Marketing is an important business process where you inform, attract and convince people that your products or services are of value to them.
Without Marketing, many businesses would fail to exist.
You could have the most amazing product or service, but if no one knows it exists or understands the value, you won’t make a single sale.
In the next couple of weeks, many corporate
What will the companies be talking about at their strategy sessions at this time of the year?
What are the common trends that will be running through the strategies of companies for 2019?
It is for these reasons that the Springboard, Your Virtual University, a radio talk programme on Joy FM, has started a new series titled ‘Expectations for 2019 and review 2018’.
This week’s edition was on marketing and customer service.
The show, which is hosted by Rev. Albert Ocran had a Lecturer and Training Consultant,
Prof. Hinson said 2018 had been challenging from the consumer’s spend standpoint.
“One thing I have heard from a lot of practitioners and my executive master’s students is that, across the industries, consumer spend seems to have gone down a bit and this has caused
“This is because if you have little to spend, you typically will spend on products that will give you the most utility,” he added.
Growing appreciation for marketing
He said despite the challenges, there
“If you take the not-for-profit sectors, you have churches that have grown from one branch to ten branches and growing exponentially all across the world. So even for NGO entities, they seem to be applying strategic marketing principles to go global,” he said.
“In the public sector, there seems to be a growing recognition of the application of marketing and service principles in order to grow.
For the first time in its 70 years’ history, the University of Ghana launched a marketing and communication policy.
If something as old as the University of Ghana can come to the
He said there was a growing appreciation for marketing principles to meet strategic goals.
Private sector struggling
For multinational companies, he said,
“Oil Marketing Companies (OMCs), for instance, are in a severe price war and they are giving discounts which are making their margins slimmer.
Some of the smaller companies are also going out of business,” he stated.
“There is a general squeeze so people are resorting to all sorts of practices to penetrate and stay alive,” he added.
Finding innovative ways
For her part,
She said the general feeling and feedback was that budgets had been cut, and marketing practitioners didn’t have as much money to do what they would have wanted to do fully this year.
“Unfortunately, one of the things that
“This is where innovation comes in. Marketers must use the most effective and efficient marketing tools to engage customers and ensure that their brands are still out there and get the results that they want,” she added.
She said that had been the biggest challenge for marketers this year.
How to deliver on your targets
Explaining how marketers could achieve their targets despite a tight budget, she said: “You first need to clarify what the challenge is, where exactly we have opportunities.”
“That is when we can start having a conversation around using alternatives and various activities,” she said.
“One thing I have noticed is an interesting trend in the inclusion of a lot of digital marketing strategies, so instead of just traditional advertising that is most times very expensive, quite a number of companies have moved into using digital platforms that are cost-effective,” she added.
She said whatever the challenge, the best benefit could be squeezed out to get results. — GB