Friday, June 15, 2018

The Five Tenets of Modern Marketing Strategy

“Management of the operational effectiveness of sales and marketing seems to be as daunting as any continuing endeavor, but nevertheless, organizations of all sizes and business types are overhauling their policies by concentrating on specific areas of optimization.”
Core competencies in marketing

Overview
Organizations, regardless of types, are taking the initiative of advancing their formal processes to improve their effectiveness and meticulously engage more by focusing on core competencies of effectual marketing. While the notion of “knowing your customer” still holds true, present modern marketers knew that there are two common denominators to work on in understanding customers. First, is the typical demographics and the second is the client’s Digital Body Language (DBL) - actionable act serving as the main predictor of how a prospective buyer/s is/are going to buy, as well as the traits that may pinpoint the qualities of that prospect. Understanding the core competencies in marketing, aside from the advantages of placing into practice automation technology as part of your business infrastructure, modern marketing’s best procedures can be instituted that will set the tone for new promotional endeavors, at the same time capitalizing on your marketplace site, marketing technology, and social media interactions. These will help organization shift away from manual, labor-intensive processes to improve the productivity of the marketing division and, assessing marketing’s ROI (Return on Investments) to ensure future success, all with the ultimate aim of maximizing enrollments, increase in revenues and reducing the timeline of the sales cycle.


Marketing automation gives power to marketers to expand understanding of a buyer and understand better how it performs in the campaigns. Marketers leverage the power of marketing automation to target, refine, and optimize program ingenuities, including content customization and communication automation. SiriusDecisions shows that B2B firms employing marketing automation technology is gathering speed, and acceptance rates will increase to more than 50% of market penetration in 2015.
Important Things to Know About Marketing Automation
Figure 2: Important Things to Know About Marketing Automation | Source: http://ureadthis.com/important-things-know-marketing-automation/

Applying the Five Tenets of Marketing

1. Targeting Strategy–

The foundation of the first tenet of effective Modern Marketing means ensuring you have a clear and precise picture of your potential customers. Think of the database as the foundation. Without the appropriate plans in place for collection, compilation and data management, marketing campaigns will surely suffer because it will be near to impossible to expressively know, dissect, and refine prospects. Efficient segmentation and targeting no longer depend on basic data or even demographics.

2. Customer Engagement –
Customer centricity is the driving force of a meaningful marketing
Figure 3: The customer centricity approach| Source: http://www.thecustomeredge.com.au/customer-centricity.html

Customer centricity is the driving force of a meaningful marketing. Modern marketers can no longer demote communications to the organization or product-centric conversations. Present-day modern marketers will engage effectively by using the conceptions of personalized content matching “offers” to “interests”. Customer engagement is all about reaching the right people at the proper time, but beside all of that, it’s also about reaching them in the most respectable way. Buyers want more value from their interactions, including delivery information that is a vital help in the decision-making process and provides assistance in navigating complex marketplace enrollment details. Engaging prospective clienteles in a very expressive way, you need to be where your customers are.

3. Conversion Marketing –

Automating marketing solutions delivery and lead scoring intelligently will lead to higher conversion rates and are more resilient for maintenance. Modern Marketers utilizing technology responds to customer’s activities in real-time and thus delivers data profiles fast reflecting their timeline and research path, providing valuable insight trends, stage conversion history, and other key metrics. Automating your marketing campaigns as well as adding a social layer to your CRM (Customer Relationship Management) platform, helps improves the flow of data between dispersed sales and marketing organizations, improve customer’s experience, foster trusty relationships, and keep track conversion data much more efficiently. However, the conversion process of a qualified customer into an enrolled member is completely reliant on the outreach, sales efforts and marketing put in place. By understanding the disposition of conversions, organizations can be able to leverage the data into perfecting business ingenuities across the organizational structure.

Core competencies for modern conversion policies encompass the ability to;

    • Matchup to multiple mediums at a glance, i.e. e-mail, downloads, search, etc.
    • Roll-up reports to measure overall performance against objectives
    • Discover which marketing promotions are generating revenue, and
    • Increase response rates for cross-selling and up-sell opportunities

4. Big Data Analytics –

Marketers, as always are being held responsible for determining how promotional investments directly convert into sales. As liability for modern marketing investments surges, big data analytics deliver useful tracking means to define statistics and measure output. In putting into operation procedures for intelligence reporting, organizations can have a better understanding of the effect that marketing, sales, and other attempts can have on total business efficiency. Measuring up the results of a marketing method is one of the most valuable differentiators of the Modern Marketer.

5. Marketing Technology –
Marketing technology for modern marketers

The last tenet of Modern Marketers is the precise marketing technology. The right marketing automation technology that is run and managed by the very own marketing team to make it easier to navigate across each stage of the conversion cycle, incorporate the other four tenets of Modern Marketing and keep up with compliance needs. Successful marketers understand the consequence of harmonizing marketing automation, SFA (Sales Force Automation), and CRM (Customer Relationship Management) cloud platforms, a task that can be managed easily and achieved in the execution of a Marketing Automation Technology.

Conclusion

Keeping these five views of Modern Marketing in mind when marketing to prospective customers, organizations will be well on track to setting up customer-centric communication policies.