedin to the group Ireland's Small Business Community. Very cool answers from Carmelisa Dunne and Rory Connolly:
Question: Do you believe marketing efforts should be cut or increased in recession times? Explain why.
Carmelisa Dunne • I think more targetted rather than a simple cut or spend mentality. Every marketing effort must be assessed logically, applied correctly, measured for effectiveness and success, tweaked and then the process begins again. It's not a one size fits all question, as indeed marketing itself isn't.
Rory Connolly • Every last penny you have, will have , and did have has to go on marketing
your question is important . but print or digital????????
There is even more confusion about what constitutes “marketing. “ Marketing entails several functions that include:
1. Developing the products or services that customers want.
2. Pricing the products or services correctly.
3. Making the products or services readily available to the customers.
4. And finally: Promoting the product or service, which if done correctly, not only convinces customers that the product or service is preferable to its competition, but that it is clearly the only choice. This is the field of marketing “communications” and of all the marketing components, it is the one most likely to be outsourced and the one most likely to be neglected if a company is making a profit.
I think that effective marketing not only helps to increase sales – it leads to the creation of a more valuable asset – a RECOGNIZED BRAND – something you might want to sell some day. I spend a lot of time talking about why a company should invest in marketing; this post takes a slightly different tact by going beyond the short-term reasons, and explains how a company that focuses on marketing will be more attractive to potential investors in the long-term.
Here are my 7 compelling reasons why:
1. Marketing communications creates “top of mind” awareness
2. Preferred brands command a premium price – short and long-term
3. Happy customers not only send referrals, they create perceived value
4. Planned marketing communications create a system that can be replicated
5. Repeat revenue streams ensure a profit now and later
6. Nothing lasts forever: marketing has to be a long-term investment
7. Employees who are “brand ambassadors” sell your company – to customers AND potential buyers.
Today, marketing is not just something you do “outside” of your company. If you truly want to create a powerful image and value proposition for your business, the first group of people you have to convince are your own employees. Internal brand integration is just as important as your external marketing strategies. Every employee in your company should understand how their position contributes to the promise your company makes to its customers and be motivated to carry it out. Understanding their unique role in your company’s brand promise is just the beginning; if you want brand ambassadors, you need happy employees. An employee that feels appreciated and fairly compensated (and that doesn’t always equate to their salary) is much more likely to sing the praises of your company. I think it goes without saying, this is good for business today as well as making an impression on a future investor. Who wants to buy a company full of overworked, disgruntled employees?
Marketing IS a long term investment. You will not create a recognizable brand (name, image, reputation, etc.) without it. You will not develop a stable, growing business without it. You will not beat the “lead generation” game without it. You will not create “brand ambassadors” among your employees without it. You will not create a company that has obvious value to a potential buyer without it. Marketing is essential to the health and continuing prosperity of any business – including manufacturing and industrial businesses. So what are you waiting for?
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Carmelisa D.•I think more targetted rather than a simple cut or spend mentality. Every marketing effort must be assessed logically, applied correctly, measured for effectiveness and success, tweaked and then the process begins again. It's not a one size fits all question, as indeed marketing itself ...
