Understanding the Marketing Control Process The Covid-19 pandemic caught many businesses, specifically B2B firms, unprepared to manage a crisis of its magnitude. Managing supply chain challenges, customer support, and customer communication proved toilsome, especially for businesses without a crisis communication plan. Because of the lack of preparedness, many B2B firms found that their customers were switching to other suppliers for various reasons due to COVID-19. Having a communication plan does not guarantee that B2B customers would stay with their primary supplier. However, it does help reduce the firm's churn rate if customers receive sufficient and [...]
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What is a Company Mission Statement? Organizations with a clear strategic focus have written mission and vision statements. A company mission statement communicates — most often in writing — the firm's reason for existing; it defines your organization's values and governing principles. The mission statement explains how the organization aims to serve its stakeholders, such as customers, employees, shareholders, and the community. Organizations with a communicated mission and value statements that align with their strategy, goals, and objectives outperform companies that do not have them. Not all organizations have a mission statement. Some have simple mission statements; that is, [...]
According to eMarketer, B2B buyers are switching from their current suppliers to new suppliers amid COVID-19. The top reason for the switch is that existing suppliers are unable to offer delivery. The pandemic has placed a strain not only on suppliers but on the supply chain as well. Other reasons B2B customers switched suppliers include the supplier is out of stock; their existing supplier cannot offer online ordering and a limited product range with the current supplier. COVID-19 has exposed operational vulnerabilities within B2B firms. Many firms cannot react quickly to the crisis and lack effective contingency plans to manage [...]
Sales Analysis In the article titled The Marketing Control Process for your Business – Explained, we outline what marketing controls are: "Marketing control is a process where company management or executives analyze and assess their marketing activities and programs." The marketing control process includes four types of marketing control, they are, Annual plan control Profitability control Efficiency control Strategic control This post focuses on the sales analysis part of the annual control plan. The other three types of measuring tools that fall under the annual control plan, aside from the sales analysis, include, Marketing share analysis, Marketing expense-to-sales analysis, Financial analysis. [...]
Marketing in many B2B firms is often lackadaisical at best. However, B2B marketing does not and should not be halfhearted, especially in today's digital, customer-driven marketing environment. B2B companies that achieve marketing excellence are better positioned to outperform competitors because they put customers first, create strategic alliances, and are value and outcome-driven. “Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs.” - Peter Drucker What is Marketing Excellence? Reaching excellence in marketing is a [...]
Audio version for "The Marketing Control Process for your Business – Explained" Understanding the Marketing Control Process If you are like most small to mid-sized businesses, marketing your company probably includes a basic marketing plan, most likely not written down. You probably have some marketing collateral (brochures) to leave with customers, a website, a social media presence that gets occasional attention, and a sales team. There may be some sort of control mechanism, like a sales analysis performed monthly or quarterly, to determine if you are generating enough revenue to cover costs and earn a [...]