The last entry in the ‘Building Your Business’ series will take a closer look at marketing. Without effective marketing, your customers may not understand your brand, the service you offer, or know about your service at all. Your marketing will present the face of the business and its point of difference, manages internal and external relationships and places your products in the public’s eye.
A simple definition of marketing is:
“Getting the right product or service in the right quantity, to the right place, at the right time and making a profit in the process”.
There are multiple functions within the marketing process itself that work together to achieve marketing objectives. These functions can include:
- Community investment
- Customer support
- Distribution channels
- Market research
- Media planning
- Product pricing
- Public relations (PR)
- Sales strategy
- Corporate and social responsibility
Within each function specific elements of the business are devised and promoted in the public including branding (the look and voice of the business), media presence, campaigns, promotions and events. These strategies aim to create a persona for the business that can appeal to customers and create a relationship with them.
The rise of digital technology has created a completely new playing field for marketers and revolutionised the industry. Traditional media and advertising utilised methods including radio, billboards, television and newspapers (print media). While extremely effective, these tactics tend to be expensive and time-consuming. The rise of digital media, particularly social media, has created a platform for organisations to reach massive audiences almost instantly. The Interactive Advertising Bureau in Australia reported ‘The digital advertising market continues to grow with the latest IAB/PwC Online Advertising Expenditure Report noting that it generated $1.15 billion during the March quarter, a five percent increase year on year.
It’s not always the best way to advertise your business; the digital revolution has transformed traditional marketing by opening two-way communication channels. Marketers have little/no control over this form of communication, customers now have the power to openly name and shame organisations that they’ve had negative experiences with. Countless organisations have experienced social media backlash including McDonald’s, Abercrombie & Fitch and even the New York Police Department. The department created a campaign inviting people to share positive images with police officers on Twitter using #myNYPD, however the feed became flooded with images of police brutality resulting in the biggest social media blunder of 2014.
Marketers have found the most effective form of creating and maintaining relationships involves ‘integrated marketing’ which utilises various forms of communication including traditional AND digital marketing. In your business you’ll need to develop a clear and concise marketing plan and prepare for any potential backlash that may arise from advertising, promotion, traditional and digital media.
Hotondo Homes provides franchisees a team of marketing specialists who specialise in:
- Campaign management
- Public relations
- SEO (search engine optimisation)
- Copyright laws
- Graphic design
- Content creation
- Event management
We provide training to our franchisees and equip them with the knowledge and tools to target their local community. We work together in coordinating launches, day-to-day marketing, social media and newspaper features ensuring our voice and brand is one that is trusted and supported within the community.