Future Assembly

Future Assembly – Melbourne’s newest emergent technology festival. Technology moves in leaps and bounds. With the speed that it moves, capturing a snapshot of the technology currently available is complicated. Future Assembly is that snapshot. The 2 day event will provide access to keynote speakers, exhibitors and networking opportunities, as well as curated investor matchmaking events for those exhibiting. The festival will showcase 9 core themes across the schedule of exhibitors and speakers with a focus on IoT (Internet of Things). Robotics – Sustainability – Making – Health & Science – Web & Mobile – Sports – Internet of Things – Transport – Big Data. Some of the StartUps, Disruptors and Enablers already attending include Tesla, Pozible, PwC, Oxygen Ventures, Buzz Products, CoinJar, Techstars, Alchemy One, Two Bulls and many...
Getting Your Marketing Mix Just Right

Getting Your Marketing Mix Just Right

An effective marketing mix is all about putting the right product, at the right price, in the right place, with the right promotion, at the right time. With some knowledge about what the marketing mix actually is, and some handy hints on how to get your marketing mix right, you’ll be on the road to commercial success in no time. A Definition of the Marketing Mix Let’s go back a step. It’s fairly pointless launching into a long-winded explanation of how to get your marketing mix right, if we don’t first take a look at what the marketing mix actually is. The marketing mix is a set of controlled variables that can, and should, be used to formulate the overarching strategic position of your product, service, or brand within the broader marketplace. These variables are often referred to as the four P’s of the marketing mix: Product, Price, Place, and Promotion. Product: As one would expect, the first variable is used to describe whatever it is that you are trying to market. This may very well be a physical product, but it could just as easily be a service, a brand, or an experience. Whatever the case may be, the term Product is used to describe all the characteristics of what it is that you are marketing: quality, benefits, packaging, after sale support, customer service. Product is the combination of all the features, advantages, and benefits that you offer to your target market. Price: Funnily enough, Price is related to how much you intend to charge for your products or services. It can encompass recommended retail price, discount offers, special deals...
International Marketing and Market Entry

International Marketing and Market Entry

Are you lucky enough to have conquered the domestic market? Thinking about going global, taking over the world? Before you embark on world domination, have a quick read of our beginners guide to international marketing and market entry. Here at marketing.com.au, we find that a good old pros and cons list can be very helpful when making these big life decisions. Sometimes, you just need to simplify the situation. So, we’ve put together our own pros and cons list for international expansion. Pros: Some international markets present better profit opportunities than the domestic market A bigger customer base will enable us to achieve better economies of scale We will reduce our dependence on any one market We will be able to counterattack some of the big, global competitors in their home markets Our customers often travel abroad and require international service / presence Cons: We may not understand foreign preference fully and could fail to offer a competitively attractive product. We may not fully understand the international business culture We might underestimate foreign regulations and incur unexpected costs We may lack managers with international experience The international markets that we enter might change their commercial laws or devalue their currency or implement any number of other economic changes The main point is, if you decide to expand into international markets, you must ensure that your products and marketing activities are consistent with the local market and local sensibilities. The best way to do this is to undertake in-depth research and analysis before committing resources to international expansion. You should research foreign culture, regulations and costs. It is also a...
Core Marketing Concepts Refresher: SWOT Analysis

Core Marketing Concepts Refresher: SWOT Analysis

I know, I know. You’ve been waiting with bated breath all week for the next riveting instalment in our core marketing concepts series. Well, take a breath. There’s no need to wait any longer; it’s here! Today we are going to take a sneak peak at the concept of SWOT analysis (Note: this should in no way be confused with the burly-looking SWAT teams that arrive in full body armour in all American action film produced in the last 20-odd years). SWOT analysis is a means by which to monitor both the internal and external marketing environments of a company, a person, a product, a place or even a whole industry. It is a structured planning process used to evaluate Strengths, Weaknesses, Opportunities and Threats: Strengths: characteristics of a company that give it an advantage over competitors Weaknesses: characteristics of a company that place it at a disadvantage to competitors Opportunities: elements that a company can exploit to its advantage (increasing profitability) Threats: elements that may cause challenges for a company (decreasing profitability) Internal Environment (Strengths and Weaknesses Analysis) It is one thing to be able to find attractive business opportunities, but quite another to be able to capitalise on them. To capitalise on available opportunities, a company must be self-aware; every company needs to evaluate both its internal strengths and weaknesses. Strengths and weaknesses can be evaluated in a number of ways. A simple checklist (including items like reputation, market share, customer and employee satisfaction and retention, product quality, service quality, pricing effectiveness, distribution effectiveness and financial stability) can be quite effective, if the company (or the company’s...

