A thorough assessment of your marketing foundation is essential to devising marketing strategies, selecting the right agency partners and allocating resources. If the core of your marketing program is strong, then you can leverage that foundation, and focus efforts on driving leads and sales. However, if your core is weak, then you’ll need to build the basics and properly align ROI expectations and budgets.
- Brand Awareness: Do people recognise your brand name, and know what you do? While awareness is a somewhat intangible asset, marketers can track their success in building brand awareness through online reach (i.e. blog subscribers, Facebook likes, Twitter followers, LinkedIn group members and website visits), non-branded keyword search traffic, and brand engagement.
- Brand Positioning: Strong brand positioning (i.e. clearly conveying your brand story and value proposition) leads to customer preference and purchase. Know who you are, what you stand for, and why it matters to your audiences.
- Buyer Persona Profiles: Organisations with a deep understanding of their consumers can more effectively target their marketing activities on personal connections, and influence buying behaviour. Consider pain points, needs, goals and communication preferences.
- Competitive Advantage: Most likely, you’re not the only organisation that offers your product/service. Your key differentiating factors (i.e. brand awareness, unique product features, pricing model, sales process, talent, quality of product/service, etc.), are what sets you apart from your competitors.
- Customer Database: The size and quality of your customer database are two of the most critical factors in any marketing programme. With a solid customer database, you can enhance marketing strategies deeper in the funnel to improve retention and loyalty and drive revenue and profits.
- Lead Database: Do your marketing and sales teams manage a database for tracking online and offline leads? How do you gather lead information, and what process do you use for scoring them to identify top-quality leads? Make sure your team are keeping track of this data and updating it regularly.
- Opportunities for Growth: Solid products or services, smoothly run operations and a talented team will put any company in a position to take advantage of greater opportunities – from growing the bottom line to driving innovation within the industry.
- Sales/Marketing Integration: Information sharing between marketing and sales is key. It can greatly impact the customer experience and increase the efficiency of the sales process. If the two teams aren’t fully in-sync, it leads to miscommunication, and you’ll be failing to drive the business forward.
- Sales Process: Sales cycles differ greatly depending on the product/service; whether it is complex or simple, an efficiently structured process is key to ensuring success.
- Website: As the online front door of your business, your website is one of the most crucial elements to your marketing and sales programs. It should be an accurate reflection of your company’s brand, tell its story, house product/service information, enable contact information collection and serve as the key publishing tool for quality content.
The strength of these ten core marketing elements is critical to the success of the organisation, from both a marketing and sales perspective. They help set a solid foundation that drives new leads, assists in customer conversions and encourages brand loyalty.