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Branding - Your Market Research

Fri, 20 Apr 2012 17:49:06 +0100

Considering the "Why's" in Your Market

Having written a number of articles recently on Branding and Market Research, we continue here to look at your Brand Planning Cycle. I have discussed some very useful techniques such as Brainstorming and Scenario Planning, to help you generate quality "Insights" into your Brand. When conducting your Market Research, it is critical to ask plenty of good questions. Remember, the more questions you ask, the more answers you will get - and the better the questions, the better the answers.

Your Market Research will have set out to Discover the Cultural and Social factors which influence the buying habits of your Consumer. You will also have gathered a variety of data on your position in the market regarding Market Share, Category, Reputation, etc. Before you move on to considering your "Branding Message", you must process all of the information gathered to both Quantify and Qualify the results of your research.

Again, this process must be structured properly to get the best results. Your Market Research will have given you a comprehensive snapshot of your Brand, assessing its place in your market. Crucially, if conducted well, your research will have given you a feel for the "Mood" of the Market, helping you identify opportunities for the further development of your Brand, where they exist.

The Emergence of CSR

OK... So what has Corporate Social Responsibility got to do with Branding?, I hear you ask.... Well, it is notable that CSR is a concept which as reached its "Tipping Point" (Malcolm Gladwell), and is being increasingly accepted by companies in all sectors, both listed and privately held. There are numerous factors driving this development including, Globalization, the Increase in Wealth and Affluence, Environmental Protection/Sustainability, Corporate Governance, etc., etc.

This has had a knock on influence on how we Market our Brands. You will need to consider how to appeal to the aspirations of your target market with regard to this development, and how you can put your Brand in a position where it is "Visible" to Consumers with these admirable aspirations. Being active in your participation in your community is a positive which gives good currency to your Brand.

Remember: Generating good Insights into your Market will also enable you to respond better to anticipated changes in the Market Place in a more prepared and structured way! Insight generation is a Collaborative process.

Note: Your Brand Planning Cycle and how it is managed determine the position of your Brand in your Market. Contact us today for practical advice on this area. Thank you.

Branding - Generating Creativity

Thu, 12 Apr 2012 08:05:21 +0100

A Structured Approach!

Continuing with the idea that there are many things you can do for yourself within your business to Develop your Brand, I would like to remind you of a couple of techniques. These you may be familiar with, as both Brainstorming and Scenario Planning are widely used as Management Tools, particularly in Problem Solving and Crisis Management.

There are certain assumptions being made here... That you already have completed some research into Your Market, giving you an understanding of Your Brand, its Market Position, your Brand Objectives, and crucially, some insights into the Consumers perception of your Brand (See: "Devising Your Brand Strategy"). Now, as part of your Brand Planning Cycle, your focus must be on "The Story" behind your Brand.

I have discussed Brainstorming in the past, and when applied to the area of Branding, it has been proven to provide the necessary structure to bring out and discuss ideas for Branding Communication. This tool is best used with the guidance of an experienced Facilitator, who will be familiar with working with teams with a marketing focus. Other benefits manifest themselves, such as Team Building, etc. As discussed in my previous post, Brainstorming can be conducted using a number of tried and tested exercises to achieve your objectives.

Scenario Planning... this is also an area which I have written about recently. While this technique is mainly used to look at the future consequences of decisions we make today, it can be an excellent way of generating insights into your market. From a Branding perspective however, we begin our Scenario Planning by stating our Market Objectives, and continue with considering what it will take to achieve these objectives.

It must be remembered that when using these Management Tools to develop your ideas, the best results are gained if they are well managed. It is also important that all of the participants are given an equal footing, encouraging them to put their ideas forward, no matter how silly they might seem. Sometimes the best ideas come as a reaction to something someone has said, and these tools offer an ideal forum to discuss them.

Lets not forget that you will also need to encourage your staff to think creatively as individuals when considering your Branding Message. Give them the resources to develop their ideas for presentation to the meetings. This helps avoid the possibility of "Group Think", which can sometimes be associated with both Brainstorming and Scenario Planning.

