Could marketing be a possible panacea to our recessionary woes? Certainly global giants Unilever and Proctor & Gamble seem to think so, having recently attributed positive quarterly figures to the discipline.
Interestingly their machinations on the subject are slightly different in that Unilever reduced its marketing spend to €3bn and gave it a serious efficiency remit, and P&G increased its spend by 11% of net sales but deployed it differently, with a brand building focus rather than promotions.
But what both approaches focused on was the long term branding to support their competitiveness despite, or indeed, because of the current difficult economic and price issues.
So the message here to Irish companies – both large and small – is therefore to look at how your marketing is working for you. And especially to ask the question “Is it working hard enough?”
Seeking external marketing advice can be a good investment but you must ensure the counsel you pay for is reliable and objective… There’s been too much vested interest selling going on in Ireland so caveat emptor!
To be truly impactful marketing must infiltrate the value chain at every level: Good employer brands generate good levels of employee productivity; well marinated and communicative relationships with suppliers can lead to greater levels of service and discounts; and effective marketing can secure customer satisfaction, attrition and loyalty.
Of course good advice can be about action or direction. And whilst many companies may want, for personnel or financial reasons, to keep marketing’s implementation in-house, it’s well worth considering mentor or strategic support which can be both invaluable and cost effective.
The current business climate is undeniably difficult, but professional guidance can help brands navigate these turbulent times singling out specific stakeholder groups as required.
Too often marketing is directed at certain groups leaving other audience in a communication wilderness. But an important facet of modern business is the expansion of all brands’ stakeholder set, each of whom needs to be recognized, assessed and communicated with appropriately.
An objective eye cast over your business and stakeholders, can glean important insights that may impact on your business from not just a reputational perspective, but also with regard to your competitiveness, and the bottom line.
It can be a quantifiable investment, because the power of focused marketing cannot be under estimated. It’s worth its weight in gold… and we all know how gold is looking at the moment!
SH