Every company has a brand – the company itself is a brand, and it is the brand that has value on the balance sheet – it is the difference accounted for by the term “goodwill” between what a business is worth and what someone is prepared to pay for it. But not every company has a very clear idea of what their brand stands for. In fact, we would go so far as to suggest that one reason why so many businesses fail in their early years is that they haven’t thought through their brand strategic proposition to really clarify both internally and externally what makes them different and special in a crowded marketplace.
In this article, we will be looking at GDPR from the perspective of how it will impact upon your marketing strategy and therefore, what does GDPR mean for marketing in 2018? The bottom line is that – as long as you are using data that has been ethically collected to market your business in a fair and transparent way – you have nothing to worry about. Furthermore, we consider GDPR to actually be a positive step in the right direction when it comes to the appropriate use of data by organisations who wish to raise awareness about their products and services to prospects and customers, in the hope of generating additional sales in some way or another.
As mentioned in one of our previous blog posts (describing some of the major trends to be expected in 2018), eight out of ten marketers believe content marketing is a key constituent of marketing success, yet only three out of ten within the same sample had a content marketing strategy in place. Setting a strategy isn’t hard, but it can be daunting to know where to start when it comes to working out what is needed – by whom, in what format, how often, why, and so on. That is why we recommend the use of the long-established SMART goals methodology (Specific, Measurable, Attainable, Relevant and Timely).
It’s a natural time of the year to create plans and to take a broader look at the factors that are likely to affect our businesses in the coming year. In this piece, we set out some of the likely marketing trends in 2018 that either will or could – and in many cases, should – fundamentally change how marketing is delivered. To this end, we have trawled the internet to see what a wide variety of marketing experts across the globe are predicting to be the most disruptive influences in the coming year.
For many years, the idea of the sales funnel (or sales pipeline) has been accepted as a core principle in formulating successful marketing strategies. But, whilst it is a valuable concept in itself, it fails to cover the full scope and nature of the most valuable interactions between a business and its customers. The approach is primarily focused at considering how new customers are acquired, without any recognition of the fact that business from existing customers is typically substantially more valuable, and invariably significantly less expensive – according to many industry experts by a multiple of seven to ten.
We often get asked, “What is customer segmentation….?” alongside the follow-up question, “… and why do we need it?”.
Well, the key to successful marketing lies in understanding who your customers are and what makes them tick. It sounds obvious, but it is worth stating that the more you know about your customers, the deeper and more durable your relationship is likely to be with them. But, given the millions of people in the UK who could potentially be customers of yours (not to mention the billions in the world beyond), how is this achieved?
There are very few organisations that would not benefit from being active in social media marketing – and that includes start-ups and SMEs (small and medium sized enterprises), to whom this article is predominantly aimed. There is no one-size fits all solution when it comes to any form of marketing activity. Different companies have unique needs, and what is right for one, might be wrong for another. Getting the strategy right is, therefore, key. We must always remember that a digital marketing strategy forms part of an overall sales and marketing plan that works in conjunction with the strategic and creative brand proposition to deliver the financial objectives outlined in the business plan. This relationship cannot be stressed enough. All elements ought to be clearly aligned to ensure that an authentic strategy is created.