The combination of Individual Creativity, Brainstorming and Scenario Planning can provide a solid foundation for your Branding Strategy, identifying key elements of your Message. It is important to remember that during these Strategy meetings, significant consideration must be given to what is known about the relationship between your Brand and your Consumer. So long as these processes for developing your Branding Strategy are managed properly, in a very structured manner, you should have good confidence in the resulting "Insights".

Note: While these techniques are widely used in the Corporate arena with great successes, they are not often used by SME's. There are many reasons for this. The process of developing your Branding is complex and requires a lot of planning to achieve your objectives. Contact us today for practical advice on this area. Thank you.

Devising Your Brand Strategy

Sun, 01 Apr 2012 11:07:14 +0100

Tips to help you Build a Better Brand

There are numerous methods to developing your Brand Strategy. Too many ways in fact... As a business, you can find many experts who will show you their way, measuring this, assessing that, and charging you a small fortune into the bargain... So, what can you do for yourself?

The following is a guide to some of the things that you and your business can consider, prior to communicating your Brand Message. Advertising is expensive, and once you begin to broadcast your Brand, it can be difficult to change direction. Be sure of what it is you need to say before you say it!

Your Market Definition

Whether you offer a product or service doesn't really matter, it will fit into a Category pigeon hole somewhere. It is very helpful to describe your market. Work with your staff on a written description of the market you are in, seeking their opinion on the "Needs" of the consumer. Remember, the consumer will own Your Brand too! Identify other Brands in this market. How is the market divided between these Brands?

What is the estimated size of your market. Seek information through Company Reports, Industry circulars, etc., to give you an indication. What figures are available to determine the performance of the market, i.e., is it expanding or in decline, is it steady?

Your Market Dynamics

You will need to get a good estimate of the market share for all participating Brands, with as much reliable data as possible. Another important consideration is the number of new entries to the market. Demographics are also an important factor! Age, Gender, Location, Income Levels.. Getting reliable data on demographics usually requires some market research which can be costly!

It is also very important to consider the consumer perspective. Buying behavior is widely influence by attitude, Perception, and state of mind. What are the expectations of the consumer with regard to;

Quality
Value for money
Durability
Design/Style
Packaging/Presentation

Again, some investment may be necessary to determine the main factors which influence consumers on the Brands which they ultimately buy, or indeed, why they buy in this market in the first place.

Your Market Position

Where do you want your Brand to be positioned? It is worth considering where the other brands in your market position themselves, rating each brand on Age, Gender, and other Market Dynamics.

Another significant consideration is Your Brands current position. You may already have an established Brand, and want to increase market share! What is the history of the Brand from the consumers perspective? What results have you gained from previous initiatives? Current consumer perception is very hard to change. You must understand how your Brand has arrived at the current position. Identify the current level of Consumer Loyalty, using this as a solid foundation to build upon. Consider the Image that your Brand represents.

It is also important to consider emerging trends in your market. Rapid changes in technology for example, may be a barrier to your initiative. Are there any lessons to be learned from other markets? Changes in the way other markets are perceived can have an effect on your market.

Your Market Objectives

Be careful when setting targets. For example, a 1% increase in market share can translate into a 20% increase in sales.... Is this realistic? A certain amount of market research is inevitable to assess the consumer perception of Your Brand in order to build on previous successes. How do you need to appeal to the needs and perceptions of the consumer to increase your Brand Power? remember your Brand Position must be credible!

Note: Developing your Brand must be done well to begin with as bad decisions can be costly and very difficult to change. Contact us today for practical advice on these areas. Thank you.

Branding Awareness

Sun, 01 Apr 2012 10:14:27 +0100

...Joining The "Brandwagon"!

