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A Foolproof Way to Figure Out Your Marketing Plan

Businessman planning and calculating with various business ideas

Time to get back to basics. This article will give you a fool proof way of evaluating your business and figuring out your marketing plan. It’s a tried and tested marketing theory and it works. The best part is it will only take you five mins.

The Method

You will need to imagine two things. A leaky bucket, and water.

The bucket is your business and the water is your customers.

A leaky bucket is a business that is losing customers and market share.

There are three things you can do with your leaky bucket.

  1. You can pour more water in and the bucket will continue to leak.
  2. Your can fix the leak.
  3. You can throw away the bucket and get a new one.

Option three means throwing away your business and investing in a new one, an expensive, stressful undertaking.

Marketing aims to find the source of the leak, find ways of retaining the customers you DO have and creating ways of getting more customers.

Focus on The Customers You Already Have. 

This is particularly important for smaller businesses where the loss of just one customer can be a huge blow.

I’m sure you have noticed that all the big brands have some form of feedback form. That’s because they know how invaluable customer feedback is.

Action

Find out how your current customers feel about the business. It might deliver some harsh truths but often the things that hurt the most are the things we learn from the most.

This will help you evaluate the leak and determine whether or not it is fixable.

A fixable leak is something like uncompetitive pricing or bad customer service.

Pinpoint your leak and fix it.

It doesn’t have to be rocket science. Often getting the simple things right makes all the difference. Things like understanding your customers expectations and creating a favourable impression from the start, this could be as simple as making sure to greet everyone who walks into your shop.

Be proactive, a simple thing like an email newsletter that is tailored to your customers purchasing habits, or a loyalty programme that rewards them for their custom is a great way of retaining your customers.

Throwing Money Into Advertising Without Fixing The Leak

Increasing advertising without fixing the leaks is risky and will burn a hole in your pocket. The smartest growth plan is one based on retention. Once the basics are in place, and your customers are happy, you can focus on adding more customers to your now watertight business. Who knows.. you may even need a bigger bucket.

Good Luck!

To Speak to a Marketing Expert, call us on 01 4880985.

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