Why there is vast revenue growth potential to be found
in turning marketing into a strategic partner.
Go deeper with GlobalData
Could I be forgiven for thinking that, in many leasing
companies, marketing doesn’t have the gravitas of other
departments? Speaking frankly, this is usually down to an imbalance
of investment and senior-level expertise, and to marketing not
being integrated into business strategy.
To leasing managers who
underestimate the power of marketing, I would argue there is vast
revenue growth potential to be found in turning marketing into a
strategic partner.
Aligning your marketing strategy to
support your business plan seems like stating the obvious, but time
and time again I speak to businesses that are well-planned at
executive level, but continue to grow without a clearly aligned
marketing strategy. This is what stings me most – seeing companies
fail to materialise fully all their potential growth.
Avoid investing in thorough
marketing planning and you’ll end up with a function that lacks
direction and purpose. Worse still, you risk a disconnect between
your business strategy and the communications you send to the
marketplace. Employing someone to manage tactical activity without
strategic direction and support is like asking someone to take on
the role of a headless chicken.
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By GlobalDataBalancing spend per marketing head
versus spend on activity is essential. If you think your money will
work harder by giving juniors the power to spend (and execute) more
on activity, think again. You risk chucking good money out the
window on activities that may not 100% support your business
objectives. Instead, commit to one clear strategy.
But how do you leverage
director-level marketing expertise if your company size is on the
verge of that next growth spurt, or when fixed costs need to be
kept lean? Pulling in consultants, freelancers or agencies on a
project or day-a-week basis can give you the benefit of strategic
direction without the full-time price tag. Think ‘plug and play’.
It’s a prudent way of making your budget work for you when it won’t
stretch to a full-time salary.
“Good marketers measure,” says
author and entrepreneur Seth Godin. Demonstrating return on
investment to show how marketing contributes to the bottom line is
every good marketer’s goal. Remember, however, that ROI is not just
a financial figure. Marketing can be measured quantitatively (for
example, through leads, conversion and revenue) and qualitatively
(for example, through client feedback, media engagement and social
buzz). Through testing you can find out what KPIs are most valuable
to your business.
Understanding the success of
marketing leads relies on salespeople recording their progress,
from first call to deal closure. Get that right, and you’ll gain
real insight into what sort of marketing performs best for your
business.
Linsay Duncan is co-founder of
Marke2ing – a plug and play marketing strategy and implementation
service
