The 2020/21 fiscal period and beyond is not only going to be challenging, it will determine the success or otherwise of the business you are managing and if sustainability is possible?
The corona-virus challenge for any business will command that marketing is looked at differently and will force you to scrutinise the products and processes to ensure they are adding value to not only Revenue but also and more importantly to Income. This will need an aggressive revue of costing parameters, sales strategies, and margin levels.
There will need to be a re-alignment of management strategies and approaches so that transformation takes place to emerge sharper, leaner, more focused and confident that as Australian businesses we can once again be competitive with the rest of the world as we once were.
Failure of management to plan for the future, redirect efforts and to foresee problems will bring about a sad waste of manpower and of innovativeness that Australia was well renowned for, that gained lucrative export markets and had international companies coming to us to learn the basis of ‘Best Practice’ and ‘Lean Principles’.
It should not be acceptable to dump employees on the unemployment heap. This is totally man-made and can be avoided if management declares a policy for the future, to stay in business, and to provide jobs. To do this we don’t need to reinvent the wheel but we do have to be smarter and more innovative.
An integral part of your plans going forward must surround your specific marketing and your brand which sets you apart from all others. It positions you with uniqueness of product, process and performance.
Let me outline some value adding ingredients for your marketing going forward:
- Goals – Your business, sales, marketing and operational goals will be the heart of the plan and will provide a measuring stick as part of your ‘Vital Signs’ for future success
- Market – Analyse the market you are competing in and ensure you gather every possible piece of information which provides possible market conditions, trends, and most importantly competition – What sets your business apart from competition both nationally and internationally?
- Identity – Your identity needs to be professional and attractive to the market place and what your unique value is to the market. What is your key brand promise to clients and what the business stands for in quality of product and service?
- Products/Performance – The packaging and presentation of products and their unique performance must be provided through an overview description of features and benefits. They must be differentiated from other products with particular focus on the emotional aspect of marketing – Energy savings, CO2 Emissions reductions
- Target Market – These must be defined and ranked in relation to their ability to achieve sustainable growth and ongoing company goals. Which markets present with the highest profit potential? Which have the least competition? Who are your target market decision makers and what are their perceived needs? – Finally, how you will leverage sales from market to market and from product to product
- Competition – Using market research, describe your competitors and how their pricing structure compares to yours, their competitive strengths and weaknesses and how you plan to surpass them by doing things much better
- Sales Model – Clearly outline how your business sells – Resellers, distributors, in-house, or a combination of these. How are territories structured and the tools needed to support your sales objectives?
- Marketing Mix – Develop a mix of marketing activities that will support your business goals and marketing strategy ensuring that you have a calendar for completion of all strategic marketing objectives
- Marketing Organisation – Have a documented marketing organisation structure with JD’s and clear responsibilities and accountabilities
- Marketing Budget – Have a marketing budget based on all of the above items with clear and concise timings which are used as part of the marketing teams incentive programme
I am a passionate supporter of and believer in Australia’s ability to compete anywhere in the world providing the business commits to putting all of the necessary management measurement and controls in place.
Your Marketing, Sales, and Public Relations (MSP) success depends on all of this. I believe in a well-planned strategy that tightly integrates the MSP process and consistently communicates your business position in the market place.