Most business leaders understand the importance of marketing in connecting their customers with their organization’s products and services. Most companies invest in people, technology and advertising to acquire new customers, enhance their brand and promote their offerings. The question is, how many organizations do this well?
If you are wondering if your current marketing strategy is effective, consider the following questions:
- Does your marketing strategy align with your organization’s strategic goals?
- Do you understand your target customer?
- How are competitors reacting to changes in your marketing strategy or tactics?
- Are your marketing campaigns measurable, predictable and profitable?
Does your marketing strategy align with your organization’s strategic goals?
If you are looking to acquire new customers through new product introductions, your marketing strategies are very different from organizations looking to capture market share from competitors. If your organization is planning on launching new products or services, is your marketing team aware of the features and benefits as well as pricing of the new additions to your portfolio? Have they been given adequate resources to inform current and future customers? If you’re looking to increase profitability by raising prices, have you effectively communicated the reasoning of this to your customers?
It’s important that marketing be aligned with the overall strategy of the organization. Marketing leaders should be involved in strategic planning, budgeting and resource planning discussions. If they aren’t, this misalignment could cost you time, money and customers.
Do you understand your target customer?
This one is critical. Most organizations have a profile or even a “persona” of their ideal customer or customer segments. However, the best marketing organizations go beyond these initial steps and really understand what problems their customers have, what pressures they are under, what they can afford, where they are willing to take risks and where they aren’t. This type of in-depth analysis can’t be done by the marketing team in a vacuum. Marketing, sales, operations and the organization’s leadership team need to collaborate and share information on how their offerings solve customer issues. Everyone in the organization needs to understand the ideal customer profile. This understanding creates better products and services, improved marketing ROI and higher customer satisfaction.
How are competitors reacting to changes in your marketing strategy or tactics?
You can learn a lot by keeping an eye on your closest competitors. How do they respond to your new product introductions? What about pricing changes? Do they talk about you in their social media posts? Are you showing up in comparison articles with your competitors? If you’re on your competitor’s radar, they are probably concerned about you. If no one is talking about your company, it may be time to take a look at your marketing strategy and tactics.
Are your marketing campaigns measurable, predictable and profitable?
Over time, marketing activities should be measurable, predictable and profitable. While the best marketing teams are willing to take (calculated) risks, a marketing department should be able to demonstrate a positive ROI on all campaigns in aggregate. If your team struggles to consistently demonstrate they are meeting objectives (new customer acquisition, brand awareness, etc) they may need help developing and executing a robust framework for marketing efficacy.
If your team is struggling with consistent, profitable and aligned marketing messages and campaigns, give RevUp Growth Partners a call. We’ll evaluate your team and make suggestions to improve overall performance. We can even help with the execution of the work as well!
Sincerely,
Brian Precious
Co-Founder & Managing Partner
RevUp Growth Partners