At the mention of Marketing, the textbook answer that many of us are familiar with is the 4Ps –Price, Place, Promotion and Product. While this is still applicable to a large extent, let’s discuss how this has changed in our current environment.
Since the Internet took us by storm in the 1990s, technology has progressed leaps and bounds. It has changed the way how consumers buys and how merchant sells. No longer is a sale necessary closed in store, nor is information search done over a computer.
According to statistics, Singapore has one of the highest Internet penetration and mobile adoption rate. The modern customers are connected 24/7, through multiple devices. Consumers now shop on e-commerce sites, gather product reviews on forums and learn new trends on social media. What this means to Marketers are we have more marketing options than we ever had before. Combine Digital Marketing with the 4Ps, SME can for the first time level the playing field with the bigger players. You need to seize the moment and make the best of it.
Marketing automation and social media platforms can be activated at low cost and present massive opportunities for smaller businesses. It also means increased complexity and more channels to keep on top of. This can be challenging for SMEs that can quickly become overwhelming.
At BDO, we partner you to work through the complexity of the Marketing process. The BDO Marketing Advisory team adopts a proprietary approach to analyse every components of your sales and marketing touchpoints. We provide insights to your customer buying behavior and study the effectiveness of the marketing team’s efforts in addressing it. We recommend actions to target your resource for maximum efficiency, and highlight trends and best-in-class practices to ensure you stay ahead of the game.
We've seen small businesses all too frequently missing out on some big opportunities due to lack of information and marketing know how. Allow the BDO Advisory team to work closely with you to ensure continuous and substantial improvements in your marketing process.