Marketing: What we do
Market assessments identify the total potential market for a particular product and provide information about that market. We undertake detailed market assessments and penetration analysis using secondary data sources, including the Arts Councils, Office of National Statistics, local authority/agency and box office data. The potential market figures are degraded according to drive or travel time. Frequency of attendance figures are prepared using TGI and, where available, information on current frequency of attendance, derived form the box office data.
Market assessments are often then used as part of a marketing audit, which assesses the current market penetration in the context of the potential market, considering the potential for additional attendance from the existing core market and the potential for developing attendances from new market segments.
A marketing audit is usually undertaken as the first stage of marketing strategy development and will normally include:
- Product: a review of the "offer" made to audiences, in terms of the productions presented, but also venue, catering, customer service, etc.;
- Detailed sales analysis to identify patterns of demand over time, yield and discounting: this is a key diagnostic tool and gives context to the rest of the audit;
- Discount analysis: detailed analysis of sales by discount code / buyer type, modelling the cost benefit of promotional and concessionary discounting to aid decisions about their tactical value;
- Customer behaviour analysis: a detailed analysis of bookers including recency, frequency, value, cross-over, retention, party size, etc), with comparison against the market assessment (see above) to understand the achievement in relation to the potential market and therefore the potential for increased attendances;
- Marketing activity: a review of current activity and its relative effectiveness;
- Operating environment: an analysis of the political, economic, social and technological environment within which the organisation operates and an assessment of the impact of those factors on its future strategy;
- Competition: an assessment of direct competition (including positioning) and leisure alternatives for key markets.
Baker Richards Consulting regularly works with organisations to develop or review their marketing strategies, usually starting with a marketing audit and often incorporating quantitative and/or qualitative research. Our preferred approach is to undertake an audit and/or situational analysis and then work with the client through each step in the marketing planning process to ensure that the plan is understood, to get buy-in and to ensure that the plan is practical for implementation. Organisations find that this forms a valuable learning exercise which also aids their future marketing planning processes.
Marketing is a management process and as such, developing a marketing strategy can be broken down into a series of steps:
Situational Analysis
Having prepared the marketing audit in advance, the first step is to present the key findings and discuss the implications. This results in the creation of a 'situational analysis' which states the key factors affecting the development of the plan in relation to the existing and potential market and environment, the 'offer' made to customers, previous sales, marketing effectiveness, resources, etc. This is usually also summarised in the form of a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis.
Objectives
Objectives lie at the very heart of a practical and realistic marketing strategy. The audit and situational analysis is used to prepare a series of outline objectives for product, customers, sales (including pricing/yield) and other income (conforming to the 'SMART' principles: specific, measurable, agreed, realistic and timetabled).
If pursued properly, setting clear objectives is actually one of them most difficult parts of a marketing strategy but the rewards for time spent at this stage are a much clearer approach to the strategy.
Strategy
'SMART' objectives give a very clear lead for the development of strategy, describing the key target markets and the positioning and marketing mix required to address them: product (not just what is on stage, but other activities, name of new theatre, the building itself, ancillary facilities, etc), price, place (distribution channels), promotion, physical evidence and people.
Tactics
The preceding strands are drawn together and given a more practical edge in developing specific tactics and key messages to address market segments. At this stage we would also outline required marketing activity including direct mail, print, press, advertising, internet, distribution, etc.
Resources
Preparation of the strategy needs to be undertaken with due consideration for the resources required.
Monitoring
Finally, and possibly most importantly, there needs to be a clear plan for monitoring the effectiveness of the strategy in meeting its objectives. This will include recommendations for using a suite of reports from the box office system, as well as any on-going research required.
Baker Richards Consulting regularly manages and undertakes quantitative and qualitative research including postal, in-house and street surveys, mystery shopping, focus groups and telephone research. We can work with you to explore the organisation's information gaps and the most appropriate ways of filling those gaps. If primary research is appropriate, we will work with you in designing an appropriate research methodology.
We offer a range of marketing support including:
- Recruitment: advice on job descriptions/person spec, advertising, head-hunting, interview questions, independent panel member.
- Practical, hands-on working with organisations on the implementation of their strategy, both in person and on the end of the phone.
- Training, including introduction to marketing, database marketing, excel training, pricing, front line training (including selling and customer care).
- Facilitating sessions with staff and/or boards to achieve 'buy-in'.
- Advice meetings or brainstorming sessions.
For more information on any of our services or to discuss your specific requirements please email us or call 01223 242100.
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