Low Impact Marketing
Rarely do B2B enterprises build and execute a cohesive sales and marketing strategy. Instead, what’s typical is companies dedicating resources to isolated activities such as marketing communications, brand management, digital marketing, trade shows and creative marketing collateral. Because their strategy isn’t cohesive, marketing activities are events rather than interconnected activities that create business outcomes. The typical best practice in B2B marketing, while still not singular and cohesive, is organizations that utilizeproduct managers or marketing managers to manage a product category, industry sector or end user market. While not ideal, product managers and marketing managers own sales and profit in their respective market which indicates leadership understands the far-reaching responsibilities of the marketing function. However, in general, B2B companies employ a facet of marketing rather than a holistic strategy with measurable ROI. The result is low impact marketing.
In order for companies to discontinue low impact marketing, it requires them to think holistically and abandon tired marketing activities that no longer serve the organization such as trade shows, print collateral or direct mail. Often these low impact activities are carryovers from past decision making and become institutionalized if never challenged.
High impact marketing requires the implementation of a holistic sales and marketing strategy and redeploying budget away from low impact activities to more relevant, measurable and scalable activities. Examples include Digital Transformation and The Sales Engine℠. In addition to experiencing results from high impact marketing, business leaders can phase in digital projects as part of an overarching strategy and discontinue activities that no longer fit. Focused, interconnected frameworks not only align resources toward business outcome, but also protect leaders from poor decision making.