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A key to corporate communications

A key to corporate communications

The mobile marketplace is placing new demands upon both corporations and how they interact with their clientele. At the core of many consumers’ concerns is the ability to obtain a clean interaction with an organization. Simple customer service requests or corporate transparency issues are often the sources of an inquiry. Success in these interactions boils down to a company being able to cleanly interact with their clients.

The solution begins with anticipating the needs of your consumer. It’s nice to be able to have customer service department that can filter incoming queries, but how does your corporate hierarchy handle that request once it hits your company’s “1-866-ASK-MEEE” phone line?

Internal communications

Communications is a proactive and interactive process. By anticipating the needs of your customers, your employees, and any possible regulatory agencies, you position yourself to respond intelligently to an inquiry of any caliber. The process starts on the inside.

Two critical needs for successful communications are:
  • an established path of open communications – Is that path flexible to meet the changing needs of the consumer and your corporation? 
  • trained “brand ambassadors” who understand your brand and your corporation. Do you have people who can effectively communicate with your clients? Do they simply read text off of a computer screen or do they actively process the requests when they are contacted by the public?

The way we interact and the way we prepare for that interaction are mission critical to the success of your brand. If a customer’s requests gets lost in a web of inefficiency, the potential PR damage is probably greater than the event that generated the initial query. No one likes to have their concerns dismissed, lost or just ignored.

Be sure that a flexible, interactive pathway is established before you “open the front door”. If your staff doesn’t have an answer, at least have the ability to ‘vamp’. Be able to intelligently acknowledge, record and pass along the very real concerns of your clients.

Your corporate brand is not an image on a bumper-sticker. It is the breathing, interactive face of your business. It is the lifeline to your customer. Be sure that you understand the process of communication.

Simplify the corporate image

The internal workings of almost any corporation are complex. Structure, hierarchies, and procedures are mission critical to keeping an organization well oiled and operational. However, when a customer calls in, they really don’t care about your structural needs – they just want a simple answer to their problem. Getting that simple answer can be like pulling teeth sometimes. Sometimes, these needs will clash with the other. The solution is found in a balance between your structure and facilitating your customers’ needs.

This is the challenge to every Corporate Communications office. How do you merge these two necessities? The challenge to most corporations is being able to listen successfully and answer intelligently. Calvin Sun wrote a great piece on corporate communications for TechRepublic.

Being able to successfully communicate involves active participation. Be ready to listen. Be ready to change for the needs of your customer, your industry, and your brand. If you want to discuss your communications needs for either internal or external clients, contact our project managers to help you get your brand to those who matter most.

How to calculate an advertising budget

How to calculate an advertising budget

Every company must stake its own space in the marketplace to survive. In order to successfully interact with your customers, each business must decide on the best course of communication. This function is facilitated by your company’s marketing budget.

Each business owner is an expert in their given area of practice. Everyone needs customers, yet often, stakeholders haven’t been provided with a game-plan of how to reach those customers through advertising.

We’re providing a roadmap for your future marketing budget. The purpose is to help the business owners focus their resources for the best ROI on their investment. If you begin with a focused process, your odds of success greatly increase.

When deciding on a typical marketing budget, there is no definitive answer on the dollar amount a business should spend. How much you plan to allocate depends on a number of variables including the industry you are in, the size of your business, its growth stage, your annual revenue goals, your projected sales, your cost per acquisition, whether you are willing to spend on websites, mobile apps or some other long term project.

It may be helpful to examine some methods of determining marketing budgets and average percentages that companies use in their calculations. You need to determine your marketing budget wisely and not depend on what is left over after your business expenses are covered. We are here to give you some guidelines that you can use to determine your marketing budget.

As a general rule of thumb, Colure Media suggests that the marketing and advertising budget should be on an average 10% of the company’s overall revenue. This budget should be split between brand development costs including the channels you use for marketing and the costs of promoting your business (campaign, events, and advertising etc.). The percentage of revenue calculation should account for possible additional factors such as new product launch, new market entries, and mergers/acquisitions.

For companies who are unsure of their revenue goals or don’t know their exact overall revenue, we suggest calculating their marketing budgets using cost per acquisition (or CPA). Using a CPA, we help companies reverse engineer their budgets by understanding their sales goals. For example, if a company wants to sell 10000 units of something and if they know their CPA, they can calculate their marketing budget by multiplying their sales goals of 10000 by CPA.

It is very important to re-examine your CPA, as this is a number that you want to optimize. Your goal is to make it lower since you want to receive a higher rate of return on every dollar you spend on marketing. Continually look around for new and more effective methods of reaching out to your target market. The use of new and improved technology can help you optimize your cost per acquisition.

If you are seeking out the development of projects like mobile applications, website development, and mobile marketing (or some other long term project), our advice is that you pull that project out of your total budget and calculate its own budget as a separate line item. The reason being is that these long-term (5 to 7 years) marketing tactics require an initial heavy investment and small investments later on. You are better off doing an initial investment of around 8 to 10% on these large projects and then 2% of your annual revenue towards web development for the next 3 years. After that, you need to put money only for updates and maintenance for the next couple for years.

Once you have set your marketing budget, remember that it is not a fixed value. There might be times when you will be throwing in another unplanned event or campaign. The main thing is to know whether your spending is giving you your required ROI.

One of the biggest issues facing new and existing businesses is that they may not know what their marketing and advertising budget should be. Often, businesses don’t understand the process of media planning. Many times budgets are set blindly, with a number just being thrown into the air and hoping that it lands on the success outlined in their business plan (if they have created one).

There are three components to every business:

     1. Unique product/service

     2. Profit

     3. Marketing/Advertising/Sales

At the end of the day, a business with unlimited funds can spend plenty of money and time running test after test, but they may sacrifice market share to competitors (who may have inferior products/services) who are knowledgeable and have navigated these seas time and time again. Blindly throwing money at your advertisements is not the answer. Define your goals. Examine your numbers. Start with a solid plan that can be modified, with purpose, as time passes. We hope that this will help your gain a better perspective on your marketing efforts.

If you want to discuss your advertising needs, contact Colure’s Project Managers to help you reach your target audience.