The consumers perception of Brands, has grown rapidly in recent decades, particularly since TV landed in our homes. This, along with the advances in digital communications has seen numerous transformations in how Brands are "created" and managed. The transitions through the "Ages" of Branding, has also seen many changes to how marketing and Brand management is conducted. In the early days, Branding was largely Functional, whereby marketing communications were used to differentiate one product from another, (Prior to the concept of Unique Value Proposition!). This was followed by the much commented on, "Emotional" Branding, which sought to create a bond with the consumer on a more personal level. Recently, we see the emergence of "Philosophical" Branding, taking the management of a Brand to a new dizzy height of connecting with the consumers aspirations to better the planet....

It the 1980's, it was recognized by Brand Managers, that there were many opportunities to make significant profits, by taking over Brands which were not properly managed by competitors in their markets. Borne out of an awareness that the value of a Brand was not reflected in share price, better Brand management secured increased dividends for shareholders, giving impetus to a billion theories on marketing and how it should be done. Long gone are the days when consumers bought their goods from local manufacturers, where they know those who made their produce personally and where the retailer they bought from represented the Brand.

In essence, a Brand offers as easy way to identify a level of Quality in a product. Brands convey a message to the consumer that the goods are manufactured to a recognized standard which remains consistent, and above all meets their expectations. Brands that continuously meet the expectations of their consumers can therefore demand a premium, which in turn funds the management of quality of production, and increasing profits, etc.

Convenience is another significant factor in the development of a Brand consumption. When we consider the vast number of products now available to us through modern supermarkets, it would be impossible to decide on our purchases by testing all of the products in any particular category. Brands offer a convenient shortcut, allowing us to choose from the tried and tested, making the weekly food shop bearable.

And then there's the world of the Prestigious Brands. Think of the numerous Iconic names to be found in Fashion, Perfumes, even the cars we drive... Consumers have become very aware of the Cachet to be attained by carrying particular retailers bags along the high street.

Brands enable convenient choice, especially if they carry with them elements of quality and prestige. Brand managers must be aware that these concepts apply to all consumer purchases, even everyday items. The consumer will always consider what the purchase of a particular Brand says about them...

Note: Managing your Brand can be complicated, depending on your market. Contact us today for practical advice on this area. Thank you.

Managing A Consultant

Tue, 20 Mar 2012 10:02:36 +0100

For Better Results in Your Business

There are times when every business will bring in a Consultant to help with various objectives, from Staff Training and Process Improvements through to Director Induction, etc. It is important that you structure your engagement to ensure that your business benefits most from this investment. I outline below some key pointers to help your through this process.

Hiring a Consultant

Once you have decided that your business will benefit from bringing in a Consultant, whether that be to fulfill a requirement for a particular skill-set or experience, or simply to get an Independent viewpoint, you must ensure that you are hiring the right individual for the job.

Experience in your sector is a positive, however, there are other benefits to be gained from bringing in somebody from outside your sector with a fresh approach to your industry.
Make sure that you have prepared an outline Brief for the work to be done.
Seek at least two Testimonials for their work, and make sure that they are recent. Prepare a list of questions to ask of these Testimonials.
Take advantage of any "Free Analysis" offered by at least two Independents so that you can compare offerings, and allow them to propose changes to your original Brief so that your business has the opportunity to improve further, based on the Consultants experience.
Ensure that your Consultant has all the necessary information required for best results.
Make sure that you agree Terms of Reference for your engagement with your Consultant prior to any start.

Orientation

It can be a daunting experience for staff when a Consultant turns up and begins their work. To get the very best out of this, you must ensure that the Consultant is properly introduced to staff. A tour of the workplace with informal "hand shakes" is a great way to break the ice for staff. It also serves as a way for the Consultant to understand the logistics of your business. Even if your Consultant will be working away from your workplace, they will bring greater benefit to your business once they have a full grasp of what it is that you do.

Ongoing Evaluation

Check in regularly with your Consultant. It is very worthwhile to seek feedback from your Consultant on how your project is progressing. It is also important that you get a little feedback from your staff to make sure that the engagement is having a positive effect on your business. Always reflect on your Terms of Reference and compare that with the changes that are taking place. It is sometimes necessary to revise these Terms, depending on the requirements of the project.

