Strategies a Marketing Leader should Follow i
is the key driver of growth in sales and eventually in profits. Identifying and analysing customer demand effectively and devising strategies that convert into profits is one of the primary roles of a market leader. Marketingâ€™s most important goal is to reach the consumer at the moments that influence their decisions the most. It is identifying those touch points of consumers with the help of which their decisions can be easily influenced. Much has been talked about consumer decision journey (CDJ) as the way or view by which consumers make their decisions. CDJ is about how B2B customers are making their purchase as well as post purchase decisions. Marketing spending must be aligned with issues that are of importance to the customers. This will help them identify which product is correct for them. By doing so marketing and sales can be aligned around the views of the customer. It is the responsibility of the marketing leader to strategise and plan ways to tap into the customerâ€™s mind frame and create a significant influence on their decisions. They have to expand and defend their market share. The development and growth of technology has resulted in an equal rise in competition in the market. Marketing leaders should possess the skills associated with personal development and work relationships. This will give them a more advanced look at the field of CPD and managing self, and will explore the skills required to manage and lead others effectively towards performance goals.
Strategies that place a company ahead of its competitors iiiA
marketing strategy must be flexible and should be customised according to the type of market they are serving. If the competition is extremely strong the company must look at localisation as an option. Serving the global market increases immense scope for growth but the companies must not forget their home ground. Strategic marketing is enables the
company to develop knowledge and awareness by analysing and evaluating strategic options and issues of implementation within the framework of an ever-changing environment. Expansion must be done keeping in mind numerous factors. Utilization of working capital for expansion can adversely affect the business units and prove to be a major reason for cut back on important plans. Expansion is good as well as essential for a business but not at the cost of depletion of working capital.
Managing costs is an important factor for effective marketing. Cutting down costs will automatically increase profits. This sh ould be done keeping in mind the components in the costing. Hence it is essential to know and understand every component. Cost control is generally implemented during an economic recession. It sometimes has a negative effect on the work environment. Therefore it is essential for the company to implement effective methods and strategies during the good times so that they have enough financial assistance during recession. iv
Creating a significant and influential position on the minds of the customers is of vital importance. It is the key to stay ahead of competition. A marketing leader must understand what message to be given out to the consumers and how to change it over time in order to attract more consumers. He must know how to devise ways to increase as well sustain the market share of the company.
A good marketing plan can be made only after proper analysis of the present position of the company in the market. The company can thereby strategise to create its dominance over the market. Appointing skilled personnel under a team and retaining them is a task that must be performed by efficient marketing leaders. Since they lead the team they are responsible for every member of their tem. Building good relationships with fellow employees of the team is an essential skill that a marketing leader must possess. Otherwise every time an employee leaves the company it takes with it the knowledge and experience. Thus, the company has to waste time and resources in training the new employee. v
The customers are the most important factor around whom all the marketing strategies are formed. It is important for the companies to know their customers to understand their preferences. Studying and analysing consumer behaviour is a part of effective marketing planning. With the advent and popularity of social media, companies are extensively using it as mode for planning and implementation of their strategies. Information is a very powerful tool that places a company one step ahead of their competitors. Knowing the customers and the competitors gives the company an edge. If they are well informed of the product
range of their competitors they can develop something unique that is not present in the market. Developing efficient strategies, implementing them, conducting a good market research, understanding the consumer mind set, building long lasting relationships with the consumers as well as employees, leadership skills and many other skills are required to become a capable marketing leader. vi
Various universities provide a wide range of business marketing courses that help an individual imbibe and develop these skills. Those already working but are looking for a way to grow and rise higher on their work front can do so by taking up Business and Marketing Degree online that is provided by numerous universities. They can study as well as work simultaneously and increase their career prospects in the marketing industry. The flexibility of online learning gives them the opportunity to relate their learning with their work. The study modules include topics such as Strategic Management , Managing Self and Others, Marketing Planning, Marketing Strategy etc., that enable an individual emerge as a proficient marketing leader.
bit.ly/17TndnJ bit.ly/1ebBg1j iii bit.ly/FPbPSr iv bit.ly/1ebBMMU v bit.ly/1am9kTl vi bit.ly/17MYndl ii
A marketing leader should understand the importance of consumer decision journey. It will enable him to him make effective marketing strateg...