EI Series 1, Part 4
Wesley Johnson, Energy Knect
As the world slowly starts opening up again and companies begin to rebuild and restructure for the next normal, they should start thinking about the tools that will be required to capitalize on all the new and exciting business opportunities that will be up for grabs.
As a result of the pandemic, the priorities of companies and the mindset of business leaders have shifted to align with a strategy that encourages efficiency across their workflows. Consequently, this has led to a change in how companies perceive and buy services and products, according to a recent article by McKinsey. Subsequently, this has also encouraged many companies to analyse their existing product lines and services, along with their strategy and approach to ensure that their products and services remain aligned to their client’s current needs and objectives.
Energy Knect have devised a two-point plan to support companies with their “re-start strategy”, so that they can stay ahead of their competitors and take advantage of all the new and exciting business opportunities that lie ahead.
Insights & Analytics
According to research by BCG, more than 75% of CEO’s, presidents and chief operating officers believe customer insight is critical to accelerating growth, but very few companies use-or even have- all the customer information available before making major decisions. A very common mistake for businesses is to skip the ‘analysis’ stage and impatiently go straight into execution and start running comprehensive marketing campaigns with the assumption that their products and services are fit for purpose. With this approach, you risk exhausting large amounts of your marketing budget very quickly and perhaps you will drive a high level of traffic to your website, but the conversion and end commercial success of what you are trying to achieve will ultimately disappoint.
Thanks to continuing advances in big data technology, client insights are becoming easier to interpret and according to research by Forrester, data-driven organisations are growing at an average of 30% or more annually.
Although big data is a very effective tool to harness your client analysis, that’s really just one component you should be leveraging to achieve success. We believe an over-arching and segmented approach to your analytics strategy is key. By leveraging multiple and inexpensive tools already at your disposal such as; your CRM, Google Analytics, online survey platforms such as survey monkey, conducting traditional market research, participating in events and most importantly having insightful conversations with your existing clients will help your company identify who your target client is and what their current needs and objectives are, so that you can identify new business opportunities and align your products and services to meet your client’s needs and objectives.
A great place to start to help you identify and segment your target audience is through leveraging your existing database and CRM. If you need to grow your database and reach, there are a few user-friendly and inexpensive bolt-on apps such as Sellhack or Contact Out that can support you with this.
Once you have identified your target audience and developed a compelling business proposition from your analysis, the next step will be to drive awareness and engagement. According to McKinsey, one of the biggest challenges for companies is to convert their insights into actions that can drive commercial growth. In the next section of this article, we will provide you with a few handy tips on how you can monetize your analysis and drive engagement.
Awareness & Engagement
Although many brands may not reach eponym status like Cola, Kleenex or Xerox, we suggest that your success should rather be measured on the following key components;
- Your target audience and clients knowing what your business is about and the services/products that your offer
- A social media user knowing that your articles are going to be thought-provoking and valuable to them
- Clients choosing your product/service over your competitors despite you offering higher rates
Research suggests that brand awareness is pivotal to business success, as it helps you achieve your marketing objectives and encourages your business to stay ahead of your competitors, build an audience, and generate more leads. However, not all marketing campaigns are suited for all budgets, nor is there a one-size-fits all solution. The great news is, there are multiple options and cost-effective solutions that you probably just need to dust off from the shelf next to you. We have listed a few of our favourites below;
- Social Media is a great way to increase awareness. Publishing an article on your social feed costs nothing but your time and can be a very effective way in showing off your knowledge and expertise, and engaging with your target audience. Show your audience how great you are at solving their challenges.
- Participate in, or sponsor conferences that are relevant to your target audience. Speaker drop-outs are very common in the events industry, so make sure your speaking expertise are known to the organiser and that you will be happy to fill a gap if required.
- Run ads on Google Display Network. The Google Display Network is said to be the No 1 global display ad network, reaching over 90% of internet users worldwide, with more than 1 million impressions served to over 1 billion users every month. It’s a great way to reach your target audience at the right time and can be very cost-effective, as you have control over your spending. We recommend you start small with a budget that suits you and then monitor your display campaigns to explore which one is providing you with the most return. Once you have identified your top runners, just adjust your budget accordingly in favour of your winners for maximum results.
- Corporate newsletter- introducing a monthly corporate newsletter is a great way to build loyalty, raise brand awareness and retain engagement with your target audience. It’s a very cost-effective marketing solution and allows you to continuously update your target audience on your expertise and success with your clients.
- Host an online interactive workshop series that tackles client challenges that you have identified through your analysis. We advise your sessions to be no longer than 45 minutes and conclude with a fun networking session to get to know your prospects and clients on a personal level.
BCG research has shown that 80% of companies have only the basic customer insights tools and capabilities, and they underuse what little they have.
Companies looking to expand in the next normal and capitalise on all the new and exciting business opportunities will need to think about devising a strategy that can augment their reach with existing clients and acquire new one’s. To achieve this, a company will need to revert to the drawing board and think about who their target market is and what their current underlining intent is, to ensure their existing product/service lines are still aligned to support their client’s needs and objectives. By developing a simple strategy like the above along with leveraging your existing resources, could be the fundamental difference in setting your company apart from your competitors and being able to mop up on all the vacant market share that will be up for grabs.
As a result of the pandemic and in some cases, the playing fields have now levelled out. Is your company ready to capitalise on the new business opportunities that lie ahead?
The Energy Knect Approach
Through our vast industry experience and global network of professionals, Energy Knect can help your business devise an effective strategy that identifies the key challenges that your target audience are currently facing and help you develop a compelling business development proposition that sets you apart from your competitors.
If you would like to discuss your unique situation with us and how we can support your business with an effective strategy that aligns with your budget, please feel free to ping us a note at: email@example.com