Warning Signs

It is great for your business if everything goes to plan. I am sure that most consultants will assure you that your project is running well with all of the desired objectives being achieved. However, you must not leave this to chance. From the start, you will have agreed a schedule of regular meetings to assess the progress of the work, and make sure that your business is not making unnecessary changes... just for the sake of it! It is also very important that trust is not broken between your business and your Consultant.

Keep an eye on the project schedule to make sure that your business is not incurring any additional expenses.
Use the feedback from your staff to determine that they continue to have a good relationship with your Consultant.
Ensure that there are no breaches of Confidentiality.
Use your own Intuition...! Sometimes you can get a "Hunch" that things are not quite right. Seek a meeting.

Reporting

Prior to any start, you will have agreed with your consultant the structure of their reporting, both throughout the project and when complete. How to evaluate the success of the engagement with your Consultant will vary. You must make sure that the Consultants final report gives a good outline of the achievements obtained, including points of reference for you to assess into the future. Make sure that you are getting what you are paying for!

Note: There are many benefits to engaging with an Independent Consultant. Please Contact me today to get practical advice for your business. Thank you.

Disrupt Your Marketing

Sun, 01 Apr 2012 10:15:34 +0100

Changing the Norm in Your Market

In 1997 Clayton Christensen of Harvard Business School, unveiled his theory of Disruptive Innovation, siting Technology as an example of an industry which when studied, showed all of the indicators of Disruptive thinking. Another example used is the Automotive Industry, where newcomers like Hyundai and Kia have taken a significant proportion of their market.

So how do we apply this thinking to Marketing your business? Some "Guru's" will tell you that any kind of interruption which demands the attention of the buyer, is Disruptive! For example, the TV add which uses evocative imagery to get your attention, the packaging which looks "Funky" on the supermarket shelves, etc.... Another way is to challenge the norm's in your market!

How? Think about your sales pipeline. As a small business owner, do you pro-actively develop your current customer base? Do you seek referrals from them? How do you generate new prospects? There will be accepted norm's in your industry. Change them...!

Currently, I am working with a client whose business is in a market where they are dealing B2B, with pricing that does not allow a margin to employ a Sales Professional. I have encouraged the owners of the business to take this role on board for themselves, and actively seek new business. They immediately put barriers in place, explaining how this is not the "Done Thing" in their industry.... saying, "...all of our prospects know about us.... if they were going to use us they would have done so by now", etc., etc.

I must admit, this stance floored me! However, with a little encouragement, I persuaded one of the owners to work with me to plan some Sales Visits... I accompanied him for the first day on the road, and guess what...?? He was very good. Having shown this business that there is a valid reason for them to go out and sell, they have put the necessary resources behind their new sales drive, and are now beginning to gain positive results.

I suppose using the term "Disruptive Marketing" may seem a little strong with this example, however, when you as a business owner need to raise your business profile in your market, you need to be a bit different. You need to change the norm's in your industry... You need to Disrupt the Market.

Note: Marketing your business needs to be done in a very structured and measurable manner. Contact us today for practical advice in this area.

On Leadership

Thu, 01 Mar 2012 09:27:28 +0100

.... and Owner Managed Businesses

The trend towards the notion of "Leadership" above "Management" in our organizations had led to a shift in thinking about how we run our businesses. I use these words in the terms of how they are currently spoken of - The Leader being in a position to drive culture, strategy, protect the business, is a relatively recent attitude in business. And what do they mean by "Leadership" anyway? In management terms, the academics will discuss Leadership and Management as different, requiring different skills, and mindsets.

In reality, small business owners must be both. I have spoken in the past about The Board, and the significant differences between your role as a Director and as a Manager... Not so simple here. Kotter's view that ...Management copes with complexity, while Leadership copes with change, may appear a little simplistic. We can flesh it out a bit by concluding that Leadership focuses on Value and Direction while Management focuses on Planning and Resources. We can also deduce other, more subtle differences such as Management being intrinsically more Internal in perspective, looking after the direct needs of the stake holders in the business. Whereas, Leadership is more External, "Horizon Scanning", dealing with both the direct and indirect stake holders - with one eye on Values, Culture, Purpose, and the other on the positioning of the business relative to market trends, trading environments, etc.

