Have you ever stood at the checkout in grocery supermarket and wondered how you managed to spend so much? The big retailers are expert in getting shoppers to buy more than they intended, investing huge sums in research, focus groups, loyalty cards etc. so it’s not a huge surprise that it works.
However, sometimes we are the architects of our own downfall. Research shows that if we don’t plan our shopping and take a list based on what we really need, 60% of us will spend more. Another factor can be how hungry we are feeling when we shop. Hungry shoppers are more easily tempted to buy extra items, especially sugary foods. The consequence is over-spending, food that nobody actually eats or just goes out of date. An article earlier this year reported that the average UK household wastes £470 of food every year
All very interesting I hear you say, but what has that got to do with my business?
In my experience, business owners selecting marketing activities are a bit like supermarket shoppers. There are a great many items for sale, and various options at differing price points. The best approach is to have a ‘list’ of what activities we are interested in, or at the very least a clear idea of what we want them to achieve, a bit like knowing what meals you want to cook before you go to the supermarket.
The worst situation is when the business needs some quick results – the forward order book is low, or competitors have just got more active. This is the equivalent of shopping when hungry; lots of things look good and we can end up making a poor decision or just buying too much.
Whatever you do, don’t ask marketing agencies to make a recommendation, no matter how much integrity they have, the incentive to sell you something you might not need is going to be very high – you wouldn’t walk into a supermarket, give the manager your credit card and ask what he thinks you should buy!
A clear set of marketing objectives, regular tracking of marketing KPIs and the use, dare I say it, of an impartial marketing expert will make it easy to identify what activities are required, and a sensible price to pay. Then you can go ‘shopping’ without fear of overspending and waste.
Chris.
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