The Marketing Centre - Eastern Counties October Update

October 30th seems to be the day that everyone is focused on this month.

Though I’m not sure what exactly people are expecting to happen on that day. Thunder, Lightning, Flooding?

Having experienced the downsides of local floods recently I have been more convinced than ever that it’s important to only worry about what you can control, not what you can’t control.

Whilst October 30th might set the tone for the overall economy for the coming year or two, we cannot influence the outcome.

So now is the time to focus on what we can do, and this month’s newsletter covers several opportunities to pro-actively grow your business.

Driving sales growth through focussing on customers and return on investment.

Leveraging distribution effectively is one simple way to expand sales quickly. Kosnic Lighting had grown consistently thanks to innovative products and a distribution led strategy, however they felt their marketing was not as effective as it could be.

As a result, Kosnic Lighting partnered with The Marketing Centre to overhaul its marketing strategy, resulting in a 170% sales uplift in a key distributor region and strong growth across other areas.

By bringing on a Fractional Marketing Director, Kosnic improved its brand positioning, customer engagement, and sales performance. The new strategy focused on enhancing digital marketing, strengthening internal relationships with sales teams, and increasing customer interaction.

The marketing efforts also led to a successful new website launch and significantly boosted Kosnic’s social media presence, with impressive follower growth and engagement on LinkedIn - Find out more about how they went about this and the benefits they experienced - https://www.themarketingcentre.com/case-studies/kosnic-lighting

Make sure you think about AI holistically.

AI is becoming a significant concern for business leaders.

While some are still trying to grasp its impact, others are already using AI to improve processes, such as automating eCommerce listings or warehouse robots. However, merely adding AI to existing workflows won’t maximize its potential.

In a recent LinkedIn post, I detailed my own experience of how Argos wasted the opportunity to become the UK's Amazon equivalent at the start of the century—before Amazon, there was Jungle - https://www.dhirubhai.net/pulse/before-amazon-jungle-remember-them-i-thought-colin-stickland-kpd8e/

The real advantage comes from designing businesses from the ground up with AI in mind, similar to how Amazon built its eCommerce empire. New competitors using AI will enter markets without the limitations of legacy systems.

If you want to understand more about AI and the opportunities and risks it presents, join our AI expert Ged Leigh and myself for upcoming webinar:

The CEO’s Guide to AI: Empowering SMEs for Competitive Advantage

Date: 7th November 2024

Time: 10:00 - 11:00 am

Engaging, informative, and focused on real-world applications, this webinar promises to provide SME leaders with the knowledge and tools they need to harness AI effectively and drive their businesses forward. Join us to stay ahead of the curve and turn AI into your competitive advantage, before your competitors do.

This is already well-subscribed but you can still register here - https://www.themarketingcentre.com/webinars/ai-webinar

We're growing ourselves (continued)

Last month I highlighted our new recruit, Stephen Rumbelow. This month it’s the turn of Rebecca Shears, our other new recruit to take the spotlight.

Rebecca decided she preferred the glorious East Anglian countryside and people to the sun and beaches of Australia and relocated here just before lockdown. Having worked with businesses of all sizes from start up’s to well known corporations (Hewlett Packard and Unilever amongst others) she joined the Marketing Centre earlier this year.

Rebecca brings a wealth of commercial and sales knowledge with her too, in particular focusing on driving value from existing customers with CRM strategies and effective lead generation programmes for business growth. You can find out more information on her skills and experience here – https://www.themarketingcentre.com/team/rebecca-shears

Unlock the Power of the 7 Levers of Growth to Boost Your Profits

Many businesses focus solely on generating leads to increase sales and profits. However, there are six other growth levers that can improve profitability much faster.

By considering all seven levers together, you can supercharge your business growth.

Here's a breakdown:

Distribution Channels: Partner with agents, distributors, or resellers to drive incremental revenue. While you may need to give up some margin or provide marketing support, the return should far exceed the investment.

Referrals: Happy customers are a goldmine for new business. Simply asking them for introductions to their network can lead to easy revenue gains—sometimes, all it takes is the courage to ask.

Retention: Do you track how long customers stay with you? Monitoring their buying habits and flagging any changes early can help you retain them longer, boosting your revenue without additional customer acquisition costs.

Cross-sell/Upsell: Strengthen relationships with your existing customers by offering them more of your products or services. Making them aware of what else you can provide—like upgrades, adjacent products, or ongoing services—can lead to significant growth. It's more cost-effective than finding new customers.

Pricing: When was the last time you adjusted your prices? Raising or even lowering prices can have a dramatic effect on revenue. While a price cut may reduce margins, increased sales volume can offset this and drive higher overall profitability.

Marketing/Sales Efficiency: Maximizing the conversion of your leads into revenue as efficiently as possible is crucial. Faster, higher conversion rates mean better returns on your marketing and sales investments, which can fuel long-term growth.

When I ran my own business, I saw dramatic results by focusing on pricing. We introduced multi-buy options that very quickly increased turnover, boosted customer retention, and significantly improved profit margins. By offering customers bulk options, we secured a larger share of customers annual purchases while lowering shipping costs, making it a win-win for both sides.

All of this had a substantial impact on our profits overnight.

If you'd like to learn more about how to leverage these growth factors and see their multiplier effect in action, join us for our upcoming webinar - The CEO’s Guide to Growth Levers, on October 22nd at 10 am. You can register here - https://www.themarketingcentre.com/webinars/growth-levers-october24

And finally an offer....

Not confident your team is ready to support growth?

Concerned about upcoming Employment Law changes?

To scale your business and reach your growth goals, having the right team in place is essential. Creating a great workplace culture that attracts and retains top talent requires a long-term People strategy that aligns with your commercial objectives and lays solid foundations.

Our Liberti sister, People Puzzles HR Directors can help you build a high-performing team to attract and retain exceptional talent. They work with you to create a culture where your team feels empowered, accountable, and excited about the business direction. Starting with their Discovery process, they conduct a thorough review of the key elements of a high-performance People plan and work with you to develop a roadmap that drives success across the business.

Interested in a complimentary day with a People Director?

Contact me, and I’ll connect you with your local Regional Director to discuss your team’s needs and ensure you're ‘employer ready’ for any upcoming Employment Law changes.

Wishing you a calm October,

Colin

Colin Stickland

Regional Director - Eastern Counties

t: 07736 900696

e: [email protected]

w: themarketingcentre.com