Leadership is also required throughout your organization, in each functional area, ensuring that the processes that your product or service go through, require as little hands on, micro- managing as can be. In business terms... that of our own businesses, we accept that a Leader and a Manager have one thing in common - the success of the business unit. When we apply this thinking to our Owner Managed business, we must become both, Leading by example, guiding with one experienced eye on strategy, and the other on Managing our processes so that we can continuously improve our delivery to our customers.

Note: Running your business requires a multitude of skills, with an ability to process Information, deal with People, driving Action. Contact us today for practical advice on these areas. Thank you!

The Board

Mon, 16 Jan 2012 07:50:53 +0100

The Role of The Board and Your Business.

Working with a client with two new Board Members has brought up a couple of issues which can be seen as typical of the structure of The Board in many companies. This particular board has evolved over years, and has remained under the solid leadership of it's chair. However, the role of the board has diverged from it's purpose insofar as it has become an executive tool, managing every aspect of the business.

What's wrong with that?..., you may ask!

Let's look at this situation from the perspective of why the Board is in existence in the first place. Take the very word, "Director".. meaning Direction Giver. Is that how you would describe the position as practiced in your company? In theory, the role of the board is one which provides leadership, devising the Vision and Values of the company, while ensuring that it meets it's liabilities at law, for due diligence and probity. I am in favour of the "Learning Board" model, which espouses the ideal that the board should be structured towards continuous learning from four perspectives. Internal and External environmental, political and trade variables, and the Short and Long term positioning of the company.

In order to achieve these objectives, it is imperative that the board remains independent of the executive, retaining it's strategic purpose. Sometimes the line becomes blurred, especially when a situation arises where a senior executive is rewarded with a directorship. In this scenario, the executive brings the baggage of the acquired experience within the company, of managing day to day tasks to achieve business objectives and endangers the purpose of the board by bringing a focus on their executive discipline. So, how can this be countered.

One proven method, is to ensure that a new director receives proper induction, training them in their new and separate role as a director. This may involve a second contract, along with the proper allocation of time and resources to succeed. The point is to make sure that the "Independence" of the board remains intact. With this in mind, it is always worthwhile for a board to conduct regular reviews of it's own performance, ensuring it's effectiveness as the leadership of the business.

Notes: It is so easy for a Board to involve itself in the day to day management of the company, even though this is not it's purpose. The Board must be seen as Independent of the Executive, providing Strategy. It is the role of the Executive to provide the Planning so that the company achieves the business objectives as Directed by the Board. Contact us today for practical advice on this area.

Forget The Economy...!

Mon, 19 Dec 2011 12:41:49 +0100

What did you say?... Forget The Economy!

Looking back on 2011, we can safey say that it was not a great year for business. For most it was a year of cash flow shortages, late payments from customers, staff reductions, and even closure. And then we have the problems caused by the lack of available credit via the financial institutions... Say no more... The Global economy still shows no real signs of improvement, and recent talk of Ireland re-entering recession does nothing for our business confidence. We read the opinions of the "experts", (Economists), whose "guesses" we rely on so that we can make vital business decisions, and they are unable to tell us what to realistically expect for 2012. But then, did they ever? Our government announced a budget a few short weeks ago, and while it was generally welcomed by the business community, it does nothing to inspire positivity.

Your Own Economy!

Yes, the overall economy has a significant effect on your business. The amount of cash that your customers have to spend determines your turnover. However, there are many things that you can do with your business to help improve profitability. When was the last time you looked realistically at your market and where your business is positioned in it? How are you dealing with improving efficiency, without reducing effectiveness? How are you handling your debtors ledger?...

