Tag Archives: Food & Drink Devon

Get more bang from your marketing bucks!

One of the underlying themes of the Food For Thought workshop was targeting efforts to make sure they provide good value for money.

In small businesses it often feels that life would be easier if only we had the budget/ resources/ personnel available to large competitors. However every business, large or small, has more opportunities than they have cash to invest in; there’s always competition for extra funding.

So it’s vital that marketing spend is targeted and planned to ensure that it delivers the best return.

At the workshop Hayley Reynolds of Devon based firm RAW Food & Drink PR & Marketing shared her advice for using PR to successfully promote food and drink businesses.

Hayley works with a huge array of iconic brands in this sector, and she used case studies from some of her recent clients to illustrate what has worked to get her clients the coverage they are looking for.

1. Know your target audience
Who is your ideal customer? Understand what they like about your product and where they shop, what they read, and potentially what other brands they are interested in.

This information allows you to select the right publications to reach those key customers and saves expensive mistakes from putting the right marketing in the wrong place.

2. Know your objective
Next, what response do you want from your marketing campaign? Again this helps to target your efforts in the right direction.

The example that Hayley gave was when a product is only available in a handful of west country outlets. A glorious review in The Sunday Times food supplement will not necessarily deliver the sales uplift that you might expect as the majority of readers will be unable to buy your product.

In this case local coverage, or a focus on trade press to attract additional stockists is a more effective use of your marketing budget.

3. Know the opportunity
Hayley showed us some of the success she’s had by carefully targeting the right publications with the right stories.

Carefully crafting a story that appeals to a magazine editor and will entertain their readership potentially allows them to find ways to promote your product without requiring fully paid advertising space.

The result of this is that your cost is lower and the marketing is likely to be more effective because the writer’s enthusiasm for the product will come across to the reader.

The key factor here is to understand who the readers of each publication are and how this compares to your target customer’s profile.

Taking time to work out where to put your marketing ultimately means you can make your marketing spend work harder for you.

Food For Thought: A Workshop for Food and Drink Businesses

Plans for the Food For Thought workshop are coming together now, and its looking exciting.

I’ve lined up great speakers to join me, and together we will address:
* pinpointing what your customers value,
* which products or customers are worth most to you
* getting noticed by the right customers

All building towards making sure sales growth in 2018 brings profit growth at the same time.

The idea behind the workshop was the number of businesses whom I have met with in the last 5 years who have got themselves into trouble because they put all their effort into getting more sales when what they really wanted was more profit.

If you sell more than one product, to more than one customer I would be prepared to bet that some of the sales are super profitable, but some only just cover their costs.

That’s usually unavoidable, but the key thing is to make sure YOU have made a decision to make the not so profitable sale instead of just being led by what the customer wants.

Selling what the customer wants is not guaranteed to make profit for your business. However, direct profit isn’t the only factor to consider; there’s also issues like keeping customers happy, spreading delivery costs, and establishing a reputation to allow you to develop other products. The challenge was illustrated quite nicely by a business that I met with last month:

The have two product lines which sell well, in large quantities, and are profitable. They have another product (product C) which sells in smaller volumes, is not profitable and causes lots of problems for their factory because they need different processes and different ingredients.

From a finance perspective product C is a disaster and should be discontinued as soon as possible and the factory manager would agree wholeheartedly with this.

However there are other things to consider; the customers who do buy the product love it and the retailers who stock it can’t get enough. Also, competitors who make either one or both of the profitable lines don’t make product C so retailers will not move away from this business while they offer something that no-one else does.

So, from the sales and marketing team’s perspective the business should sell more of this product, even though it is not profitable!

The solution here is to have enough information to know that some sales of product C is good, but more isn’t necessarily better. And a balance between the perspectives of sales, marketing, operations and finance is essential to success.

On the day I will be joined by:

The workshop is at The Cedars Inn in Barnstaple on 27th February from 9.30am to 1.30pm.
Tickets are £30 (inc VAT) until the end of January and can be booked here