“Marketing is a race without a finishing line,” – Philip Kotler, marketing expert.
Do you have an efficient marketing strategy?
If your mind didn’t immediately jump to marketing management, don’t answer until you read this:
Efficiency in marketing is a highly volatile variable. What works today can fail the next and vice versa. Without the right approach, you could be getting the wrong idea about your efforts while failing to achieve customer satisfaction and sinking your ROI.
What is marketing management all about anyway? Let’s take a closer look.
What is Marketing Management?
Marketing management involves administration, tracking, and reviewing a business’s marketing strategies, tactics, tools, resources, activities, and campaigns.
Professional marketing managers are responsible for putting together an efficient campaign and keeping it afloat.
In short, marketing management is the power behind your marketing campaign.
While your sales and marketing department can come up with various tactics to promote your products and services, a marketing manager brings them together to create a unique strategy.
The Importance of Marketing Management for Your Business
Effective marketing management is the pillar of a company’s profitability. By figuring out how to appeal to the customer base in the most productive way possible without breaking the bank, marketing managers drive businesses forward.
- Powerful strategy — A company needs a strong marketing strategy to stay on top of its game and ahead of the competition.
- Research and analysis — Continuous research and analysis performed by marketing managers are integral to creating a powerful strategy, which in turn attracts leads, drives sales, and retains customers.
- Effective maintenance — Marketing management doesn’t just create a strong marketing campaign. It maintains marketing efforts day to day, ensuring their continuous applicability.
In short, a smart approach to marketing management can help you carry value to the right target customers and get brand loyalty in return. Every time.
Key Elements of Marketing Management
When evaluating your marketing management efforts, pay special attention to the following elements.
Effective management involves conducting appropriate research to study:
- Consumer behavior
- Competitor tactics
- Target market fluctuations
- Market opportunities
Insights gained from this data can help businesses create an efficient campaign according to the latest trends.
Creativity is the key to a successful marketing campaign. The marketing management process involves generating ideas for new product development and related promotional campaigns.
After conducting market research and understanding current trends in customer behavior, it’s possible to come up with a new product line idea or a plan for improving the company’s existing products.
After evaluating the market and understanding customers’ needs, it’s possible to create a marketing plan. Marketing managers work on a comprehensive plan that involves:
- Identifying target audience
- Identifying current business and marketing goals
- Setting marketing KPIs
- Listing tactics to achieve set goals
- Setting the budget
When creating a marketing plan, marketing managers work with various teams, from sales to finance. Collaboration of different departments is crucial to creating a successful marketing plan.
Important note: Without productive marketing management, it’s not only impossible to achieve top marketing goals, it’s hard to set them in the first place.
The main aspect of marketing management is implementing the finalized marketing plan. Depending on your business and marketing goals, the plan may contain a huge variety of strategies.
A marketing manager ensures that all tactics are implemented in an orderly manner according to the company’s needs and resources.
Marketing is an ongoing process. Designing a stellar strategy is just the first step. Keeping it in top shape requires:
- Creating valuable content
- Tracking all related metrics
- Analyzing data
- Making timely changes
The best part about marketing maintenance is that no matter how effective or ineffective your initial plan is, the data you receive in the process is priceless. You can take advantage of this data to streamline your marketing efforts until they are perfected.
With the marketing landscape changing faster than the consumer’s mind, it’s imperative for marketers to explore new marketing methods regularly.
Marketing management involves constantly checking out new marketing channels, tools, and opportunities to suit the company’s current goals and target audience’s behavioral trends.
The size of the marketing budget dictates your entire marketing strategy. Learning how to work with the resources you have is critical to your success.
Companies with limited budgets have access to a variety of low-budget tactics. However, bringing them together to create an effective marketing strategy requires creativity, expertise, and excellent management skills.
Constructive Strategies for Marketing Managers
These marketing management strategies can help you stay on top of your game and streamline your marketing activities (regardless of your budget).
Focus on High-Quality Content
No matter how excellent the rest of your digital marketing strategy, content will always be king. By focusing on creating valuable content, you can improve many aspects of your campaign, from social media to paid ads.
By keeping consumer needs in mind, it’s possible to create top-notch content that can be repurposed and used across different channels while working toward SEO goals.
Content marketing strategies don’t usually require a formidable marketing budget. They can, however, achieve a variety of goals, making them integral to a strong marketing mix.
Build the Right Team
Your marketing team is the power behind your marketing process. Even if you already have a marketing department, you may want to rethink the structure.
If you have a limited budget, focus on hiring experts with multiple competencies. For example, a professional whose main field of marketing is SEO could also have experience creating valuable content.
If you can’t hire multi-purpose staff, you’ll need to consider delegating various tasks to third-party agencies or freelancers. Keep in mind that the pricing of such services varies tremendously, potentially affecting your marketing ROI.
In case you plan to outsource some aspects of marketing, it’s essential to keep tabs on each agency and freelancer. This oversight is an important part of successful marketing management.
Use the Right Tools
Without high-quality tools, marketing management can become a tedious and ineffective process. To keep control over different aspects of your marketing campaign, it’s smart to learn about available management tools.
Many marketing managers make the mistake of trying to use as many tools as possible. It’s easy to get bogged down trying to analyze different pieces of data without seeing the full picture.
By choosing a comprehensive marketing management tool, you can manage the entire campaign from one dashboard without struggling with the learning curves of each new app.
With the right tool, you can centralize the way your team plans and executes any marketing campaign without breaking the bank.
Streamline Omni-Channel Marketing
Omni-channel marketing isn’t just a posh trend anymore. It’s a must-have strategy. The 21st-century consumer expects you to approach them from a variety of angles, providing value every step of the way. If you want to attract new customers, it’s important to implement omnichannel marketing strategies.
The main problem with such a strategy is maintaining brand consistency. That’s where marketing communications come in. It’s up to you to monitor each communication channel to make sure the brand marketing message is the same across all of them.
With the right tools, marketing managers can easily track the process and ensure a successful omnichannel marketing campaign.
Match Tactics to Budget
If you have a large marketing budget, you can create a stellar marketing campaign by implementing a variety of expensive tactics like paid search, retargeting, and influencer marketing.
With money in your pocket, you can outbid the competition and help your ads climb on top of the SERPs. Meanwhile, almost any influencer will be happy to promote your products or services.
If you need to count your change every time you make a move, you must match tactics to your budget. Marketing management involves identifying the best strategy for the available budget.
In case your financial resources are limited, you can put the majority of them to use by exploiting content marketing, SEO, and organic SMM.
Start planning your campaign with the available resources in mind. Trying to cram expensive tactics into a limited budget can backfire with a low marketing ROI, poor lead generation, and low conversion rates.
Work on Customer Relationships
Building customer loyalty is a long-term strategy. It starts with a smart lead generation effort, continues with personalization tactics, and finishes with providing true value to your audience.
Customer relationships are the foundation of a successful marketing campaign that doesn’t just affect the company’s profitability but drives business growth, too.
If you want to steal market share from your competitors, focus on building customer loyalty. With time, new customers will turn into brand ambassadors (AKA free marketing!), boosting your marketing ROI.
Final Thoughts: Effective Marketing Management and How We Can Help
With effective marketing management, the size of your team and budget doesn’t matter. It’s always possible to design a powerful marketing campaign and bring value to the customer.
The key weapon in the marketing manager’s arsenal is the right management tool. With high-quality software, it’s easy to optimize your marketing efforts, outrun the competition, and conquer the target audience.
Welcome offers a variety of marketing management tools centralized on one marketing platform. Ready to give it a try? Get started with a free Welcome account today!