eting management: Why marketing matters //

Marketing management is key to helping your company achieve its goals. Your brand may want to increase exposure, improve revenue, and enter new markets. Effective marketing management is essential to stay competitive in a highly competitive market.

We will be introducing some basic concepts in marketing management.

What’s inside:

• 
  What is Marketing Management and Why is It Important?
  
• 
  What is the difference between marketing management?
  
• 
  Learn the top marketing management techniques to understand
  
• 
  Agile team development
  
• 
  Measurement of marketing results
  
• 
  Resources to learn more about marketing management
  

Marketing management: What is it and why is it so important?

Marketing management involves the creation, development and implementation of promotional campaigns and strategies with the right people and teams. You can increase sales, price adjustments, and profit increases by having the best marketing people. This may be a slow process that requires you to learn brand awareness, increase conversions and expand your business reach.

Marketing management is about the strategies that you create and implement to reach your target market. Marketing management helps you to keep your brand moving forward, even when there are challenges in developing your products or services.

What are the various types of marketing management?

Marketing management is essential to ensure that your brand initiatives and marketing campaigns are on track. There are many things to take into consideration when marketing. Here’s a quick overview of the most important.

• Brand Management: Maintain and improve your brand’s reputation through building brand equity, awareness, and trust.
• Product Management: This is the process of bringing a new product or developing a new product. This focuses on the successful implementation and maintenance of your product’s life cycle. This is closely linked to “go–to-market” strategies.
• Sales – Your job as a salesperson is to sell your products and services to customers. This includes converting qualified leads into buyers.
• Business Development: This is crucial to building and maintaining relationships with prospects. Your business development team will also be focused on understanding the buyer and identifying new growth opportunities.
• Customer Marketing: This goes beyond acquiring customers. While you market to existing customers and promote your products, it is also important to keep them as customers for life. You can then work with them to make them advocates for your company as part of referral-generation.

Certain types of marketing management are better suited for B2B marketing and high-consideration consumer purchases, than mass marketing low-cost products. These are just a few examples of the many options. Your relationship with customers and the type of business you are in will determine how much emphasis you place on each.

The top marketing management practices to master

Marketing management is not a one-time deal that you can just do once and forget about. It should be part your marketing plan. In many cases, the process should be long-term and adapt to your company’s development.

The following are the goals of a strategic marketing management process:

• Market analysis – Conduct a market study to see how your company is placed in a specific vertical and what your competitors are doing.
• Customer analysis : Understanding your market and its needs is key to understanding customer data.
• Product Development: This is the whole process of creating, developing, and marketing a product.
• Goal development and strategy: This involves defining your company’s goals.
• Monitoring and Reporting: You monitor the progress of your marketing process. You can then analyze and review the results with reporting.

You’ll embrace marketing management and take risks. This will help you push your company and team to do better. As you optimize your operations, you monitor and report.

Team development for agile marketing management

Agile software development is the inspiration behind agile marketing. This approach emphasizes teamwork and not top-down direction. It also focuses on the achievement of short-term goals in a series “sprints”.

The key to agile marketing management success is having the right people in the right positions. You must also have team members who are willing to adjust to the new approach. The agile marketing team is characterized by a flat structure that does not have hierarchies or silos. Your team will be encouraged to collaborate and work cross-functionally on projects.

Three key steps are required to prepare your team for agile marketing:

• You should define what an agile team structure looks for your company.
• For agile marketing management, put processes in place and platforms in place.
• Training team members in agile ways.

It is easy to help your department and team adapt to change by building agility in your marketing.

Explore deeper: Get to know the Agile Marketing Navigator

Marketing management results measured

Marketing management will likely have as its main objective reaching your audience and converting them at the lowest possible cost. To determine your overall results, you will use benchmarks, metrics and key performance indicators (KPIs). Let’s take a look at the process.

• Your marketing campaign should define how success will be measured.
• Identify your marketing channels
• Calculate your KPIs using the costs of each marketing channel.
• You can measure the lifetime (and ongoing) value of your customers to determine your revenue impact.

Marketing Management Resources

Although marketing management seems simple, it is not difficult to grasp. It’s difficult to take these simple ideas and apply them to marketing management in order for it all to work.

Marketing management can help you improve customer service and sales, despite the challenges. Your company can adapt to the technologies and channels available to meet your current and future needs.

You can find more information here:

• Here is an overview from Western Governors University.
• Wrike, a project management software vendor, takes an deep dive in the concepts of marketing.
• Here’s another deep-dive from Sprinklr, a customer experience management platform.
• The types of work management software that can be used to support marketing management is a related topic. Download our “Enterprise Work Management Platforms – A Marketer’s Handbook” here.

MarTech first published the post Why marketing management.