Year ends are good moments for brands to look at past activities and to make plans. And it seems we live in wonderful times when it comes to marketing: a simple look around us shows the singing tomorrows of Artificial Intelligence or Big Data. Sophisticated stuff in a complex world. But, is it not time to remind us of simple marketing management principles?
At Brand Reveal we work with brands from large matrix corporations to small businesses driven by immediate commercial imperatives. Although situations differ a lot, we have identified three questions that help put things into perspective in a simple way, no matter the context.
- What works and does not? List the activities that were carried out and understand what worked vs. objectives. Then decide what to keep / change or stop from each of the activities. This work should be carried out as a team, with the parties involved in the execution (trade marketing, sales…) and in the measurement (research…), so that the conclusions are owned and supported by all.
- What prevents me from sleeping at night? Apply on yourself a bit of that famous “consumer insight generation”. Review what bugs you. Share it with your team. For instance, in Pricing “I need to increase price, but by how much?” or “the customer wants a price promotion, should we accept it?”. If you do Experiential marketing, “what is the exact return of my sampling activities” or “what is the optimal events & sponsorship budget to propose?”. This helps focus efforts and transform those issues into opportunities.
- What keeps me excited? If the previous questions are more about past and present activities, the question on what you love helps prepare the future. At Brand Reveal, we believe marketing works best when teams know they are building a legacy. Ask yourself what is it you like about your brand and where you would like to see it in the future. And if a new campaign, a new product or Artificial Intelligence is the way, so be it, but at least, this will give you the kicks to embrace tasks which may seem boring but essential, like good pricing or core line management.
The above may seem simple at best or naïve at worse, but the answers may not be easy to find. We can help bring genuine and meaningful answers with the right time and care. It is easy to be busy being busy or distracted by the digital bells and whistles. So do yourself a favour: step back, take the time to ask a few simple questions to ensure the basics are well covered. Your brands and your teams will be forever thankful!