Marketing In Times Of Uncertainty
Don’t market your company blindly! Take advantage of strategic marketing now!
Is your company growth slowing down or sliding backwards? Perhaps all you need is a new marketing plan. Company growth is largely based on marketing techniques. And during these times of uncertainty, no doubt you seek any edge for growth you can find.
Philip Kotler,, a well known marketing expert at the Kellogg School of Management at Northwestern University provides insight about marketing. In an interview with Marshall Goldsmith he provides some helpful tips.
Cutting Marketing Budgets – Is it Wise?
According to Mr. Kotler, about 1 out of every 20 ad campaigns really provide a financial contribution and a memorable, motivating message. Companies would be smarter to use that money to make a better product.
Should Marketing Maxims be Preserved in Bad Times?
There are three Mr. Kotler recommends:
1. Know your target customers and provide them with better solutions than your competitors.
2. Your branding must reflect through everyone in your business including employees, suppliers, distributors, etc…
3. Work to innovate your products and services continuously.
About Making Changes in Marketing
Most marketing departments work on the ideas for developing and launching a product so they are more tactical, not strategic. They don’t really drive a company’s growth strategy. Think about appointing a CMO (Chief Marketing Officer) whose goal is to help a company grow by bringing the customer’s point of view to the company’s management, develops better measures toward creating different marketing techniques, enhance the company’s brands and aids the marketing department in developing new marketing skills.
Written by Marchall Goldsmith; Edited by Bill Sorensen