How they buy, when they buy, and if you are on their radar.
Having some objective research information on your customer’s perceptions often provides information which can be described as astounding. Good qualitative information provides great insight into product, how you sit alongside your competitors and good future positioning.
Seems to be confusion amongst many SME’s about this. What does a mark-up of 50% provide in terms of margin?
Understanding the required or expected margins for each sector in the channel/reseller chain is very much part of the marketing mix – as are pricing tactics, proper communication with channel partners and your partners in trade. The answer is of course 33.33%.
The growth areas have to be:
These are the skills that will present a strong image of a company in its marketplace. There will always be someone that can manufacture or build the product. What we are not good at is getting in front of the customers. Particularly true on the international stage!
New digital marketing techniques are emerging on a very regular basis. This is the way of the future and the way in which the commercial and industrial buyers of the future will communicate.
It is important to embrace the culture, to see digital as an easy way to expand both at home and internationally. However, – a word of caution – when you are preparing your budgets for the next years trading, consider also the investment in social media. This may be a time investment rather than a monetary one but there is an investment if it is to be done properly for an acceptable ROI. Once you start, you cannot stop.
You also need to see that whatever medium you choose is chosen because it is right for your business, not just because everyone else is doing it.
As an example, there seems to be headlong rush for Groupon. As a medium, it provides an opportunity to build traffic and footfall, – great albeit at slashed margins. But are the customers who buy, then going to be a customer for the future?
So, your personnel must know the techniques of ‘selling on’ in a good way, because ‘sell on’ you must.
Markets change on an ever fluctuating basis, just like the wind! In today’s marketplace, marketing and sales plans need to be set ahead but be flexible enough to change and alter as required. A timetabled campaign, planned well ahead of time, is the professional and the effective way to achieve the marketing goals on a product by product, service by service basis. As an example, we have a number of clients who plan Christmas in July!
For a bit of light relief, take a look at these weather pics, taken earlier this week from our house, very luckily across the bay from all the stormy action!!! Taken by Ken Ferguson of photoscot.com
Just delivered a programme on dynamic sales technique, honing skills in closing, negotiation, upselling, link selling and attracting more returning customers – feedback suggests delegates obtained structure for their future sales presentations and 15/20 key ideas/tips for enhanced performance. Small investment for big returns!
1. Just finished a research project using both quantitative and qualitative analysis techniques. The return on the investment was the information and insight to take the product to market the right way, getting it right first time! The data obtained covered the customer’s attitudes and potential commitment to a new product offering as well as a whole raft of ideas to shape the product directly in line with customers and users needs.
2. A further return on investment for another customer. In depth research (face to face with key buyers) in an industrial situation – result – warts and all, frank, unexpurgated interviews resulting in a host of great ideas to improve communication and customer satisfaction with existing customer groups and increase the continuity of business for the client company.
All research was carried out under the Guidelines of the Market Research Society of Great Britain. This is crucial and a very important point to make. Adhering to MRS code ensures good sample frames, good practice, good reporting and a lack of bias.
It may be a business development presentation to a new, potential customer in an overseas market. It may be market updates to wholesalers, distributors, agents etc with whom you partner overseas. Each presentation has to be – good, powerful, informative, persuasive, intelligent, clear, and professional! Not the day to day activity of most people.
Business Development presentations are often delivered by board members and technical staff, so a little bit of assistance in the preparation and presentation techniques can make the difference of a busy year or a quiet year. For the staff and workforce, livelihood depends on their senior people to bring home the bacon, it is even more important.
Received an alert today for a trade journalist looking for good food stories on a regular basis. Trade and technical press are always on the lookout for good copy and good stories for their readers. Any good PR consultant will tell you of the benefits of a steady stream of information to the press – in time for features, when news appears, at trade shows and events!
When used as part of an integrated communications campaign, a strategy working in conjunction with other elements of the marketing mix, both offline and online, it can be a strong ingredient in building the brand and perhaps getting people to search for a brand online. Remember, however, it takes 7 hits to create a brand and certain media formats work in certain areas.
Just come across a couple of apps for business.
Interesting to see apps for business now becoming more mainstream.
Held a mini focus group with some ‘20 something’ London execs. They live their life by apps. It is the way they communicate at all times. These people are in the category that are the future of the business world in the next decade!! – worth thinking about.
