“How do I know your solution is what my business needs?” “I’ve already got a reliable supplier in your sector. Why should I switch to you?” “How are you going to solve my business problem?” Questions like these can make even practised business owners break a sweat. If you start hearing yourself waffling on about the ’synergistic benefits’ of your ‘integrated solution’ it’s not because you don’t know your stuff, it’s generally because you haven’t developed your value proposition.
In 1860, Robert O’Hara Burke and William John Wills set off from Melbourne, heading north to explore the Australian interior. It had taken them three years to raise funds for and awareness of the expedition, during a gold rush. Neither had the faintest sense of bushcraft; their “essential supplies” included a cedar-topped table and chairs, rockets, flags and a Chinese gong. They broke down on the first day, took until midnight to reach the suburbs of Melbourne, and - to cut a long story short - their expedition was a disaster from which neither of them returned.
How much is your business worth? Ask this question to ten business leaders, and nine of them will focus on the bottom line - turnover, profit, revenue. Important factors, no doubt, but value runs deeper than the financials. Business value is generally calculated as Net profit of business times Multiple of earnings for the sector. This series is concerned with those multiples; those variable elements of a business that can add considerable value when it comes to the time to sell. In this series so far we’ve covered benchmarking, and the importance of a good employer brand. In this piece, we’re focusing on new product development.
You may have heard a thing or seventeen million about the UK’s impending exit from the European Union. For those that haven’t, please pick up a newspaper. We’re not getting into the good, the bad or the ugly of Brexit here, but it will undoubtedly herald changes, economically, socially and politically. The trouble is, at the moment, there are no definitives. That doesn’t mean you can’t prepare, though - ‘wait and see’ is not a strategy. With that in mind, here are our 8 marketing tips for getting your business Brexit ready (Bready?). Read on.
Marketing is an oxymoron. On one hand, the fundamentals are deceptively simple: product, price, place, people and those other Ps we love to quote. Under the bonnet, it’s a complex machine of constantly moving parts; one which looks slightly different depending on the make and model of the business or industry in question.