Paul Cornwell ( a senior technologist at PZ Cussons based in Manchester) said something about new product development that made me smile. “It doesn’t all come from marketing.” Of course, he’s right. It takes a team to make a new product.
I like matrices and, marketing, like most disciplines has its fair share of them. One of my favourites is the Ansoff Matrix. This matrix highlights the strategic direction a business could take if it wants to grow.
With Chris Tomlin from Chester based Antidote Copywriting. I met Chris the other day and we got chatting about writing persuasive copy. I thought I would pass on some of the wisdom.
So, how much should we spend on marketing? Well, I am going to rephrase that immediately. So, how much should we invest in marketing? Successful businesses see marketing as an investment in their future rather than simply a cost to be borne.
There are three ways to grow a business: Customers buy more frequently Customer pay more Customers buy for the first time
I am a great believer in marketing objectives. I know objectives sometimes seem like creating work for the sake of it but for me objectives give that all-important focus that enables you to concentrate on what you truly want to achieve.
There will always be competition. Monopolies rarely exist. Where there is competition, you need to know and understand it. Often the best person to ask is your customer. They may know your competitor better than you would wish them to. They may even tell you all about them too, if you ask.
Your existing customers should be your first priority. I know it sounds obvious but you will hear it said repeatedly and for good reason. I have heard it takes 10 times more resources to win a new customer than it takes to serve an existing one.