Stakeholder

The Chartered Institute of Marketing (Ireland) today launched the first in a series of position papers looking at ways for businesses to use marketing principles to achieve revenue generation in difficult times.

The current business climate has witnessed many companies and organisations cutting back on marketing spend or making redundancies in their sales and marketing department. One of CIM Ireland’s key responses to this comes in a series of position papers that show how effective marketing can provide new growth opportunities.

The launch event featured a lively debate and panel discussion hosted by BBC Ireland Correspondent Mark Simpson with business experts including Dr Michael Johnston, Chief Executive of the Dairy Council, Charles Fulton of Fulton Advertising and the eminent market research executive Richard Moore.

Michael Maguire, Regional Director of CIM Ireland said, “CIM has always been at the forefront of championing ideas to improve business. A fresh approach to business development is particularly important at times when market conditions are difficult. This first paper ‘Revenue Generation for Recovery’ looks at innovative ways to expand markets and market share.”

Michael continued, “The key objectives of this paper are to provide professional marketers with a clearer understanding of the dynamics of change that has marked this recession and to encourage businesses to adopt revenue generation strategies that can work for them. Aggressive cost containment can certainly help liquidity but only revenue generation can provide stability and growth. The best way to address a shrinking market is to expand the service mix we offer and use innovative ways to enter new markets.

“Papers two and three will bring to the fore ideas and potential solutions for SME’s in Ireland to grow their businesses during the next 12 to 24 months.”

Dr. Mike Johnston, Chair Revenue Generation Project Team added, “Every sector of industry is experiencing difficulties as a consequence of the economic downturn. Doing nothing to ensure a firm’s survival is not an option for businesses north or south of the border. Now, more than ever, businesses need to be focused on revenue, because without adequate revenue there is a limit to taking out cost to remain profitable. This paper is the first in a series designed to facilitate debate and discussion around using marketing principles in revenue generation. It looks at how companies need to understand their customers and markets better than their competitors, and then adapt to meet the changes that are taking place. It is only in this way that firms will survive this recession, and be in a position to benefit from the economic upturn when it occurs.”

The event also saw the launch of CIM Ireland’s activities programme for the forthcoming year which will feature Marketing Week with the Frank Galbraith Lecture in October 2009 and a Gala Awards and Conference event in 2010.