When you just start a business, things can be a bit confusing. I mean, there are just so many things you need to know and take into consideration before actually making a decision. And this can be overwhelming for a lot of entrepreneurs and business owners.
But the great thing about starting or having a business nowadays is that information is readily available every single step of the way.
You’re not sure what to do to increase sales? Just ask Google! Everybody does it. And you probably just did right now, which is why you’re here, reading this.
So, if you’re looking for a short and easy answer to this question, then here it is —yes, marketing management does influence and affect your company’s growth.
But maybe you’re interested in knowing more about marketing management. Maybe you’d like to know exactly how marketing management influences your company’s growth. If that’s the case, then we suggest you buckle up, because you are about to board the rollercoaster of knowledge.
What Is Marketing Management?
Let’s start with what some might think obvious —what is marketing management?
There might be many definitions out there for this concept, but Philip Kotler, author of several successful, marketing-related novels, defines marketing management in the following way:
“Marketing Management is the art and science of choosing target markets and building profitable relationships with them. Marketing management is a process involving analysis, planning, implementing and control and it covers goods, services, ideas, answers regularly and the goal is to produce satisfaction to the parties involved.”
So at the core of things, marketing management is the process of administering marketing procedures, which include, but are not limited to:
- Marketing techniques
- Marketing strategies
- Marketing campaigns
- Marketing resources
- Marketing activities
- Marketing opportunities
In short, this process governs everything that has to do with your marketing department.
To further understand this notion, let’s take a look at some of the responsibilities that a marketing manager has:
- Set out marketing goals
- Come up with a marketing plan and putting it into action
- Analyze competition
- Perform market and marketing research
- Oversee marketing campaigns
- Identify trends and integrate them into marketing campaigns
Looking at these responsibilities, we can notice that in many ways, marketing management is both artistic and scientific. To be fully proficient in this field, you will need to have a basic, if not good, understanding of economics, communication, analytics, and even psychology.
Why is Marketing Management Important?
When we’re asking ourselves why marketing management is important, we might as well ask why marketing is important, especially for the success of a business.
Now, everybody knows, to some degree, what marketing is. We hear and read about it all the time, so it’s easy to guess what marketing deals with. But to get a clearer picture, let’s check out one of the many definitions of marketing.
This means that marketing doesn’t only involve the advertising of a product, but also the development and selling process. This makes the task of managing all marketing-related activities something that is vital for the survival of a business.
If you don’t have a steady grasp of marketing, and in turn, marketing management, then not only will your company not grow, but it will slowly wither away.
A few benefits that marketing management has are:
- Increase sales and profit
- Get consistent revenue
- Increase customer retention
- Improves quality of the service and product
- Improve brand image and reputation
When it comes to marketing management, the most important tasks that need to be done are:
- looking out for marketing opportunities
- determining a target audience and creating at least one buyer persona
- creating detailed marketing campaigns
- ensuing that marketing goals are reached
How To Make Your Marketing Management Successful?
Few things have a clear recipe for success, but that doesn’t mean that there aren’t a couple of helpful tricks that your business can use to create a profitable pattern. Here’s what we think will drastically improve the quality of your marketing department:
Make Research a Priority
It goes without saying that you will not have all the answers to all the marketing questions that will come up during your career as a marketing manager. And that’s okay!
This is when research comes in handy. When researching, you shouldn’t just look up information regarding the questions that arise, but also look up information about your competition, sales cycles, new marketing strategies, customer needs, and wants.
Research needs to be a constant in marketing management. The reasons behind this are simple:
- There are always new businesses appearing, ready to dominate the niche that you are occupying
- There is an established group of competitors that is constantly trying something new when it comes to marketing, product development, sales, and customer service
- There are plenty of marketing techniques that you probably haven’t tried yet
- There are always new trends coming out that you should use to your advantage
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Set Realistic Goals
Most often, setting goals is not the problem. The problem is setting unrealistic goals.
It’s good to have high aspirations. But you have to remember that there is only so much that your marketing team and your business can do.
A good tip is to set measurable goals. That way, you can keep track of your team’s progress and you can make changes along the way. Some goals that you could try are:
- Getting 500 social media followers on Instagram in the next 3 months by launching 2 influencer campaigns
- Gaining at least 200 new subscribers in the next 2 months with an ad budget of $100
See what your business needs and go for it.
Keep an Eye on Your Competition
We mentioned this before, but we think this is a topic that needs its section. Whether we like it or not, the truth is that the market is oversaturated with businesses.
When starting a business, you have one of two options:
- You can come up with a business idea that revolves around a niche that does not have a lot of competition, or
- Come up with a UVP (unique value proposition) and make sure you can compete against the existing competition
Here are a few examples so you can understand this a bit better:
- Let’s say you want to open up a business in a small town. There are a lot of teenagers in the area, so you decide to open up an arcade. Because the town offers little to no entertainment for teenagers, the arcade will be seen as a new and unique way to pass time. The niche, the location, and the business idea are a good bases for success.