Ad Spend or Editorial Placement – Advertising Versus Public Relations

Consumers are often unaware of product placement, of the use of integrated marketing campaigns, and celebrity and media endorsements to ensure a product’s success. These tactics are increasing due to difficulties capturing the attention of Y gen. No matter how much public relations consultants want to believe it – there is no research to support the claim that PR-generated media coverage is worth two or three times more than paid advertising. In 2005, David Michaelson and Don W. Stacks, professors at the University of Miami, tried to establish whether readers attributed greater credibility to news columns compared to advertisements. They looked at differences in credibility, message recall and interest levels. In a nutshell, the researchers discovered that there were negligible differences between editorial and advertising. PR-generated media coverage and print advertising enjoyed equal credibility and both marketing mechanisms scored higher on the credibility and interest rating levels than online or radio advertising campaigns. The professors’ results suggested that there is an enormous benefit to delivering marketing messages through a variety of communication channels. And (good news for PR professionals) with PR-generated media coverage obviously on par with paid advertising, it bolsters the argument for reallocating budgets into the public relations coffers (PR has always operated with considerably less cash than advertising). There are some experts like Al Ries, author of The Fall of Advertising and The Rise of PR, that believe that most companies shouldn’t waste money on advertising until they have established some level of brand recognition and credibility through PR. Al Ries states that all the recent brand successes have been due to public relations, not advertising;...

Using Social Media in the Marketing Mix

In 2011, 80% of businesses in America with over 100 employees will use social media marketing. Compared with two years ago, when only 42% of companies were using social media, this is an enormous change (source eMarketer). As more and more people adopt the use of social media in their daily lives, marketers are being forced to recognise the potential of this communication tool and integrate it into the marketing mix. Social Media is one of those mysterious (and slightly scary) terms in the world of marketing. When Facebook exploded on the world stage, followed not long after by Twitter, all those ‘slow adopters’ buried their heads in the sand and hoped (or in some cases prayed) that it would quickly evaporate. Surely this was just another passing Gen-Y fad? No such luck. Social media has changed the way advertising and marketing is rolled out: bombarding customers with endless two-for-the-price-of-one email deals creates short-term leads but does not ensure long-term success. Social media allows two-way communication with potential customers and can generate online conversations about your brand between customers. So how do you integrate social media into your marketing mix? Make social media part of everything you do; social media is more than just another marketing tool. It would be really easy to just create a Facebook page, update it perhaps once a week (or every other week if I’m busy). That’s social media isn’t it? Not quite. Consumers do not participate in social media so that marketers have another vehicle to deliver their two-for-the-price-of-one spam. Consumers want to communicate with other people, connect with their friends, their family,...

How to Get the Best Results from Your PR Agency

So, you’ve decided that your brand needs a helping hand to get cut-through in today’s cut-throat consumer driven market. You’re set with the advertising campaign but a bit unsure on what PR even is, let alone what its benefits are. Isn’t it all just spin? Don’t today’s marketing savvy consumers see through PR fluff these days? This is exactly the attitude that a switched on PR agency will dispel immediately. Good PR can boost your sales, increase your own profile (or that of your company’s) within the industry and enhance consumer brand awareness. If you approach PR with the right attitude (and know a little about it), it will become an essential element of your brand’s marketing mix. When it comes to PR, and getting the most out of those monthly retainer fees, the most important thing to remember is: stories do not write themselves. Your PR agency should be able to come up with a few story angles and even organise a few promo events to generate coverage in the social pages. But, if you have nothing interesting to say about your brand, then what do you expect journalists to pen stories about? Unfortunately, PR agencies cannot manufacture stories from thin air. Newspaper column inches are highly sort after (and highly expensive if you are paying for them in advertising dollars); journalists will not give them away for fluff. The key is to brief your PR agency thoroughly. Make sure they know what’s going on in your business. Make sure they understand your products. Make sure they know who your target audience is. Make sure they meet all...