Getting the most out of marketing

Marketing Concept. Modern Line Style Illustration. Multicolor Marketing Drawn on Dark Brick Wall. Doodle Icons. Doodle Design Style of Marketing Concept. Marketing on Dark Brick Wall. Marketing.

Australia’s SMEs have their sights firmly set on growing market share, believing it to be the best strategy for boosting their financial performance over the next three years.

So, how does one grow their market share at a time when customers are cutting back on spending and when the fight for visibility is an increasingly difficult battle in a crowded marketplace?

One way is to be strategic in how you market your business. Today we see brands employ a plethora of clever techniques to reach customers and achieve cut through. From same-day delivery, personalisation, celebrity endorsement and connecting with customers via social media, the tools that are available are as endless as one’s imagination.

Despite this, when it comes to marketing, it’s important not to forget the fundamentals.  

Start by understanding your customers

Tailor your approach based on who your audience is and where you can reach them.

Case in point: American Express research shows that three-quarters of SMEs do not have deliberate strategies to appeal to Millennials and Gen Z customers. This is in stark contrast to the 90 per cent of larger businesses that use deliberate strategies to appeal to this demographic.

If your business is looking to attract a younger demographic, it’s important to understand their motivations and needs, and then find ways to respond to them. For instance, we know that Millennials like to research before they buy. Consider, therefore how you might provide Millennials with the reassurance they need to be comfortable with their purchasing decisions. One way is to ensure you have a reviews system in place so that that prospective customers can read what others think about your products and services.

Identify the best way to reach them

It’s worth staying on top of how consumers’ attitudes to different media channels are shifting when designing your approach to getting your message out. For example, while large majorities of Baby Boomers (75 per cent) watch the news on TV to keep up-to-date, only just over half of Generation X (52 per cent), a third of Millennials (33 per cent) and just over a quarter of Generation Z (27 per cent) do the same, according to Roy Morgan research. In a major shake-up in-app usage, the recent Australian Millennial Report 2019 found that YouTube, Instagram and Snapchat have become the new major players for under 25’s.

Constantly evaluate your approach

Assess your marketing budgets against what you’re seeing in return – taking a test and learn approach that optimises what’s working and avoids wasting money.  Facebook and Instagram are great platforms to give this a go as they allow you to see results in real time. Depending on what you see, you can adapt your campaign investment, messaging, objectives or imagery throughout your campaign to make sure you’re getting the most bang for your buck.

With cashflow bringing increasing pressure to SMEs, marketing is often one of the first expenses to go. But with today’s marketplace built on relationships, getting your marketing approach right is crucial for developing new connections and deepening existing ones.

Martin Seward, VP and General Manager of Global Commercial Services, American Express