In marketing, it is very gratifying to help clients grow their businesses ... to increase revenues. Marketing usually operates a the top line of the business, i.e., the revenue. What's even more gratifying is to work at a strategic marketing level and help a client avoid a mistake. Marketing can also have a huge impact on a business' bottom line costs, as illustrated by the following examples from our work at Maple Creative.
Case #1- Mental Health Professional - We helped the Managing Partner to develop a premium pricing strategy for a new service offering. He had envisioned a competitive market pricing strategy with volume discounts. Instead, we proved that clients viewed his services as highest value and that price was not a determining issue. Saved this client $150,000 per year by avoiding unnecessary price reductions.
Case #2- Petroleum Retailer - We helped the CEO explore a potential change in gasoline brands. Discovered that changing from Brand X to Brand Y would have caused at least 32% of customers to leave. Saved this client $3 million a year in lost revenues.
Case #3- Financial Services Firm - helped the management team explore a possible name change and re-branding. Learned that it was unnecessary, enable this client to refrain from wasting $250,000 (avoided cost of change out for signage, collateral, etc.)
Looking for the commonality among these three, great success stories? It's simple: research.
The marketing genius understands how powerful it is to isolate that which we do not know and to get answers via research.
Case 1 - Focus group
Case 2 - Survey - clipboard exit interviews at the store
Case 3 - Survey - telephone interviews