When you are running a business, there’s no dearth of the crucial decisions you are required to take. And you definitely cannot dive into these decisions without being fully prepared for their consequences.
If we address this issue in the marketing context, you are required to run campaigns and this cannot be done if you don’t have the means to justify their spending and what you are gaining from it. You have to keep the ultimate goal in mind, a well-defined, planned, and cautiously developed goal.
For any successful business, having a goal is indispensable for steering it in the desired direction. Goals are required for paving the way for any procedure with proper transparency, vision, and purpose. Accomplishing that goal will determine that you are making a difference and actually creating an impact.
In this blog, we will be highlighting how paramount goals are in the context of marketing management and also throw some light on what these goals can be.
( Related blog - Marketing Analytics )
What is Marketing Management?
“Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering, and communicating superior customer value.”
- Philip Kotler
Marketing Management is the process of handling the aspects of marketing, determining the business goals, establishing the plans stepwise, undertaking decisions on behalf of the company, and enforcing them for gaining the maximum turnover by fulfilling the demands of consumers. The process is based on the 4Ps of marketing, i.e product, price, place, and promotion, for working on the art of attracting consumers.
These 4Ps are determined by the company’s management as per the consumer’s demands on what they wish to purchase and where they wish to purchase it with appropriate market prices as well as with easy to locate online or offline stores.
Marketing management is actually the procedure of planning and carrying out the pricing, promotion, conception, and distribution of goods, services, and schemes to put together an exchange that fulfills both personal and organizational goals. These components are required to be dealt with for any business to thrive.
Marketing Management Goals
For any marketing objective to be accomplished, its management goals need to be explicitly defined and executed. But what are these goals exactly? We’ve highlighted some integral marketing management goals below :
Marketing Management Goals
1. Enhance brand awareness
Whether you’ve got an item to introduce, or a market to dominate, enhancing brand awareness is the primary aim, to ensure that the brand becomes an option in the sector it deals in.
No brand is just pegged to be a business selling a product or a service. It's crucial to note that every brand develops its own personality, one that is defined through the areas it deals in, the platforms it adopts, and the style it takes up. For enhancing brand awareness, it's imperative that you decode the personality you wish to lean towards.
For generating the best strategy to achieve this goal, you can take into account the places where the target audience invests most of their time. You can also develop a social media strategy, to engage with the audience better by sharing stories or holding polls on social media or introducing educational videos on your website. This will help the brand appear more friendly and approachable.
How can brand awareness be measured?
We can measure brand awareness through quantitative metrics like the organic traffic garnered by the product, the traffic gained by the blog, by expanding social engagement and boosting the overall traffic of the website, each of which reveals diverse data regarding how the visitors are engaging with the brand.
Direct traffic reflects how many people have purposely engaged with your brand and the content it offers as they believe it to be intriguing or knowledgeable. If you're a Zoho customer, you can keep track of all social engagement through Zoho, everything from the likes, comments or shares, and the footing of popular posts.
2. Generate high-quality leads
We need a continuous and constant input of leads for nurturing and gaining new customers and there’s plenty of ways to generate these leads. Be it by creating gated content, hosting newsletters, offering free trials, leveraging advanced features such as chatbots, or preparing lead capture forms, there are numerous ways for obtaining the contact information of a website visitor. The main challenge here is generating superior leads that correspond with the business.
This process includes conducting an assessment of the brand’s MQLs, i.e its marketing qualified leads, and staying updated on the leads dismissed by the sales department. You can prepare a report documenting the incoming leads, excluding the ones who have been excluded with reasons. This in turn will help in boosting the quality of incoming leads and sharpening the marketing process.
How can high-quality leads be measured?
This can be done in numerous ways including, developing custom reports, setting goals, personalizing the dashboards, disclosing the revenue report, and interpreting the latest trends surrounding the leads who can be converted into customers.
