The CMO Show: How to Evolve Your Company’s Marketing Efforts
Episode #3: How to Evolve Your Company’s Marketing Efforts
Marketing is an essential aspect of any business, but it’s also an area that many companies struggle with. In today’s rapidly evolving business landscape, it can be challenging to keep up with the latest marketing trends and technologies. As a result, companies often find themselves stuck in a cycle of stagnant or declining returns on investment (ROI) from their marketing efforts. In this article, we will discuss the importance of evolving your company’s marketing efforts and provide practical recommendations on how to do so effectively.
The Changing Marketing Landscape
Technology has transformed the field of marketing, introducing new channels and methodologies that require specialized knowledge and skills. CEOs and business owners, who already have their hands full running the company, often find it overwhelming to keep up with these changes. This is especially true in industries that are complex and require deep expertise, such as cold chain engineering or offshore accounting.
Companies that fail to adapt their marketing strategies to reflect these changes risk falling behind their competitors. They may not fully understand what marketing tactics are working for them or how to leverage new technologies to drive growth. Without a clear understanding of their marketing performance and the effectiveness of their strategies, it becomes nearly impossible to measure ROI accurately.
The Importance of a Strategy
One of the fundamental challenges companies face is the lack of a comprehensive marketing strategy. Many organizations engage in “random acts of marketing,” implementing various tactics without a unifying plan. This piecemeal approach often leads to ineffective marketing efforts and a stagnant ROI.
To transform your marketing into a measurable ROI-driven machine, you need to start with a solid strategy. Your marketing strategy should align with your business goals and be informed by a deep understanding of your target audience’s buyer’s journey. By utilizing the right channels, delivering relevant messages, and answering potential customers’ questions, you can differentiate your company from competitors.
However, it’s important to note that a marketing strategy is not a one-time exercise. The business landscape and consumer behavior are constantly evolving. Your strategy needs to be revisited regularly and adapted to reflect these changes. By doing so, you ensure your marketing efforts stay relevant and effective.
The Role of Data-Driven Strategies
A critical component of any successful marketing strategy is data. Data-driven strategies help businesses make informed decisions, eliminate guesswork, and focus their efforts on what works. Leveraging data allows companies to evaluate their performance objectively, identify areas for improvement, and devise effective growth strategies.
When developing your go-to-market strategy, it’s crucial to build it on solid data rather than relying solely on intuition or institutional knowledge. While these sources might provide some insights, basing your strategy solely on hunches can be a risky endeavor. By leveraging data, you can take the guesswork out of your decision-making process and have a clearer understanding of your market positioning, competitive advantages, and growth opportunities.
Data also plays a crucial role in measuring the effectiveness of your marketing efforts. By tracking relevant metrics and Key Performance Indicators (KPIs), you gain insights into how your target audience engages with your messaging and campaigns. This data-driven approach enables you to assess your marketing performance accurately and make data-backed decisions to optimize your strategies.
Staffing and Outsourcing Considerations
To execute your marketing strategy effectively, you need the right talent and expertise in your team. Depending on the scope of your marketing needs and available resources, you may choose to hire in-house specialists or outsource certain aspects of your marketing.
If your marketing strategy relies heavily on paid media, it’s crucial to have specialists who understand various advertising platforms, search engine marketing, social media, and data tracking. These specialists can help you make the most of your marketing investments, optimize campaigns, and guard against fraud in the digital marketing landscape.
Additionally, having the right skills in-house allows you to track and measure results accurately. Digital marketing provides unprecedented opportunities for understanding audience engagement and campaign effectiveness. However, without the expertise to set up proper tracking and analysis systems, you won’t be able to leverage these insights to drive growth.
Outsourcing can be a valuable option for companies looking to match their go-to-market strategy with the required skill sets. By partnering with external marketing agencies or consultants, you can tap into specialized expertise without the need for full-time hires. This allows greater flexibility and access to a diverse range of skills tailored to your specific marketing needs.
Starting with Strategy
For companies struggling with stagnant or ineffective marketing, the first step is to assess and strengthen their marketing strategy. A data-driven approach informed by buyer’s journey understanding and business goals is essential. By investing time and resources into developing a comprehensive strategy, businesses can lay a solid foundation for their marketing efforts and ensure alignment with their growth objectives.
Regularly revisiting and adapting the strategy to reflect market changes and consumer behavior is equally important. Marketing is an ever-evolving field, and companies must stay agile to remain competitive and drive long-term success. By embracing data, leveraging specialized expertise, and aligning marketing efforts with business goals, companies can evolve their marketing efforts and achieve measurable ROI.
Want to see what Marketri can do for your growth potential? Schedule a call today with CEO Debra Andrews to discuss how we can help you develop a comprehensive marketing strategy tailored to your unique business objectives.