So what has this got to do with Marketing? This is why you have an Accountant, right? Not quite, here we are looking at those assets that do not necessarily appear on your balance sheet. Those items that are hidden assets, the seemingly peripheral items that create real value for your clients and make them return again and again.
Sometimes it can be a physical asset, in Wellington, for example, providing free customer parking in and around the CBD can be a huge plus, depending on the nature of your business. In fact, it might be the tool you can use to poach customers from outside of your traditional geographic catchment area. In the retail sphere, the old saw “location, location, location” springs to mind. Unless you have a highly differentiated product offering, that by virtue of its exclusivity people will happily travel to buy, stick to the traditional high traffic areas and use attractive and tidy POS material and window displays to draw people into the store. As a rule of thumb the clearance sale signage should be rotated before it fades in the sun.
Be aware though, that these hidden (and not so hidden) assets, can be a double-edged sword, you might consider your expensively wrapped delivery van to be a major marketing asset as it moves around the city making deliveries and creating awareness. This is only true if your driver is courteous and obeys the rules of the road. Your social media presence is your channel to Web 2.0, but it has to be monitored by a person with some Marketing or PR training to ensure that any negative feedback is dealt with, quickly and professionally.
Your People Are Your Best Asset
Sometimes the asset is a person. Receptionists who have a pleasant phone manner, combined with some product knowledge can have a tremendous impact on inbound sales, call retention and eventual conversion. They ensure that the query goes to the right person, alternatively that the right person returns the call with the correct information if they are busy during the initial call cycle. This has an immediate impact on the level of perceived professionalism your organisation projects. Being on time for meetings and informing people that you will be late for whatever reason also falls in this category.
Have good systems in place
Investing in back-end systems that integrate your web presence with your billing and ordering systems, avoids the need for double-handling. Additionally, creating digital sales channels based on (for example) Shopify, that target a more price sensitive segment of the market, will protect you from discount competitors. Competing with yourself is sometimes the best way to dominate a market.
A Marketing Expert can help you identify and leverage your Assets
Finally, why fresh eyes? Because you have been so close to the way you do things that bringing in a different perspective via a consultant can help to identify these hidden assets and more importantly, how they can be leveraged, for increased revenue.
Juan De Lange is a Wellington based Marketing Strategist
Contact Juan today on DDI 04 595 1254 or M 027 366 3821