Prioritising Business Marketing | ArticlesBase.com

Does business marketing hold a high enough place in your list of priorities? Any business owner or corporate executive needs to understand the importance of marketing. Yet, too often this task is pushed to the bottom of the list, especially when economic times are tough.

The reverse is actually true. In an economic downturn, it is vital that a company spend more time and effort on marketing initiatives, not less. Its all about priorities " what it is it you can do to directly impact the bottom line in a positive manner.

How Most Companies Prioritise

Lets examine the way that the majority of companies set their priorities.

Of course, the customer comes first, and so they should. Without a customer buying your products or services, there is no need to waste time on marketing " you have no market!

Next in line are tasks and requirements of the staff, whether they be line employees or top executives (although executives usually get pushed up towards the top of the second tier).

This manner of prioritisation is based on who is doing the asking. But is it the most efficient method?

A Different Perspective

Consider the difference if priority was based instead on how a particular initiative contributes to return on investment. In other words, essential tasks would be those that provided the greatest financial reward through increased revenues. This method concentrates on cash flow instead of people flow.

The concept can be related to people. Think of your customers. Certainly they will pay a higher price for those products or services you can provide that give them the greatest value, regardless of their goals.

Employees, too, should focus their efforts where they can do the most to make the company profitable. This is good for them, good for you. It creates job security.

But how can you put a value on business marketing in order to fit into this priority schedule? The answer is by relying on the tried and true methodology of marketing consultants " analysing sales data, profitability of every offering, depth of the market, position, placement, pricing, and so on.

Of course, business marketing initiatives need to fit in with corporate strategy. It is up to top executives to determine if this is the case with each specific task in the marketing plan. Much of it relies on common sense. Wouldnt you give higher priority to reaching a larger percentage of your target market than to changing your products label colour? Obviously the first task will more directly increase revenue, even though the second one may be a viable proposal.

Neither method of prioritisation is fool-proof. Common sense says that a balanced approach to both profits and people is a wise choice. business marketing is not an exact science, nor is prioritisation.
business marketing can be directly linked to a companys profitability. It is unwise to ignore the financial impact good marketing can make. It is the decision of the owner or chief executives as to what priorities should be placed on any initiatives, or changes to processes, but marketing should never reach the bottom of the list.

About the Author:

A business marketing consultant for many years, Chris Jenkinson specialises in marketing advice. He provides further advice about consulting services on the <a href=”http://businessadvice-gizthebiz.blogspot.com/”>GizTheBiz blog.

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