The enterprise marketing performance results from the unique value proposition, product offer and the capacity to fulfil the customer needs. Your business strategy shows the way you capture values and satisfy customer needs. The best way to create a marketing strategy is by searching the market conditions, choosing the right customer segment and offering the wanted market mix. Improving your marketing performance reveals your level of efficiency, productivity and leadership capabilities. Here are some actionable tips that will help you to set up and improve your marketing performance.
1. Set your objectives:
It is the process of defining the enterprise marketing targets, which must be SMART, and the importance of these objectives is to keep your enterprise focus and set criteria for evaluating its performance. You need to collect and analyze market information to set marketing objectives including, sale targets, market share, growth, customer retention and brand loyalty. Setting SMART objectives is a challenging task especially when you have no records of performance or limitation to understand market information. As a leader, you need to evaluate the influences and brainstorm findings with your team before you decide on the enterprise marketing objectives.
2. Evaluate influencers:
Marketing performance is strongly influenced by the external and internal influencers, which play a key role in the success of your marketing performance. For this, you need to evaluate the external influencers including, market and competition, economic factors, legislation, social factors, technology, and how all these can affect your enterprise marketing performance. Similarly, you evaluate the internal influencers in your enterprise including, finance availability, production capacity, human resources, technology & facilities, nature of the product and business targets. These evaluation outcomes provide you with the bases to identify the market direction and positioning and create the marketing strategy.
3. Understand your market and customers:
Understanding the market and what customers want is vital to create a business strategy and improve performance. For this, you need to study the market and customers before you decide on your target customer segment and market mix. The common practice to understand the market and customers is to conduct market research. With this in mind, the information collected through market research can be used to understand the market trends and characteristics, competition, customers, existing products, potential and existing sales, and to predict the market performances. Understanding the market and customers will help you to come up with the right marketing strategy and mix that meet the customer needs.
Know your market mix:
Before you decide on your marketing mix, you need to evaluate influencers and explore options. Importantly, you identify the market mix that is acceptable to your target customers. Influencers of any market mix include the financial resources, the product nature, e.g. physical or digital, the technology and the outcomes of the market research. In contrast, the obstacles of defining the market mix include lack of performance records, poor marketing information, lack of customer feedback and your limitation in interpreting the marketing information. Moreover, the best way to understand your market mix is to conduct market research and collect information, brainstorm findings with your team and get advice from marketing experts if necessary. Besides, improving your marketing performance involves developing a wanted product with value propositions that customers want, making competitive offers and choosing the right set of distribution channels. However, developing products that customers want has never been an easy task due to lack of information on customers’ need, competition, your limited resources and others. Whilst, the customer-wanted value propositions require breakthrough technology, a better understanding of your customer and entrepreneurial skills to create and innovate unique values.
5. Decide on your marketing strategy:
Any enterprise marketing strategy shows details on the target market and customers, the market direction and positioning, market mix and actions plan to sell and reach targets. To develop your marketing strategy, you begin by defining your customer segment and how to reach them. Then, you choose the right market direction and positioning and market mix. Lastly, what makes your strategy different, is your unique value propositions, USPs and your competitive advantages.
This article is extracted from my new book- Mastering Enterprise Skills for Potential Entrepreneurs, which can be found on www.amazon.co.uk. If you want to receive more information about the book and our activities, you can register in our newsletter by using this link.
Prepared by: Munther Al Dawood