It’s the time of year when businesses look at ways to be more efficient. Digital Project Coordinator Kara O’Callaghan-Latham says they should also be asking themselves: how can we be more effective?
The first quarter of the year is a time when consumers and businesses alike look to save money and reduce expenditure, focusing on essentials rather than luxuries. For businesses, this often comes down to how they can be more efficient in terms of cost, workforce and time. But what about effectiveness?
The subtle difference between efficiency and effectiveness could be the key to many businesses improving their outlook and performance over 2018, without constantly combing through costs to create insignificant savings.
Marketing effectiveness focuses on how successful campaigns are in both the short and long run. It’s important to consider both efficiency and effectiveness when assessing a business’s overall performance. If a company is highly efficient and sells two million pairs of trainers and 20 pairs of wellies in a year it may appear to be successful, but if its business objectives and marketing campaign focused on the sale of wellies then they haven’t been effective.
While effectiveness may be harder to measure and more complex to understand than efficiency, many market-leaders are increasingly investing in and incorporating marketing effectiveness throughout their business – such as Diageo, Samsung and Direct Line. To identify whether a business is marketing effectively, businesses need to shift from internal efficiencies to external opportunities.
Who are your customers? What are your products? Do your customers want your products? How are you currently marketing your products, and how should you be marketing your products? All of these questions (and more!) need to be considered when assessing a company’s marketing effectiveness.
At Mobas, we too hope to lead the market and help our existing and future clients improve their marketing effectiveness. This is why we have partnered up with CrowdCat, a local consumer psychology and consumer research company. In 2018 we are expanding our offering to clients, so that together we understand your industry and your customers better than ever before. Our two-tiere approach to research gives clients an overall and broad perspective of the whole industry, as well as a more refined insight into particular products, customers and what they want.
By partnering with CrowdCat, Mobas is able to work with clients on campaigns and strategies supported by data and information from their (potential) customers. What do they want? What haven’t they got? What have they had enough of? With these valuable consumer insights, Mobas is then able to create a strategy and brand around your customers’ opinions. This allows us to make informed and educated decisions on the right campaigns, targeting the right people and, equally importantly, we avoid the wrong campaigns and the wrong audience. Effective.
This year companies need to ask themselves not only ‘How can we be more efficient?’ but also ‘How can we be more effective?’. After all, spending lots of time and money on a campaign that doesn’t work is not only ineffective but also inefficient.