Regardless of this recession, we all have to manage our businesses properly, ensuring that we are always making the right decisions, at the right time. As business owners, we need to become experts in Strategy, Business Development, Productivity, Account Management, etc., etc. Consider outsourcing some of these functions where you feel that better results can be attained.

The Mortal Sin...!

Throughout 2011, I have engaged successfully with numerous businesses, all operating in very different sectors. It is not unreasonable to say that many have suffered form the common "symptoms" of recession. There is however, one particular issue which needs to be tackled before the rot sets in.... Over Capacity...!

During the glorious boom times of the faintly remembered Celtic Tiger, many companies made significant investments in their businesses in order to achieve the dizzying demand for their goods. Brilliant while it lasted, this one factor has caused serious problems for their businesses. The immediate reaction of those who have made such investments is to do their utmost to fill the capacity shortfall. This can be achieved with focus on increasing market share, buying vulnerable competitors to get their customer book, massive investment in marketing, etc. However, there appears to be no realistic consideration of a reduction in capacity, even when this is possibly the most sensible strategy to pursue. Get help to assess this area. When action is required, take action, promptly.

Hard V's Soft: An Outside Perspective...!

As business owners, you will all be aware of the need to keep tabs on the "Hard" aspects of your business. The facts, the ledgers, the P&L, etc. Sometimes the "Soft" aspects are completely ignored. The human side of business has a significant effect on your organization, and by measuring the gap between where you are and where you should be, you can realize significant improvements to how your business performs by implementing the latter. This is an area where your business can benefit by engaging with a consultant who specializes in Organizational Capability.

Note: Every business can benefit from regular assessment of the Capabilities of their Organization. Reviewing both Hard and Soft competencies ensures that your business is on the right track with regard to your objectives and the requirements of your market. Contact Us for practical advice on these areas.

What the Hell is "Strategy", anyway...?

Tue, 15 Nov 2011 18:22:29 +0100

There are numerous Consultants available to business, enabling you to tap into their knowledge and expertise. These consultants offer a wide range of disciplines, including ITC, Financial Control, Executive Coaching, Productivity, Marketing & Communications, Training, and (like myself) Strategic Planning. The thing is, most SME's cannot effectively describe their Business Strategy. When I ask a business owner to "Describe their Business Strategy in 60 seconds..?", they can't.

So, What the Hell is Strategy, anyway...?

Simply put, we can describe Strategy as a Plan of Actions to achieve Business Objectives. This does sound easy. However, the key to ensuring that your business adopts the right strategy must be based on the realities of your market. Here are a few pointers.

Validate Your Business Objectives: Understanding your Market is key to making sure that you are going in the right direction. You must focus on your own offering, and feedback from your customer base, rather that wondering what your competitors are doing. They may be going in the wrong direction...

Consider Your Advantages: What is it about what your business does that gives you Market Advantage? Your people and their skills, your product, your resources. How do they give you an advantage in Your Market Place?...

Identify Milestones: Get to grips with the steps required to reach your Objectives, focusing on one step at a time. Once you have worked out where your business needs to be into the future, it is imperative that you identify each individual step towards achieving your goals...

Make A Plan: Develop your Plan, taking into consideration all of the above. Put it down on paper... writing it down helps to identify the requirements of your plan. At this stage you need to assign responsibilities to your staff, making sure that they understand their role...

Communication: This is where your new Strategy can fall apart. It is no good having a brilliant plan if your Staff and your customers don't know whats going on. Decide on what people need to know, and make sure that they get the right message...

Where does it all go Wrong...?

We have mentioned Communication, and how important it is to ensure that everybody in your organisation understands your Strategy and the part they are to play. But the key to achieving your objectives is the Allocation of Resources. There is no point in developing a structured plan, designed to achieve your targets, without putting in place the proper mechanism required to Drive the Strategy towards it's goals. Having put the thinking in to your plan... don't let it fail because of No Follow Through...!

Note: Not all Business Owners think Strategically. This is a fact of Business Life... It is important to recognize that. Get help when you need it. You can Contact us for realistic advice on the development and implementation of your Business Strategy.