DEFINING THE BUSINESS MISSION-GET THE EDGE

The foundation of any marketing plan is first answering the question: “What business are we in and where are we going?” The answer is your business’s mission statement.

WHAT IS THE BUSINESS MISSION?

It is an enduring (timeless) statement defining the core purpose and reason for the business’s existence. A mission statement reflects two elements: core purpose and core values.

WHAT IS A VISION?

A vision is a clear coherent business goal. It is embodied in the mission statement and establishes boundaries for all subsequent decisions, objectives, and strategies.

WHY IS IT IMPORTANT?

A vision is the source of motivation, passion and success. It guides and inspires trustees, directors, staff and clients. It serves to guide the compilation of a marketing plan and profoundly affects long-run resource allocation, profitability and survival. It is a reference point for the success of future activities and serves as a compass that lets employees, customers, and even shareholders know what the company stands for and where it is heading. It gives your business the edge.
“You have to know where you are going in order to get there. The more clearly the destination can be seen, the greater the desire to get there.”

HOW CAN YOU TAKE SUCCESSFUL ACTION?

Mission statements which are too narrowly defined suffer from marketing myopia (short-term thinking). This means that the business is defined in terms of products and services rather than in terms of the benefits customers seek. Alternatively a business mission may be stated too broadly and suffer lack of focus which can lead to poor venture decision making. Care must be taken when stating what business you are in. Correctly stating the business mission in terms of the benefits that customers seek is the foundation for the marketing plan. Hiring a professional to assist you with this will mean everything will be done properly the first time- which will ultimately save you money.

4 STEPS TO RESULTS

1. Have a plan and a vision that excites
2. Take immediate action
3. Be ‘zigging’ when everyone else is ‘zagging’
4. Hire the right people and give them the freedom to create your vision

Information without action is pointless. Set time and budget aside now for 2012’s strategic planning and development

MARKETING STRATEGY

The Menu

Marketing-Why your business cannot survive without it

Marketing- It’s a word that elicits excitement, opportunity, growth and prospects. For some who have no background in marketing and many other areas in their business to worry about, the challenge of marketing may appear daunting and costly. In this series I will simplify and convince you why your business cannot survive without it.
What is marketing?
So you are a dynamic entrepreneur or small business owner who has decided to take the plunge. You may have completed a first year business management course and recall something about the factors of production: natural resources, human resources, capital and entrepreneurship. You have started to think about your product, the need it satisfies to your potential buyers and how to make a profit. This is marketing. Marketing links production of your product with a specific market of potential buyers.

What does the term marketing mean? Many people think ‘marketing’ means ‘selling’, but there is a distinct difference between the two. Marketing is attracting the customers to give you the opportunity to sell and close the deal. The two go hand in hand.

Why is it important?

Now that you understand the meaning of the term marketing, why is it important to adopt a marketing orientation in your business and how can you implement this philosophy successfully? Marketing plays an important role in society, it is essential to businesses and it affects your life every day. The fundamental objectives of most companies are survival, profits and growth. Marketing contributes directly to achieving those objectives and is in fact seen as a key to profitability. European pharmaceutical companies could add up to 10% to their pre-tax profits by investing in marketing, according to studies conducted by Accenture. As Richard Branson puts it: “10% of my business is technology everything else is marketing.” If the purpose of your business is to create and keep your customers then you will agree with Coca Cola who says Marketing is what they do.

How can you implement marketing in your business successfully?

When you are not functioning at your best you call your doctor to advise you on a plan for the best course of treatment. A professional opinion and a lollipop usually does the trick. When sales in your business are not where you want them to be, you should be consulting with a professional who can advise on strategy put you in touch with best service providers and ensure you have a winning marketing formula for your business.


Next month: Marketing strategy- how to create a plan that is affective and affordable and will achieve company goals.

How local brands build brand loyalty

My article on ‘Brand Loyalty′ was published yesterday in Bidvest magazine .

I talk about the strategies that successful brands like the Bidvest Brand use to keep their customers loyal to the brand.

Most companies lose 20 to 25 percent of their customers each year. But 90 per cent of profits come from loyal customers.

Customers are becoming increasingly loyal to South African brands. Patriotism and brand loyaly go hand in hand and top brands strategically invest in loyalty marketing programmes to capture greater profits from customers already loyal to the product or service.