Published 13th February 2006 by Constructing Excellence
What is marketing all about? There are a great many definitions, but most send out the same key message: ‘successful marketing is based on identifying, anticipating and satisfying customers’ needs in the most efficient and profitable way.
Take a fresh look at a few fundamental questions below. In this highly competitive world, does your marketing strategy stand up to the test? Does it make good financial sense?
You should be aware of what the competition is doing. Have you asked their customers why they prefer the competitor’s products to yours?
Understanding how leading digital marketing companies attack your market and how you fit into it is crucial to maintaining and increasing your market share. Are you focusing on a small slice of the market, or using a scatter gun approach?
Successful organisations are continually trying to identify promising new segments of the market, which suit their strengths. How do your customers currently purchase your product? Could you improve your sales by using additional or alternative channels of distribution?
Efficient ‘marketers’ keep in regular contact with their customers, outside of the usual sales/delivery process. You need to know if your customers are happy with your performance. Are you supplying them with what they really want, or what you think they want?
How successful are you in attracting new customers and also holding on to the profitable existing ones?
Do you have a clear set of objectives, which everyone in your team is aware of? Are they realistic, manageable and well defined?
Efficient marketing departments measure the effectiveness of each marketing activity. They know if their strategy is working and which elements should be pruned or modified to eliminate inefficiencies and reduce costs. Are you measuring your performance?
Filed in: External Relations