Today’s CEOs need to view marketing as a strategic function in their business rather than a simple transactional mechanism to drive sales. A University of Technology Sydney study finds that one in three start-ups and small businesses fail in their first year of operation. A major reason for these failures is that many CEOs and founders don’t understand how to market their products and services effectively.
An integrated marketing strategy drives growth across a number of areas, from performance and profit to employee engagement and customer advocacy. Marketing is not just about driving sales – it’s about delivering business value for your people and customers, and creating a framework for sustainable growth.
Top 3 tips on how to drive business value from strategic marketing:
1. Think of marketing as an integrated approach that adds to the business value chain
The best marketing is not a stand-alone campaign but a long-term growth plan. Strategic integrated marketing needs to be a priority for business leaders and disruptors. Marketing involves a wide spectrum of stakeholder communications, strategic and targeted networking, data-driven analytics, digital platforms, media and creative design. Be smart and savvy about where you invest your dollars, ensure that your budget covers the marketing mix, and manage your expectations accordingly.
2. Treat marketing as holistic and sustainable
Ask yourself: how does my marketing strategy fit in with the marketing ecosystem and broader business arena? For your promotional strategies to gain credibility and substance, they need to be part of a holistic whole – that is, a broader marketing arena. Short-term promotions may deliver temporary success but they don’t deliver healthy returns in the long term. To maximise the benefits of online marketing, ensure that your brand messaging is consistent, authentic and translatable across a wide variety of platforms.
3. An authentic brand drives customer advocacy and employee engagement
The strategic value of marketing for a business also drives employee engagement. By implementing an integrated marketing strategy, you will attract the right talent, improve employee retention and boost productivity. When people feel they are working for a company that delivers value, they become more engaged. Highly engaged employees are more emotionally intelligent and build stronger relationships with colleagues and customers, disseminating the brand’s values throughout the organisation.
Read the full article in The CEO Magazine.