Does your company has an in-house marketing department or an outsourced marketing team or a combination of the two? There are many instances when the functions of a marketing department clash with the roles of other units in a company. But this is a tragedy because an effective marketing team should not only be successful in promoting the company to its stakeholders and its target audience, but it should also be able to keep the peace in the office and work with other units for the betterment of the whole company.
When well-staffed and well-functioning, a marketing team can bring profitability and growth to the business. In short, it is essential to the short- and long-term success of any company.
To understand your target market and competitors
Any marketing team should start with identifying your target market and your competitors. At any given time, the marketing department should be able to describe your target market’s demographics and your competitors’ strategies. Don’t think you know you your clients and competitors are in the market. Unless you have done a detailed study and research about them, your strategy will be unstructured and unfocused.
To drive growth and profitability
A business has one goal: to make a profit. The marketing department is the leading unit to spearhead campaigns that have this goal in sight. It should create a compelling strategy that will drive growth and profitability. The strategies that will be defined by your team might ask you to adjust some of the services that you offer. Before you balk, make sure to think things through as these strategies only have your business’ success in mind.
To define which services to offer and how to price them
Decisions about service lines and pricing have often been left to executives and the accounting departments of one’s business. But this is not the way it should be. The services offered and the pricing of these services should be a result of an all-team strategy, the basis of which must also come from market research. What do people need and want? What are they willing to pay for? How much are they willing to pay for a service or a product?
To monitor results and measure success
This is the most important part of the overall marketing strategy. Without monitoring the results of the campaign, there is no way a company can improve on the way it is promoting itself. A marketing team also has to measure the success of a promotional strategy so a company doesn’t lose sight of its progress. This will also answer the specific needs of a customer base.