How effective marketing and promotion can help launch your business - Deloitte Private blog | Deloitte Australia has been saved
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Well-designed marketing and promotion activities will help you reach more customers and support ongoing sustainability of your business. Conversely, poor marketing and promotion, and little engagement with your target market could impact the extent to which you connect with your customers, receive feedback or grow your business.
The range of marketing and promotion activities is broad. They vary from setting up social media accounts through Facebook or Twitter, to traditional print and broadcast advertising. The key to successful marketing and promotion is understanding what channels best resonate with your target market.
Through our partnership with AusIndustry to deliver the Australian Government’s Entrepreneurs’ Programme, we have worked with over 1600 small and medium businesses (SMBs) since 2015 via a network of skilled business advisors and facilitators operating around the country.
Using this knowledge and experience, we’ve put together some key tips you should consider before putting together your and promotions strategy:
1. Know your audience and understand how to engage them
This is really important. In order to effectively engage with your target audience – that is, the person buying your product or service – you need to understand their profile, e.g. who they are, where they live, how old they are, what they like and dislike, how they make their purchase decisions. If you’re targeting someone aged 14-26, you may want to consider social media as a marketing platform. According to the Deloitte Media Consumer Survey (2018), social media is the primary news source for 31 percent of Australian millennials in this particular age bracket, so this. maybe an effective platform to reach and engage them.
2. Don’t be afraid of digital!
For many Australian SMBs, ‘digital’ is a dirty word. It conjures up complicated technology and buzz-words that frankly, make many people’s eyes gloss over! However, the benefits of digital marketing – particularly in an SMB context – are significant. According to the Deloitte Small Business Imperatives for the Digital Age (2018) article, businesses with effective digital sales and marketing activities increases their chance of revenue growth from 33 percent to 51 percent. - Going ‘digital’ doesn’t mean completely transforming your business. It can simply be adopting a new Customer Relationship Manager system to manage your customer preferences and details, or using technology to personalise your marketing content.
3. Build and leverage partnerships and cross-collaborations
They say that strength is in numbers – and the same goes for marketing and promoting your business. SMBs could consider exploring collaborations with other businesses to host giveaways, promotions and activities which can benefit both yourself and the other business. Also, depending on your market, don’t forget the power of ‘social influencers’ – a single advertisement by a personality with many online followers can significantly increase your product/ service reach to a wider audience. Cross-collaborative opportunities between businesses will help you reach a broader audience, and might also strengthen your own marketing strategy and approach!
1. Effective marketing and promotion is key to helping you reach a broader market and grow your business.
2. Make sure you spend the time up front developing your marketing and promotion strategy – know who your customer and audience is, and understand the best way to engage with them.
3. Explore new opportunities through digital. Most people these days engage with digital (either through social media or online) around the clock, so this may be a good way to reach more people, more quickly.
4. Grow your partnerships and connections. Explore the potential opportunities of cross-collaboration with other businesses.
Claire is a Director in the Transformation and Operations team based in Sydney. She has experience delivering large scale national programmes that support the Australian small and medium business sector. Currently Claire manages the Entrepreneurs’ Programme, which is the Australian governments’ flagship programme for productivity and competitiveness in the small and medium business community. Claire is passionate about bringing ‘the best of Deloitte’ to Australian private small business, and leveraging her experience working with a range of local, state and federal government agencies. She has specialist skills in project management, stakeholder engagement, strategy and operations.