| Digg it UP |
Hubs | Hubbers | Topics | Request |
| #1 in Business | Subscribe Email Print |
|
You are here: Home > Business > Marketing > The 7 Areas of Marketing Waste - Are You Committing These Marketing Sins? |
|
Digg it UP - The 7 Areas of Marketing Waste - Are You Committing These Marketing Sins?
Answer The Most Important Brand Positioning Question First learned our trade) deals with the process of moving an order through your supply chain and to your customer. In this instance we're talking about the marketing process - this deals with acquiring the customer in the first place and how you handle your customers once you have them. For this we use the Lean Marketing Pipeline - would you like a copy? Just send an email to: leanpipeline@aweber.com with "Send Me The Pipeline - I'm Missing Out!" in the subject line and we'll send you a picture.Too many companies seek to model themselves after a successful company in their industry, paint a red target on them and say, “Let’s go get ‘em!” Then, the sales and marketing team gets to work, figuring out why the competitor is successful, and even set out to emulate their competitor in the marketplace. I’ve seen it happen. It never ends well, or at least they make very little headway. Usually, they waste much of their marketing budget in the pursuit. Trust me when I say this is no way to begin a successful march toward market leadership.In order to avoid the trap, you must identify what your brand position will be. When determining your brand position, you should first ask yourself or your marketing director “Why should we position our brand, product, or service in direct competition with other more established companies?” If you examine this question, you might determine that the answer lies within the question. By the way, the answer is “We (you) shouldn’t.”In order to simplify the concept, I’ll offer a metaphor. In order to position yourself, in a spatial sense, exactly where another object is, you would have to move the other object first. To further emphasize the point, imagine To understand your present state you need to map the processes of communication, customer acquisition, customer processing and customer relationships. Then you need to make sure that there are no non-value adding activities. This will enable you to eliminate steps in the process that Tools of the Trade - What Every Entrepreneur If you want to reduce waste and grow your business it can be useful to know where to look. Marketing waste is usually most apparent in these 7 key areas:Everyone knows that in order to operate a construction company, the construction worker must have a hammer, nails, drill, screw drivers, etc. Without a tool belt or toolbox these workers will put you out of business before your business get started. How can you open a web design and hosting company without having access to the Internet? How can you operate an alteration company without a sewing machine? Without the proper tools, businesses fail every day. Listed below are the most important tools that any entrepreneur or business owner must have.Business Plan (Road Map) A business plan is any plan that defines the business in the present and the future. It includes allocation of resources, focusing on key points, and preparation for problems and opportunities.Operational Plan (Policies and Procedures) Defines the day-to-day operations of your business which includes the who, what, when, where, why, and how of your daily business practices.Marketing Plan (How you market products or services) A marketing plan is a written document that details the action necessary to achieve specified marketing objectives. It can be for a product or service, a brand, or a product line. It c 1. Activity (over production) 2. People (over capacity) 3. Processes (over complication) 4. Waiting (poor communication) 5. Excessive Communication Costs 6. Trial and Error 7. Excessive Lead Costs 1. Activity (over production) Too many people doing too many different things. Thousands of brochures produced with no clear plan how to get them in the right hands. Twenty different networking meetings on the horizon, with no time to follow up. Over production and too much activity is usually a symptom of poor planning. You're not quite sure what you aim to achieve, but there is budget (or time) to spend and any marketing activity is seen as good activity. Performing lots of different marketing activities without first having a clear vision and strategy in place is a massive area of waste. Your business may perform well as a result of so much effort (and cost), but how do you know what is working and what isn't? Measuring ROI on activity is essential. This will enable you to focus more effectively on the successful activity and completely remove the need for unsuccessful or wasteful marketing approaches to free up capital as profit or to fund other business improvement initiatives. 2. People (over / under capacity) Too many people involved in the marketing process can also be a big area of waste. In particular, full time marketing managers can waste a lot of time choosing where to spend your money on promotion. The marketing director or CEO needs to be able to enlist good marketing advice and planning as it is needed and then allow experts outside the company to implement the necessary action. There is no need for an internal marketing manager to oversee this if you use the right marketing consultants. By carefully retaining the services of a marketing consultancy you can gain access to a range of experience that no single individual can ever hope to possess. You can then recruit a more junior but bright person from within your company to liaise with your consultants and yourself. You can never truly know if your marketing manager is working at full steam and I'm certain that they won't tell you unless they want more budget to spend on the next CV enhancing fad. If you are a marketing manager reading this, be honest, maybe you should talk to your boss about a more flexible retained position. This way you can look for other contracts and build your exposure to more businesses which will enhance your ability to perform well. If you're a solo or very small business, then the "people" doing your marketing may be just you and you may be suffering from a serious lack of capacity. There comes a time when your lack of time causes waste for your business and holds you back. You must seriously look at the skills gap and address the needs of your business (and your sanity!). 