What is Marketing Management?

Introduction

Marketing management is the set of activities that aim to promote a business, its products, and services, identifying growth opportunities and taking advantage of them to boost a company.

Just as the market and consumption are constantly changing, the marketing department must also transform itself to achieve its objectives and satisfy the current consumer.

Therefore, just as it is essential to be aware of the trends in the sector, it is also necessary to know the available technological tools capable of contributing to marketing management.

What are the objectives of Marketing Management?

The two main objectives of marketing management are to maximise the company’s market share within the sector and the customer satisfaction of the consumer base within its market share.

Increase market share

• The market share is a reference measure to know how many clients your company has managed to capture in the sector.
• Increasing market share is essential since it teaches us what the market thinks about our brand. A growing market share will provide us with information such as:
• The reach and profit you have obtained from your potential customers
• If existing customers return to buy enough products to gain growth
• If your brand or product has a positive and growing reputation within the sector.

Increase customer satisfaction

• Keeping our current customers happy is a primary goal in marketing management
• Your business cannot grow if you gain and lose the same number of customers in a month.
• A satisfied and loyal customer means:
• Recurring customers that increase lifetime value and overall revenue
• The approval you in front of their friends, lowering the cost of acquiring new customers
• Confidence that they can convince of future purchases
• Much smoother customer service experiences and lower volumes of complaints
• The most significant opportunity for companies resides in a good treatment of their existing client.

Functions of Marketing Management

Now that we know a little about what marketing management is and what its objectives are, we have to take into account four main functions to achieve them in any marketing plan, which is:

• Conduct market research on your industry
• Perform a competitive analysis of your sector
• Identify a unique placement for the brand and products
• Develop a promotional plan to go to market.

Why is Marketing Management Important for your Business?

Marketing management is essential for a company because it allows the development of the right strategies to improve profits, profitability, and visibility in the market, among other factors.

Help introduce new products or services.

By understanding customer needs, marketing management can improve the product or service to satisfy the consumer.

In the same way, you can find the right channel to reach potential customers, optimising the available resources with strategic decisions.

In addition, it helps to identify new market niches in various related segments, favouring the company’s growth.

Improves the reputation of a company

All marketing actions aim to maintain a good image of the company, which is why we continuously work to build a solid reputation, directly or indirectly.

increase sales

Thanks to the correct identification of opportunities, marketing matches the benefits offered with the customer’s wishes. Thus, the chances that the sales materialise become greater and greater.

Promote new ideas

Marketing management promotes new ideas from the benefits that a brand, product, or service offers to the public. In this way, you can collaborate with the creation of recent trends, for example, and at the same time increase your authority in the market.

Identify the best channels.

Today, there is an excellent diversification of channels for promotion and sales. In this way, marketing management can identify the best channels to reach its public, reducing the cost of sales and distribution.

What sustains your Marketing Team?

Some elements of marketing management serve as a basis for the team to do a good job.

Definition of goals

Setting realistic goals and creating a timeline and plan to achieve them is critical to success. For this, the first thing is to analyse and then determine the goals based on these factors.

Market research

All marketing management must e base on careful market research. Working based on assumptions was never and will never be a good idea.

Therefore, it is essential to understand what consumers are looking for and what motivates them to buy. In this way, it is likely to identify the best opportunities and prepare for the challenges that may start along the way.

Coordination

It is essential to have a leader who guides the team and aligns the message on all channels. In addition, there must be someone who accompanies the planning and is responsible for fulfilling its development.

Link creation

Marketing management must develop an industry plan based on consumer experience. Thus, building solid customer relationships and contributing to loyalty and word-of-mouth marketing is possible.

New ideas

Therefore being open to new thoughts is critical to adapt to changing market trends. So this way, it is easier to identify new opportunities or niches that help the business grow.

CRM in Marketing Management

What is CRM?

CRM, Customer Relationship Management, is Customer Relationship Management, a process responsible for managing the customer base and their path through the sales funnel.

An omnichannel CRM solution lets you have a clear view of all customer interactions with the company regardless of the channel used for their contact. So in this way, it is possible to understand the data of the lead better and use it to lead him towards the conversion in a more intelligent way.

What is the crucial role of CRM in Marketing?

There is no doubt that a CRM solution is an essential tool for the sales team. However, it also has a vital role in marketing.

• Centralize the customer database
• It allows you to segment the public
• Make it easy to organise your contacts
• Help customise and optimise your campaigns
• Allows you to integrate it with other tools
• help you better understand your audience
• It will enable you to recycle what works

BPM in Marketing Management

What is BPM?

BPM, also known as Business Process Management or Business Process Management, is the discipline that encompasses a set of business management practices to continuously optimise the organisation’s processes, both inside and outside the company.

For this, all processes analyse individually while also considering the entire environment they develop. Thus, it is possible to have greater visibility of its entire operation.

Know what the BPM steps are.

How does BPM help the Marketing Team?

Automating marketing processes with BPM makes achieving goals more effortless, and department managers can significantly improve.

A BPM solution can contribute to various tasks in the sector, for example:

• Customer Relationship Management
• Requests and budget management
• Events and conferences
• Management of business goals
• website updates
• content creation
• social media management
• And more

So all this keeps the focus on the general panorama and a macro vision of the marketing department’s processes.

ECM in Marketing Management

What is NDE?

ECM stands for Enterprise Content Management, which in our language refers to Enterprise Content Management. In short, we can define it as the set of strategies that have the technology to manage, organise and store the contents of an organisation.

So we can consider emails, contracts, business documents, videos, invoices, spreadsheets, and images.

NDE in Marketing

The marketing department generates a wide variety of content in various formats. Thus, an ECM solution will undoubtedly facilitate the storage, organisation, and access to documents of all kinds, avoiding hours of labour in the search for materials that do not always originate.

Likewise, sharing any content is easier when you have ECM software. So as the solution allows easy access to the various documents of the sector, it favours teamwork and the exchange of information.

An ECM solution also helps reduce the department’s operating costs since it is possible to automate some tasks that are usually completed manually. In addition, this gives the marketing team more time to focus on what’s important.

Analytics in Marketing Management

What is Marketing Analytics?

Marketing Analytics is the practice that aims to collect and study the data of the metrics and KPIs of the sector.

This practice allows you to understand better various data about the results provided by marketing strategies so that, in this way, opportunities for improvement can be identified and further optimised these strategies.

Therefore marketing Analytics helps drive data-driven decisions by considering the entire industry landscape and not just the individual channel analyses.

How does Analytics drive Marketing?

Marketing Analytics helps define how effective the department’s efforts are and also provides the necessary tools for more analysis to optimise campaigns or adjust existing ones.

Let’s take a look at about of the benefits Analytics can bring to marketing:

• Allows data unification: Helps to automatically connect and unify data, avoiding waste in collecting information and making reports.
• Helps to use the information for decision making: Understanding the metrics are much more manageable with Analytics. Thus, using reports to make decisions and drive sales is much easier.
• Enables a broader view of the results: Concentrating the data from various strategies makes it easier to have an overview of the results.
• It makes choosing the best data to be analysed: Understanding which data corresponds to the objectives is the first step to selecting the critical metrics to explore, and analytics does the rest.

Conclusion

As you can see, marketing management cannot do without technology. However, many resources exist today to optimise management – using them can generate the competitive advantage that a company requires.