( Suggested Read: Customer Behavioral Analytics )
3. Expand and preserve thought leadership
Thought Leadership marketing is the art of establishing one’s platform as a leader in its field by offering superior and exclusive content. This can be done by regular publishing of articles, research, or videos to ensure that prospective consumers and industry members acknowledge your brand with credibility. Inspiring and relatable content can also be disclosed to entice more engagement from the audience.
You can learn more about Thought Leadership Marketing through this source.
You can also partner with other networks to extend towards a bigger audience and remain at pace with the other industry leaders. An excellent approach for the same is guest blogging, which would be effective to lure external communities and developing relevant content.
An effective example of Thought Leadership Marketing is Nutanix, a cloud computing firm that has positioned itself as an industry leader through its online magazine - The Forecast. The magazine publishes industry news and ideas about the people, trends, and technologies, which define and shape the cloud computing sector.
The magazine’s content is arranged into categories which include Technology (news on areas like data management and cloud technology), Business (stories on areas like management guide and discussions), Industry (stories on how platforms leverage cloud technology in real-world), Profile (interviews and biographies with leading members of the platform’s global team).
It's not just a priority to build this thought leadership strategy, maintaining it is also essential. One helpful option would be hosting panel discussions and webinars with well-known industry leaders.
How can thought leadership be measured?
While thought leadership might not really be a piece of cake to measure in itself, measuring the success of the individual campaigns in relation to it is still easier.
For instance, if the leadership content has been published on individual platforms like guest blogs, it is possible to measure the traffic of the post through this.
Thought leadership can also be measured through the social media followers as well as by measuring the number of branded queries, counting the number of backlinks, and also through media mentions.
( Related blog - Social Media Marketing )
4. Boost customer value
Marketing is no longer just about garnering fresh consumers. Maintaining and preserving the existing consumer base is equally imperative. It's integral to ensure that you offer your existing customers opportunities to promote your business and refer it among their acquaintances, family, and friends.
This can be done by keeping track of every customer, which includes what they have purchased, and also making sure that all the database contacts remain updated.
Yet another approach is by making the clients aware regarding the fruitful opportunities which can be facilitated to them, while also simultaneously educating your team by showing them how the clients can prove to be beneficial marketing assets.
Customer Value can also be boosted by upselling, such as by selling complementary items and services, having varying pricing tiers, or charging on the basis of product usage, seats, etc.
( Suggested Read - Advantages of Customer Relationship Management )
Offering discounts to existing consumers while a new product or service is launched and collecting actionable feedback from your customers are some more ways for boosting customer value.
How can customer value be measured?
None of our numerous value-boosting strategies is effective if we cannot measure customer value. The upsell and retention targets will need to be measured to assess if we have enhanced the customer’s loyalty and satisfaction over time.
You’ll also need to assess with caution, the content you disclosed to consumers which triggered the maximum response, or the concluding content that consumers interacted with before a deal was finalized. This helps to determine which content can prove to be the most fruitful for prevailing and new customers.
5. Empower fellow employees
Alongside enhancing the status of the brand and boosting customer value, one salient goal is managing empowerment marketing. This implies that the internal communications of the brand need to be handled and employees throughout the business need to be enlightened regarding the resources and tools they would require to succeed while selling and offering services to consumers.
( Related blog - Service Marketing )
If only the employees are aware of and support the personality and target persona of the brand and what it necessitates, the marketing management goals be achieved. It has to be ensured that the employees are offered the knowledge and skills they require to confidently engage in interactions with potential and existing consumers regarding the business.
How to measure if the employees are being empowered?
This can be done by calculating the response triggered by individual empowering strategies. For instance, if suppose an internal newsletter has been delivered, its performance data can be reviewed for ascertaining if it is actually being opened and its content is being read by the company’s employees.
Company-wide surveys can also prove to be helpful for ensuring that the communication regarding a new initiative or say, a product launch has been well received and comprehended by the employees.
These are the primary marketing management goals that need to be kept in mind and incorporated prior to any marketing procedure. The purpose and ultimate advantage of these goals need to be kept in mind before they are set.
No matter the purpose, these goals are a necessity to help brands to enhance their revenue and play a hand in expanding their business at a fast rate.