3. Processes (over complication) Lean Manufacturing (where we learned our trade) deals with the process of moving an order through your supply chain and to your customer. In this instance we're talking about the marketing process - this deals with acquiring the customer in the first place and how you handle your customers once you have them. For this we use the Lean Marketing Pipeline - would you like a copy? Just send an email to: leanpipeline@aweber.com with "Send Me The Pipeline - I'm Missing Out!" in the subject line and we'll send you a picture. To understand your present state you need to map the processes of communication, customer acquisition, customer processing and customer relationships. Then you need to make sure that there are no non-value adding activities. This will enable you to eliminate steps in the process that Prison Break - Six Rules of Business Survival from FOX TV here is budget (or time) to spend and any marketing activity is seen as good activity.What does a fast paced, clutch-the-edge-of-your-seat television show about a group of desperate inmates attempting to escape from a maximum security lock-up have to do with your business?Everything!If you are a fan of the series, you know that the main character, Michael, has purposefully committed a crime in order to be near his older brother Lincoln, who is about to be executed for a murder he didn't commit. Michael, a structural engineer, has blueprints for the labyrinthine prison tattooed on his upper body, so that he literally carries a complex map of his escape route with him at all times.He is determined to do what it takes to get Linc out of prison, including enrolling a group of fellow inmates to help him escape with his brother.So what are the 6 Rules from Prison Break that you can apply to your business?1. Focus clearly on your goal. Michael's goal is simple and direct: to get him and his brother out of prison. Your business goal (or goals) should be no less clear. Take time to focus on what you are trying to accomplish. The first thing you should be doing each morning is focusing on your goals, both long term and medium term, in addition to goals for Performing lots of different marketing activities without first having a clear vision and strategy in place is a massive area of waste. Your business may perform well as a result of so much effort (and cost), but how do you know what is working and what isn't? Measuring ROI on activity is essential. This will enable you to focus more effectively on the successful activity and completely remove the need for unsuccessful or wasteful marketing approaches to free up capital as profit or to fund other business improvement initiatives. 2. People (over / under capacity) Too many people involved in the marketing process can also be a big area of waste. In particular, full time marketing managers can waste a lot of time choosing where to spend your money on promotion. The marketing director or CEO needs to be able to enlist good marketing advice and planning as it is needed and then allow experts outside the company to implement the necessary action. There is no need for an internal marketing manager to oversee this if you use the right marketing consultants. By carefully retaining the services of a marketing consultancy you can gain access to a range of experience that no single individual can ever hope to possess. You can then recruit a more junior but bright person from within your company to liaise with your consultants and yourself. You can never truly know if your marketing manager is working at full steam and I'm certain that they won't tell you unless they want more budget to spend on the next CV enhancing fad. If you are a marketing manager reading this, be honest, maybe you should talk to your boss about a more flexible retained position. This way you can look for other contracts and build your exposure to more businesses which will enhance your ability to perform well. If you're a solo or very small business, then the "people" doing your marketing may be just you and you may be suffering from a serious lack of capacity. There comes a time when your lack of time causes waste for your business and holds you back. You must seriously look at the skills gap and address the needs of your business (and your sanity!). 