Businesses place huge importance on marketing solutions, and rightly so, as they can make or break your brand and the relationship you have with consumers. Jamie Hinton, CEO of Razor, examines making your marketing spend go further.
Although most businesses realise its importance, they often take the wrong approach to putting an effective solution in place.
Your marketing doesn’t become more successful simply because it has more money thrown at it. What’s vital is that you have a suitable plan in place that looks at the bigger picture. At Razor, it’s our job to help businesses refine their processes, become more efficient and effective, and to make their technology work for them. This helps to prevent the loss of money, resources, or even worse, customers.
A common mistake we see being made by businesses is that if their solution isn’t having the desired effect, they’ll funnel more money in to it, rather than address the problems.
An analogy we use is the ‘leaky bucket’ effect. If a bucket is full of holes, you wouldn’t carry on wasting more and more water in an attempt to keep it full, it would be much more effective to mend the holes. Similarly, with an inefficient marketing plan, it makes much more sense to address the things that are going wrong, and to find an effective and long-term solution that can improve the way the business works.
Every business needs to ask:
· Is our software effective?
It’s crucial that a business’ website, app and other software perform consistently, to ensure a positive and reliable customer experience. Consumers aren’t prepared to wait long to get what they want. Errors or slow responses will lead to consumers going to competitors, and may even affect whether they would revisit again in future.
A long wait for a website alone can be catastrophic, with 40% of people abandoning a page that takes longer than three seconds to load. Businesses can’t afford to get this wrong.
· Are we collecting the right data, and analysing it effectively?
We’ve heard a lot recently about the value of data, and how it can provide an invaluable insight into the demands, habits and personalities of consumers. The truth is, data collection is only worthwhile if it’s refined into actionable insights.
Increasingly, consumers are calling for more personalised marketing approaches, not wanting to see things which aren’t relevant to them, their wants or needs. If businesses just throw out irrelevant content, consumers will learn to tune it out, and anything that is appropriate, will get lost amongst the white noise.
Businesses need to ensure that their target market are seeing things that are relevant to them, and this means personalising your approach through a data driven strategy. This will also help you to get the most value out of data collection.
· Are our systems integrated?
Most business owners know how important it is that their business works like a well-oiled machine. Things are much more efficient when everything is working perfectly together to complement each other, and the same is true with a business’ systems.
Ensuring your systems and software are fully integrated, and working together is vital to reducing unnecessary spend, increasing efficiency and preventing gaps where inefficiencies can cause problems.
· When did we last review our systems?
If your business is running efficiently, and your tech is up to date and fit for purpose, that’s great, but that might not be the case in 6months time, and 6months in technology is a long time! A solution that works now might not in the future. Business’ requirements evolve constantly, as do consumer trends, demands and technology.
It’s key that what is in place is revisited and revaluated frequently, to ensure that it’s up to date and to avoid throwing money at a solution that is simply papering over the cracks.
By taking a few simple steps to evaluate and fine-tune the technology you have in place, you can create a truly effective solution, while streamlining your marketing spend in the process, not only reaping benefits for your business, but for your customers too. The rise of technology has opened our eyes to just what an enabler it is, but we have to remember that it’s only truly valuable when done the right way.
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