Is your business ready for 2017/18?

As we approach EOFY (end of the 2016/17 financial year) the month of May tends to be a time to reflect on the achievements of your business and prepare for 1 July.

When you do your own review, how happy are you with your success? Have you achieved your sales goals and managed to grow? Did you increase the number of customers like you had planned? How many customers did you retain and how happy are they with you and your business?

Many of our own customers at Marketing Entourage (particularly established medium-sized businesses) initially approached us because their customer acquisition and sales had plateaued and they were looking to transform their business.

To ensure a great start to the next financial year it is essential that every business owner/leadership team have an honest review of both marketing and sales performance.

Do you want to just press the reset button and do the same things again this year or are you ready to do something different? Read on for our business marketing ideas.

A great quote from Abraham Lincoln is ‘Give me 6 hours to chop down a tree and I will spend the first 4 sharpening the axe.’ By spending time on creating an effective marketing strategy, this ensures you have clarity and a laser focus. Once this is achieved you can create an effective plan that will give you structure and then focus on implementing the right tactics that will provide the results you desire.

Nowadays, the way you need to market to your target audience has changed. Anyone who has watched the TV show Madmen recognises the old/ traditional way to market. The show portrays an era where the ability for new or existing customers to make their own informed decisions was limited and they ‘relied’ on the stories told by advertising to decide whether a product or service was something they wanted to purchase.

Today, thanks to the constantly growing capabilities of the internet, your potential customers can do their own research and have the ability to create their own opinion rather than feeling the need to be sold to. The days of marketing and sales being separate departments is becoming ‘old school’. Smart businesses look at the entire buyer’s journey from awareness to consideration to making a purchase decision. Once the decision is made the work doesn’t stop. The cost of retaining a client is far more than acquiring and this is again where marketing can help businesses turn buyers into advocates and help share their stories of success.

The ‘new way’ to market and transform your business starts with your marketing strategy to help develop the following:-

• A clear understanding of the value you provide to your target audience and why you are different from the competition.
• A strong brand that includes how you look, sound, and what you stand for and your reputation.
• A deep understanding of your target audiences' needs, goals and content that talks to them in an unobtrusive and personalised way.
• A great shopfront (website) that attracts passers-by as well as people seeking your product or service.
• Sales and marketing alignment in a system that works together to generate marketing qualified leads, converts them to customers and then retains them as advocates.

Finally, what about the ‘elephant in the room’ that no-one likes to discuss - your budget.

How much should you invest into marketing?

Successful business owners and leaders have changed their mindset and now look at their marketing budget as an investment to grow their business rather than an expense.

What if someone could guarantee that for every dollar you invested in marketing it would create at least a 6 time return in revenue?

It is possible to do this but many businesses need help.

There is free support out there that can help. For example, AusIndustry run an Entrepreneurs’ Programme that includes a business evaluation from a private sector Business Advisor, grants for growth opportunities and collaboration opportunities.

This programme is available to businesses that fit within a certain criteria ($1.5M to $100M annual turnover or operating expenditure and operating for at least 3 years - note there are additional requirements to be eligible).

So, now that you have read this, how ready do you feel for FY 2017/18?

To help you prepare for the end of financial year 17/18, Marketing Entourage and AusIndustry have teamed up to run an interactive workshop in Melbourne on Tuesday 23 May in Melbourne CBD.

It is a free event with limited spaces and will talk through the 10 steps to consider for a killer marketing strategy. Business owners will leave with a deeper understanding of what makes a great marketing strategy and how you can apply that to your business and you can also meet with an AusIndustry advisor to discuss your eligibility for their Entrepreneurs' Programme, business evaluation and access to a matched grant of up to $20K.

Click on the link below for more information and to download our guide to steps you need to take to make your marketing work more effectively this upcoming financial year.