3. Processes (over complication) Lean Manufacturing (where we learned our trade) deals with the process of moving an order through your supply chain and to your customer. In this instance we're talking about the marketing process - this deals with acquiring the customer in the first place and how you handle your customers once you have them. For this we use the Lean Marketing Pipeline - would you like a copy? Just send an email to: leanpipeline@aweber.com with "Send Me The Pipeline - I'm Missing Out!" in the subject line and we'll send you a picture. To understand your present state you need to map the processes of communication, customer acquisition, customer processing and customer relationships. Then you need to make sure that there are no non-value adding activities. This will enable you to eliminate steps in the process that Don't Get Caught In The Efficiency Trap me marketing managers can waste a lot of time choosing where to spend your money on promotion.Okay, I'm going to start off by talking bad about a Toyota dealer, so before we get into it, let's make a couple of things clear. I own a Toyota Prius and love it! From what I have seen, I would probably enjoy owning almost any Toyota vehicle. However, not all Toyota dealers are created equal, and I have run into one low-life, scumbag, bait and switch dealer in North Dallas, but that has been the exception rather than the rule.The other Toyota dealers I have dealt with have all been courteous, service oriented, up to date technologically, and efficient. Therein lies the rub, as Bill Shakespeare would say. Sometimes even these great organizations get so caught up in their grand scheme of operations that they lose sight of how to do the simple things.Years ago, some coworkers and I used to have a motto of sorts. It was something like; "Work tends to expand to occupy the time and resources committed to it." That seems to be what has happened to such things as "labor saving devices", paperless record keeping and the like.This was brought to mind today when I took my Prius in for an oil change. After it was completed and I got my paperwork, prepared by a computer, by the way, I The marketing director or CEO needs to be able to enlist good marketing advice and planning as it is needed and then allow experts outside the company to implement the necessary action. There is no need for an internal marketing manager to oversee this if you use the right marketing consultants. By carefully retaining the services of a marketing consultancy you can gain access to a range of experience that no single individual can ever hope to possess. You can then recruit a more junior but bright person from within your company to liaise with your consultants and yourself. You can never truly know if your marketing manager is working at full steam and I'm certain that they won't tell you unless they want more budget to spend on the next CV enhancing fad. If you are a marketing manager reading this, be honest, maybe you should talk to your boss about a more flexible retained position. This way you can look for other contracts and build your exposure to more businesses which will enhance your ability to perform well. If you're a solo or very small business, then the "people" doing your marketing may be just you and you may be suffering from a serious lack of capacity. There comes a time when your lack of time causes waste for your business and holds you back. You must seriously look at the skills gap and address the needs of your business (and your sanity!). 3. Processes (over complication) Lean Manufacturing (where we learned our trade) deals with the process of moving an order through your supply chain and to your customer. In this instance we're talking about the marketing process - this deals with acquiring the customer in the first place and how you handle your customers once you have them. For this we use the Lean Marketing Pipeline - would you like a copy? Just send an email to: leanpipeline@aweber.com with "Send Me The Pipeline - I'm Missing Out!" in the subject line and we'll send you a picture. To understand your present state you need to map the processes of communication, customer acquisition, customer processing and customer relationships. Then you need to make sure that there are no non-value adding activities. This will enable you to eliminate steps in the process that Income Gallery - Self Employment For Entrepreneurial Seekers hey won't tell you unless they want more budget to spend on the next CV enhancing fad.In Today world we are driven by career, family, and let’s face it money. We make daily decision based around finance and budgeting. Financial intelligence is crucial. We feel like we are independent but are we really are being on a job 40, 50, 60 hours a week working for money is not actually what you call freedom. We always ask ourselves that if a chance of a lifetime presented itself we would take it. Well this is where Income Gallery can provide an opportunity for those looking to beat the rat race.Fire you’re boss employ yourself, less work more play, less stress more relaxation in today workforce there are countless people working online and living the lives that they richly deserve are you one of them? Investments are made for future payoffs this is definitely one.Start part time till you feel comfortable then never look back again, and set sail. Needless to say working from home is huge advantage to those who commute long distances, fight traffic, and endure costly car repairs sound familiar we all heard these tunes before. Become your on entity make a smart, wise financial decision that will pay dividends change your life forever the opportunity awaits you. If you are a marketing manager reading this, be honest, maybe you should talk to your boss about a more flexible retained position. This way you can look for other contracts and build your exposure to more businesses which will enhance your ability to perform well. If you're a solo or very small business, then the "people" doing your marketing may be just you and you may be suffering from a serious lack of capacity. There comes a time when your lack of time causes waste for your business and holds you back. You must seriously look at the skills gap and address the needs of your business (and your sanity!). 