Why plan your marketing?
By Ivan Reffell, thebestofBromley
One day you decide to set up your own business with your own idea and start work. You sell a product or a service and people buy it. What could be simpler?
Then all of a sudden someone sells the same product and you now want your product to look different. Then someone else sells the same product only this time it’s cheaper than yours and oh my goodness me ‘I don’t want to sell mine cheaper’ so now how do I let people know my product is different and better value.
Now putting that quandary aside when the economy is booming people will buy from you if your product is good so other considerations do not have such an influence but when things are tighter in the economy it might pay to have clearer message so people can make a clear decision to use your ‘slightly more expensive’ product because in the long run it will save them money.
So what should you be doing right now? Should you keep the same product range as before or should you think of changing your products to suit today’s market, perhaps add a recession type product to your range.
The economy has slowed down of late so should you cut back on spending, maybe advertise less until things pick up. Or advertise the same, or do more who knows?
Let’s take an example from one of the UK’s best known brands, M&S. Back in the 80s & 90s M&S simply did not advertise in the press on the TV or on the radio, their message was clear, mid priced products with quality guaranteed and if you don’t like it you can change it, what could be simpler?
All was well for 20, 30, years with a’ if it’s not broke don’t fix it attitude’. Then a new breed of companies like Next, New Look, Zara, GAP the list is almost endless, came into their market place vying for the same customers. M&S stuck to its guns and stayed the same. Quickly their stores looked dated and so did their products. They started to lose their share of the market and because there was no plan B they could not react quickly and a British institution found it self with a lost identity.
So how did they repair things? They changed the CEO and brought in a person who understood marketing. The decision was made to get the message to the public. Take That, Bryan Ferry and Twiggy were recruited to advertise on TV they now appear in the national press and on the radio. They are now currently running a TV campaign which says you can stay in and have meal for two for ten pounds. I think that sounds like a recession product.
When the good times roll again M&S is ideally placed to increase their share of the next expanding market by tailoring their products now and keeping their brand name strong.
What should you be doing? The bestof marketing company understands the local market place, it’s where we cut our teeth, and we have a wide range of products and experience to help differentiate your brand help tailor your products to the current market place and keep you name awareness high so you can benefit now and immediately when the economy picks up.
If you want to hear and see what some of business owners think of us click on this link http://www.youtube.com/watch?v=iYKtSLg9_Ng
If you would like to discuss how we may be able to help your business with marketing planning feel free to get in touch we are happy to help.