This document discusses the importance of marketing in driving innovation and business success. It makes three key points:
1) Marketing and innovation are the two most important business functions, as they create customers and value. Successful companies are leaders in marketing.
2) When targeting large government contracts, contractors must take a customer-focused "Outside-In" approach and understand questions like their value proposition and how they win or lose bids.
3) Successful marketing includes elements like understanding the market and competition, having a clear value proposition and go-to-market plan, and budgeting appropriately for launch marketing. Standing still with marketing risks losing customers over time.
Original Description:
How the role of marketing drives innovation forwards
Original Title
How the Role of Marketing Drives Innovation Forwards
This document discusses the importance of marketing in driving innovation and business success. It makes three key points:
1) Marketing and innovation are the two most important business functions, as they create customers and value. Successful companies are leaders in marketing.
2) When targeting large government contracts, contractors must take a customer-focused "Outside-In" approach and understand questions like their value proposition and how they win or lose bids.
3) Successful marketing includes elements like understanding the market and competition, having a clear value proposition and go-to-market plan, and budgeting appropriately for launch marketing. Standing still with marketing risks losing customers over time.
This document discusses the importance of marketing in driving innovation and business success. It makes three key points:
1) Marketing and innovation are the two most important business functions, as they create customers and value. Successful companies are leaders in marketing.
2) When targeting large government contracts, contractors must take a customer-focused "Outside-In" approach and understand questions like their value proposition and how they win or lose bids.
3) Successful marketing includes elements like understanding the market and competition, having a clear value proposition and go-to-market plan, and budgeting appropriately for launch marketing. Standing still with marketing risks losing customers over time.
was fond of saying, Because its purpose is to create a customer, the business has twoand only twofunctions: Marketing and Innovation. Marketing and innovation create value; all the rest are costs. Philip Kotlerhas defined his life-long discipline as, Generating the strategy that underlies sales techniques, business communication and business development. Marketing is an integrated process through which companies build strong customer relationships, and create value for their customers and for themselves.
OUTSIDE-IN, NOT INSIDEOUT
Drucker and Kotler would each vehemently
disagree and argue that, not only is marketing clearly a value; but, in targeting the behemoth that is the U.S. federal government, critical success factors must include strong and sustained marketing strategy, planning, and execution. Contractors must take a customerfirst (Outside-In) approach.
OUTSIDE-IN, NOT INSIDEOUT
How many senior and executive managers at
federal contractors can quickly and candidly answer these basic, yet critical, go-to-market questions: Are your companys mission, vision, and value proposition(s) internally documented? Communicated? Managed and measured? When your company wins, why does it win? When your company loses, why does it lose? Is your company unknown to the market? Known to the market? Known for something? Known for something good? Preferred for something good? How is your company preparing for the dynamic/changing landscape (e.g.,
10 KEY COMPONENTS
Its no secret that the most successful companies in their
respective industriesbusiness-to- consumer, business-tobusiness, and business-to-governmentare also leaders in marketing strategy, planning, and execution and in marketing practices, processes, and methodologies. Successful marketing fuels successful business, and a successful go-to-market strategy should include the basic blocking and tackling elements of: 1.Current-state business mission and objectives 2.Situational analysis (strengths/weaknesses/opportunities/threats) 3.Target market (industry/segment) knowledge and dynamics 4.Competitive environment 5.Solution offering (products/services) and gaps 6.Positioning, pricing, and branding 7.Go-to-market launch marketing plan 8.Go-to-market launch budget
TOP THOUGHT LEADERS
As Drucker stated, a Business has only two
functions: Marketing and Innovation. A few other successful business and thought leaders would trumpet the importance of marketing. Begin with the end in mind, wrote Stephen R. Covey (The Seven Habits of Highly Effective People), which speaks to strategy and planning. Never invest in a business you cannot understand, said investor, businessman, and philanthropist Warren E. Buffett, which speaks to knowing what you do not know (re: market and competitive knowledge). Next to doing the right thing, the most important thing is to let people know you are doing the right thing, wrote tycoon, investor, and philanthropist John D.
STANDING STILL MEANS
YOURE LOSING GROUND
So, where is your company today, this very minute,
in terms of marketing strategy, planning, and execution? Is your company, for the most part, just standing still? Perhaps running in place? Treading water? If so, be confident in the fact that doing nothingor doing littlemeans youre going to be losing ground: Losing in mind share. Losing in heart share. Losing in market share.
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