The “Ferrari” Effect – A Marketing Strategy Framework

Michelle O'Hara, Director - OH MARKETING!'
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Have You Got the Right Pit Crew To Support Your High Performing Vehicle – Your Business?

The business landscape is changing rapidly and with it so must our Marketing Strategies, in order to remain ahead of the game. In my recent presentation to an amazing group of business owners, CEOs and staff at Queensland Leaders, I discussed how the Top 5 Business trends are impacting businesses’ ongoing marketing strategies and how we can make sure we remain one step ahead of our competitors by addressing what we call, “The Ferrari Effect.”

The Top 5 Business Trends Influencing Marketing Strategies

1. RISING COSTS – interest rates are hitting both consumers and business owners as the cost of living and running a business skyrocket. What this means from a strategic marketing point of view is that our strategies need to be strong, firstly to HOOK our potential clients and when we have them in our funnels, we must ensure they see the VALUE our products and services provide, over our competitors.
2. DIFFICULTY IN FINDING STAFF – As businesses cut costs and seek efficiencies to ensure they don’t run out of cashflow, from a strategic marketing point of view, they need to be careful of staff BURNOUT, REDUCED CUSTOMER SERVICE or reduced QUALITY OUTPUT. Be aware the CUSTOMER EXPERIENCE right now is what is separating companies. 63% of customers said they would pay more for a good customer experience.
3. OVERWHELM – Life is super busy for everyone right now. Sports is back, some staff are running 2, 3 or more roles, there is a lot going on and there has been a lot of change, this can be exhausting for everyone involved. From a strategic marketing point of view the CUSTOMER JOURNEY needs to be seamless, you have to make it EASY to BUY for your customer and ensure they understand the VALUE you are providing at every step. Take a moment to review your client touch points.
4. STANDING OUT – Due to all of the above and a little desperation, some companies are super aggressive – you will find them discounting, putting out loss leaders, giving stuff away for free – now more than ever you need to FIND YOUR LANE and OWN IT. Note: I love this saying “If you confuse em, you lose em!” Stick to your guns.
5. SOCIAL MEDIA IS SO NOISY – We have never seen so much activity on social media, not to mention all the new channels emerging and everchanging rules with bots . This is why from a strategic marketing point of view, it’s imperative you are SUPER clear on your MESSAGE, your IDEAL CLIENT VALUE and your marketing remains RELEVANT and AUTHENTIC.  
6. AI – what a great way to be more EFFICIENT with your MARKETING however BEWARE the ChatGPT “speak.” It can be spotted from a mile away, it’s inauthentic, same, same and Google will penalise you for it, not to mention your customers. Keep the marketing “real.”

The Ferrari Effect

Back when I did my Marketing degree (a long time ago), there were only 4 P’s; product, price, place, promotion. Due to the introduction of the digital age and social media, at OH! we now work on a 9Ps of an Effective Marketing Strategy Framework. If you would like to score yourself head to the OH! Framework.
This framework will only work if your “Pit Crew” is fully supporting your “Ferrari,” your vehicle to success, wealth, freedom, work life balance – YOUR BUSINESS.

You see, a high performance vehicle such as a Ferrari can only perform at it’s maximum peak if it has the Pit Crew supporting all areas, working together in an aligned manner. The same goes for your business – in this case your pit crew consists of:

• Your Business Strategy
• Your Marketing Strategy
• Your Branding Strategy and
• Your Sales Strategy

If all of these areas aren’t aligned, all heading to that same high performance goal, then sadly you’ll find yourself starting back in last position on the grid with your competitors zooming ahead of you. After all, ask yourself, “If I don’t know where I’m heading then how do I know what I want my marketing strategy to achieve for me to get there?”

Once you have all these areas aligned and working together, you are set to develop marketing strategies that help you attain your goals.

In Queensland Leaders (https://www.queenslandleaders.com.au/)  there are specialists in all these areas so do not hesitate to reach out to  us for any introductions or help.

Happy strategising.