- In bigger cities, things are bound to change. You can make use of the location once more and open up an arcade in a part of the town that doesn’t have any arcades, but that might not be enough. So you need a good UVP that will make you stand out from your competition. For example, having games that your competition does not is a good way of differentiating yourself from the crowd.
When looking up your competition, here are a few things that you should look at:
- Porter’s five forces (which takes into consideration threat of new entrants, the oftentimes threat of substitutes, bargaining power of customers, bargaining power of suppliers, competitive rivalry)
- SWOT analysis (standing for: strengths, weaknesses, opportunities, and threats of the competition your business has)
- product differentiation (represents what makes your product or service distinguishable)
- vertical integration degree (is how the supply chain of a business is integrated and owned by that business)
- profit sources
Perform a Brand Audit and Build up your Brand
What is a brand audit? Well, a brand audit is an examination of your brand. The main focus of this examination is seeing how your brand performs in comparison with your competitors’ brands.
When performed correctly, a brand audit will help you find out:
- Whether your brand’s influence on the market is increasing, stagnating, or decreasing.
- Whether your businesses’ profit margin is increasing or decreasing.
- Whether the economic-financial state of your business is increasing or decreasing.
- Whether your business is seen as an industry leader.
- Your company’s net profits.
- Your return on investment.
And before you ask, yes, a brand does have this much influence. Presenting a brand consistently across all platforms can increase revenue by up to 23%.
How Do You Get an Amazing Brand?
But before presenting your brand, you must make sure that you have a good brand to present. Here are a few tips on how to build a trustworthy brand:
- Be consistent. Make sure that you stay consistent throughout all of your marketing campaigns. This means using your brand colors when creating visuals or using your brand voice on all the platforms your brand activates on.
- Be active. No matter the marketing strategy you choose, you need to be consistent with your activity levels. For example, if you choose content creation or social media marketing, then you will need to provide social media posts and blog posts on a regular basis.
- Be there for your customers. Whenever you see that a customer leaves a question for your business, make sure that you will be there to give an answer. Not only that but in any case in which a customer asks for assistance, make sure that you are there to help.
- Be human. People don’t want to chat with bots, they want human interactions, so make sure you give them that. Showing a brand’s humanity can be done in many ways, but one of them would be having employees take care of customer service issues and using a more relaxed brand tone.
- Be transparent. Sure, everyone wants to present their business in the best light possible, but you need to be realistic and transparent about the things that you can deliver. Never make empty promises, knowing full well that you won’t be able to keep them. Instead, concentrate on building better relationships with customers and marketing the real features of your products.
Experiment with Marketing Strategies
Sticking to just one marketing technique is a big no-no, especially when there are so many marketing strategies available.
To put things into perspective, some of the most popular channels are:
- Social media marketing
- Content marketing
- Email marketing
- Cold calling
- SEO (search engine optimization)
- PPC (pay-per-click)
Of course, you should look into new methods of marketing your business, but only after you’ve mastered the previous marketing techniques that you have used.
For example, if you have an email marketing campaign, you should make sure that everything is running smoothly before starting a social media marketing campaign, for example.
Keep in mind that each marketing technique is different and there are different requirements for each one of these techniques. You should also choose the marketing techniques that would better fit your target audience.
For example, there is no point for you to start cold calling, a marketing and sales technique that is most popular with B2B customers when your audience is mostly formed of teenagers and young adults. For this age group, social media marketing would be much more agreeable.
Marketing Management Don’ts
We discussed some of the things that you should do when it comes to marketing management, but what about the don’ts?
Let’s check out the things that you should avoid:
- Don’t bite more than you can chew – make sure that you budget every project accordingly, without spreading yourself too thin. Also, don’t start more projects than you and your team can handle.
- Don’t forget about communication – as a marketing manager, you will need to make sure that everybody on your team is on board with every project and decision that you take, Not only that, but you will also need to make sure that the relationship between the marketing department and the other departments is seamless.
- Don’t take any rash risks – taking risks is a given in a business, but make sure you don’t make any rash decisions. Don’t waste time and finances on something that hasn’t been thoroughly researched before.
- Don’t cut yourself off from the other departments – this goes hand in hand with point number two. Marketing is deeply tight with the sales department, but it is also related to the other departments in your business. Try seeing your business as a machine. If one of the cogs is stuck, then the whole machine will stop working.
- Don’t forget to take what your customers think into consideration – often you will be receiving reviews left by customers, and some of those reviews will be good, but others will be filled with words of criticism. Don’t take the criticism to heart. Instead, try to see things from your customer’s point of view and see if your product or service answer regularly needs some changes.
Marketing management is one of the many things you should pay attention to when you start or when you manage a business. Without it, your marketing department would most likely fail, and when marketing fails, so does your business.
Luckily, marketing management has become a lot easier nowadays, and this is all due to the many tools that marketing managers can use. From social media marketing tools to productivity apps, marketing managers can have their pick.