CONTINUING our new feature that the business section is running each week, we have asked experts across many fields of the business community to share their thoughts on the current economic climate, the methods to rejuvenate and how to emerge as a better, city county and nation.
This week, Mark O’Connell, marketing and consulting director at BDO Simpson Xavier ‘take’s a different view to change.’
“Last weekend the nation focused on ROME to witness Declan Kidney’s new squad approach and strategy working to position themselves to keep their Six Nations goal in sight. In today’s operating environment ROME takes further significance for businesses with an increasing need to focus on Return On Marketing Expenditure (R.O.M.E.) for business success. Rather than conservatism, cost effectiveness and innovation will increasingly become the key drivers in contributing to marketing impact for companies across all sectors.
“The emphasis for businesses will be to change and adapt with their marketing approaches. Now with reduced budget allocations, marketing innovation will be a major contributor to success. This change in approach by businesses will ensure resources are used more effectively and change must be embraced as an opportunity and not a threat. Without any level of change there will be no business innovation, creativity or incentive for improvement and businesses will stagnate in a fast changing business environment.
“Businesses need to examine every aspect of their product and service delivery and with budgets under increasing pressure they will have to achieve more with less funds. It provides a great opportunity to focus on the strategies that have got businesses this far and examine new means of achieving incremental improvements in service delivery, product development and marketing activity.
“Optimising what has worked successfully to date with a changed mindset focused on innovation across all business functions will ensure that marketing creativity will overcome budgetary reductions to achieve increasing returns on marketing expenditure. As Darwin predicted ‘It is not the strongest of the species that survives but the one that is most adaptable to change’. Smarter marketing will lead to higher levels of ROME.
“A simple equation but to achieve this businesses most embrace change and employ creativity and innovation in their product, service and marketing approach.”
