There is much more to marketing than simply distributing information and boosting your brand. There are so many facets that fall under the ‘marketing’ umbrella and managing all of these aspects can prove quite tricky.
Once you’ve landed your dream job in marketing, you’ll soon come to realise that there are many crucial aspects and challenges that go alongside marketing management that you failed to consider. For example, are you able to prove ROI on your marketing activities or how to prioritise requests for marketing initiatives that land up on your desk – all of which can prove to be quite overwhelming?
Completing an advanced digital marketing course will go a long way in preparing you to meet marketing management challenges head-on and to thrive in this often stressful environment.
So, what is marketing management and how important is it to a company’s bottom line?
Basically, marketing management is a clever blend of practices and processes that business makes use of to create, plan, develop and implement their marketing strategy. Business marketing is a methodical approach to building your company’s brand, attracting new leads and retaining existing clients. All of which has a direct effect on an organisation’s bottom line and it’s for this reason that marketing management must be taken seriously, and a defined marketing strategy is key to ensuring that your marketing management tools are effective.
What type of marketing management practices works?
Thankfully there are tried and tested powerful marketing management practices that are really effective when it comes to marketing management and making sure your business stays one step ahead of your competitors on the marketing ladder. In fact, adhering to good marketing management practices can bring about the success of many businesses. On the flip side, the same is true – should a business fail to manager their marketing effectively it could spell disaster.
There are many tried and tested methods of good marketing management practices, however in these modern times, with the advent of social media marketing and search engine ranking, marketing management has become a lot more intricate than it ever has during the past. Marketing methods that worked well only a few years ago may not be relevant now. However, one aspect of marketing that remains constant is that it’s always evolving.
Let’s take a closer look at really effective marketing management practices:
- Marketing strategy development – An effective marketing strategy takes time and practice to develop correctly. The successful management of marketing is not a short-term goal as both time and money must be invested in developing an effective marketing strategy.
- Undertake market research – Fully understanding your target audience could very well be one of the most important aspects of marketing and must be managed accordingly. Failure to see things from an audience’s perspective can spell disaster for your marketing campaigns.
- Clever outsourcing – Don’t be afraid to outsource those tricky parts of marketing that your company may not have capacity or the resources to fill. Marketing management consists of bringing together many players in the game of advertising and ensuring that everyone involved has the skills to do the job.
- Stakeholders buy-in – Part of managing marketing is getting definite buy-in from all the stakeholders. Marketing campaigns can be expensive and a 100% buy-in from company stakeholders is key.
- Benchmark marketing progress – Every marketing campaign starts off from somewhere and its progress has to be monitored and benchmarked.
Effective marketing management explained
There are many benefits associated with the successful management of a company’s marketing strategy, such as increased brand awareness, improved customer engagement, more leads as well as revenue increase.
It’s important to understand the importance of the four decision areas that are involved in marketing, known as the four ‘Ps’ which are product, place, promotion and price.
Here is each ‘P’ broken down:
- Product – Understanding how a certain product fits a particular consumer is key to effective marketing. Market research must be undertaken to fully understand how your product relates to its audience.
- Place – It’s vital to consider place which relates to getting your product out into the market and getting it out through the right channels.
- Promotion – Every marketing campaign involves promoting your products, which could be via free samples, coupons, competitions or other tactics.
- Price – Make sure you determine price before embarking on a marketing campaign.