3. Processes (over complication) Lean Manufacturing (where we learned our trade) deals with the process of moving an order through your supply chain and to your customer. In this instance we're talking about the marketing process - this deals with acquiring the customer in the first place and how you handle your customers once you have them. For this we use the Lean Marketing Pipeline - would you like a copy? Just send an email to: leanpipeline@aweber.com with "Send Me The Pipeline - I'm Missing Out!" in the subject line and we'll send you a picture. To understand your present state you need to map the processes of communication, customer acquisition, customer processing and customer relationships. Then you need to make sure that there are no non-value adding activities. This will enable you to eliminate steps in the process that Plumbing Courses for a Lucrative Trade learned our trade) deals with the process of moving an order through your supply chain and to your customer. In this instance we're talking about the marketing process - this deals with acquiring the customer in the first place and how you handle your customers once you have them. For this we use the Lean Marketing Pipeline - would you like a copy? Just send an email to: leanpipeline@aweber.com with "Send Me The Pipeline - I'm Missing Out!" in the subject line and we'll send you a picture.Why is it that academics the world over are trading in their old profession and training to become plumbers? It is a phenomenon that can be seen all over the world as plumbing is becoming a lucrative trade in most countries. The reason for this is a lack or rather shortage of plumbers, pushing demand higher than the current levels of supply. This means plumbers, especially those working for themselves, can be earning up to three times more than college and university leavers, with some earning up to $150,000 per year.While the money is fantastic plumbing isn’t for everyone. There is a lot to consider and plumbers have to deal with human excrement on a daily basis, from blocked pipes and toilets to working with draining and pipes. It certainly isn’t a glamorous job and you need a strong stomach.Along with the rise in people training to become plumbers, plumbing training schools have popped up in the thousands eager to capitalize on the opportunity. Retired plumbers or those who have worked in the trade for many years are now hanging up their tools and teaching new recruits on intensive plumbing courses that can see the recruit self-employed and earning in a matter of months in some cases. To understand your present state you need to map the processes of communication, customer acquisition, customer processing and customer relationships. Then you need to make sure that there are no non-value adding activities. This will enable you to eliminate steps in the process that have literally become bad habits. We have a module called Moments Of Truth in our Toolbooks series, that deals thoroughly with this issue. Getting your sales and marketing process right will enable you to reduce the cost of gaining new business, dealing with your customers and upselling new services and products. Other important things to include when refining your processes are measurement tools. Once you begin to measure success against strategic key performance indicators you will have the information to continuously improve and reduce waste even further. If your customer facing processes work well you will also find that customer satisfaction will improve. 4. Waiting (poor communication) An over hierarchical communication structure can make it very difficult to take action quickly. This lack of flexibility can cause waste in the form of missed opportunities and unnecessary inaction. If the people responsible for implementing marketing for your business are inactive then you are wasting money. We're not just talking about the hierarchy in your business (you may not have one) - we're talking about the hierarchies in your marketing consultancy, web developers or ad agency. If you see marketing as a fundamental part of your business then waiting is rarely a problem. If the CEO or board view marketing as separate from the business, then lower priority will be given to spending and decision making in this area. Changing communication policy or empowering people closer to your marketing activity with limited (and accountable) financial independence will help to overcome this problem. 5. Excessive Communication Costs Traditional methods of communication - mail / fax / phone / in-person are relatively expensive, and though still essential, need to be mixed with other more cost effective methods. The Internet is a powerful way to reduce communication costs, but still far too few businesses embrace it as such. Let's say that you produce a monthly printed newsletter for your customers. This will involve cost at the following stages: design; copywriting; editing; printing; packing; distribution. Now imagine the same idea using email. The cost areas are: design; copywriting; editing; distribution. Firstly, there are fewer steps (less time) in the email process, but when you look at the steps that are omitted you'll also find that they are the costs that escalate (stamps, envelopes, printing) as you communicate to a growing audience. How many times do your people get asked the same questions? Every time they answer a frequently asked question they are performing a duty that does not add value but can't be ignored. Simply using your website to provide general advice and FAQs (Frequently Asked Questions) could reduce your costs (Freephone support line) and free up your people's time to perform more productive, value added duties. I'm wondering if... You Know Other People who should be reading this too? So do us all a favour (they get 2 free books - we get a new subscriber - you get to look good) when you Pass On This link... http://ww
HTTP = HTML link (for blogs, profiles,phorums):
Related Articles:What Designers Do and Don't Want You to Know About Deadlines Turn Any Hobby Into A Part Time Business
|