Is your organisation placing enough emphasis on marketing and branding? This can be an overlooked area in a manufacturing business but the one area that can effectively impact revenue and business value.
To clarify the difference between the two. Marketing is what you do and Branding is who you are. Marketing is actively promoting a product or service in an effort to generate sales leads. Branding on the other hand can be harder to define. Put simply, your brand is what people believe about your product or service. Your brand it often the reason people buy from you or will pay a premium for a product. Just think of some of the world’s most well known luxury brands and what they convey, they are often 10 times the price of similar products, yet consumers are happy to pay the extra. Marketing is tactical and Branding is strategic and that’s why it is usually a CEO responsibility.
If your marketing and branding are working in harmony they should be feeding the rest of the business with information and leads. Providing insights into what your customers are looking for and how products could be improved to meet market needs. Your Marketing team should have identified the high gross dollar margin products and be placing emphasis on promotion of these products to ensure profitability.
Promoting the right products
Every organisation needs a marketing plan, it should be aligned with your overall business plan. This document is the road map that outlines how you will achieve both long and short term business goals. It should be well thought out and look to identify and sell the products with highest gross margins. At a minimum your marketing plan should list the sales revenue required for the coming year and outline the tactics that will be undertaken in order to achieve the targets.
The most effective marketing plans gather metrics from previous years in order to determine the tactics that have delivered the best results so they can be repeated. We recommend a monthly marketing dashboard is developed so at a glance senior management can get the pulse for all marketing activity and easily identify any areas of concern.
By regularly tracking the quantitative effectiveness of your marketing you can ensure you are maximising marketing spend.
If you are not tracking the lead source for every new enquiry (either via website or telephone) this needs to be fixed today.