Ardi Kolah is a London-based marketing expert and author specializing in strategy and communications.
At a time when budgets are under pressure and owner/managers are expected to squeeze every last drop of value from their marketing, it’s important to identify where best to invest in marketing and also where best to save money where possible.
#1: Seek an opportunity in adversity
Reading the writing on the wall is a great place to start to save money. Inertia, complacency and over-confidence are your inner demons. Get rid of them. They’ll cost you money.
You need to watch out for the early warning signs of big shifts in demographics, technology and regulation. If you’re able to read the signs, then it’s a great opportunity to proactively innovate to take advantage of these shifts. Turn adversity on its head and get it to work in your favour. The key is to translate challenges into opportunities and use constraints to spur innovation. It’s about seeing the glass as half full, not half empty.
#2: Do more with less
Being resourceful in a resource-scarce world should become second nature. But it isn’t.
You don’t necessarily need a whopping big budget to be effective at marketing. Some of the most successful marketing is achieved by getting more from less, such as reusing content for a presentation, a blog, a client testimonial and the web site. The secret is to be frugal! Try to re-use and combine rather than create something new from scratch.
#3: Think and act flexibly
We often tend to think in terms of black-and-white and assume the world we live in has a sense of predictability about it. For example, all competitors are ‘bad’ and all partners are ‘good’. Regulations are typically ‘bad’ for business whereas protectionist policies are ‘good’. And although some companies like ‘doing good’ as part of their corporate social responsibility initiatives, they worry primarily about ‘doing well’ financially.
Yet such linear thinking that’s anchored in deep-seated assumptions prevents marketers from reconciling priorities, a process that could yield creative, innovative and highly cost-effective marketing solutions.
The sheer diversity, volatility and unpredictability of global markets demand that we are flexible. Inflexibility will result in failure and a waste of resources. We must think laterally, out of the box. We should experiment and improvise.
#4: Keep it simple
In the developing world such as India and Africa, consumers are put off by complexity. Complicated and elaborate communication is costly and can be a distraction.
In the Western hemisphere, we seem obsessed with everything being bigger and brighter. We often get seduced by the power of technology. Yet the signs are that as a result of austerity millions of consumers are ‘down-shifting’ and opting for simpler, more meaningful lives. As marketers we should respond to these attitudes, values, beliefs, perceptions and behaviours and this will benefit us in the long run. All that glitters isn’t gold.
#5: Use the web
Being part of the community, being yourself, being transparent, being a great listener and a genuine problem solver builds trust, and the fastest way to do this with the biggest community of like-minded people is on the web. You’ve got to listen for buying signals, make and receive recommendations and retweet stuff that you think others can benefit from knowing about. Only then will you be able to build a solid foundation of trust that underpins your business.
#6: Avoid creating co-dependencies with external agencies and advisors
It’s healthier and more productive for such relationships to be focused on outcomes, not just outputs. Share the learning of triumphs and mistakes both internally and externally. By making a commitment to what’s known as ‘triple loop learning’, you’ll save a fortune in the long run as external agencies and advisors won’t suggest marketing strategies that don’t work and you won’t blow a big fat hole in your budget finding out. Learn as you go.
#7: Spend less than others say you should
Anyone who’s ever been into a car showroom to buy a new or used car will know that having an idea of what you want to spend can evaporate in the presence of a convincing salesperson who knows how to pull the emotional levers and customize the product ‘just for you’. It’s not just alloy wheels or a nicer in-car entertainment system, but it’s the extended warranty, freedom of not worrying about the gap in resale value when you go to sell the car at the end of the payments period and other ‘extras’ that all come at a price. One that’s invariably not the same figure as the one you started with.
The same is true in marketing, particularly when it comes to designing and building a website. Beware of buying extra bells and whistles. Chances are you won’t need them.
#8: Don’t just spend time with people you know – network!
Many of us prefer to keep company of those whom we know. We feel safer that way, don’t we? But growth of a business demands networking. For one thing, building a new relationship with a customer or client could unlock marketing and sales opportunities well beyond the spending constraints of those who you already know. Effective communication increasingly depends on word of mouth. And the best way to stimulate effective word of mouth is to network. And the best bit is that it doesn’t have to cost you anything if you join a relevant social networking group where you are free to exchange thoughts and ideas.
#9: Collaborate with your customers and clients for profit
Why use expensive market research to come up with insights and answers to some of the most challenging sales and marketing issues when you can collaborate with your customers and clients and get them to help you design your products and services? After all, if they like them, they’ll want to buy them.
#10: Know your ends from your means
Winston Churchill, one of the greatest statesmen that ever lived, once said: ‘However beautiful the strategy, you should occasionally look at the results.’
The best communication plans and investment in a range of activities will all turn to dust if they don’t deliver the outcomes you’re looking for.
Being outcome-focused rather than output-driven means that you know your ends from your means.
And that’s by far the most profitable place to be.
Want more from Ardi Kolah? His books are published by Kogan Page and available on Amazon. Check out The Art of Influencing and Selling and High Impact Marketing that Gets Results.