A recent article published by Forbes identifies the importance of marketing strategy and how it drives enterprise value. A clear marketing strategy is critical to the success of your campaign and overall growth of your organization. Every organization has their own unique set of characteristics that can determine their success. Organizations are growing by using strategies that utilize the value of their brands, customer networks, and digital assets. While no company can be great at everything, being able to identify and execute key marketing strategies can ensure growth.
To grow in the current environment, CMOs must work as a team with executive leadership and business unit leaders to impact six value drivers:
- Brand Value
- Customer Equity
- Organizational Competence
- Marketing Effectiveness
- Digital Growth Platforms
Many CMOs are struggling to measure and optimize their marketing investments. This disconnect is damaging their organization’s ability to remain competitive in a changing marketplace. Businesses need to understand how to share the responsibility for growth so that goals are communicated thoroughly. The following questions give leadership a framework to determine which marketing strategies will provide the company with the most value:
- What is the brand contribution to current and future enterprise value?
- Customer Equity. Are we doing everything we can to preserve and expand our customer relationships?
- Can the organization support growth?
- For every dollar allocated to marketing investments and activities, are we getting more than $9 of top-line growth? Measuring your top-line growth shows how effective your initial marketing investments are.
- How much of our resources should we reallocate to digital channels to keep up with customers, competition and cost of acquisition? Reallocation of your resources to digital channels can be necessary to remain competitive in a marketplace that has customers spending more time on digital platforms.
- How important is innovation to growth in our industry and competitive set?