Assess Marketing Performance to Meet Revenue Goals

The truism that every business needs marketing cannot be denied, even by businesses that owe the majority of their growth to word-of-mouth referrals. However, confusion arises when businesses mistake marketing for sales. In simple terms, marketing builds demand, sales closes the deal.

The goal of marketing is to increase sales and, by perforce, grow revenue. The trick is in measuring the success of your marketing efforts. What metrics do you use to measure marketing effectiveness? Although profit is the ultimate goal, it’s not the sole measurement of success. Other benchmarks along the way indicate the effectiveness of your marketing efforts.

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The best private equity funds talk about backing great CEOs, entrepreneurs, and management teams. But in the lower middle market ($2-$15 million in EBITDA), what’s a private equity fund to do when the company they are acquiring lacks resources and the management skills to earn great returns?

What if serious talent doesn’t extend beyond the CEO or founder?

Douglas Song, co-founder of Prodos Capital Management and an investor in lower middle market companies, says that “there’s always a way to think creatively and unlock value in any lower middle market company.” He especially finds common themes among companies where entrepreneurs or families have built a great business over time, but are lacking in certain areas where partnering with additional resources will help them take the business to the next level.

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Elusive growth, global market fluctuations, rapidly changing technology, and fragmented buyer behaviors are just some of the dynamics driving the need to have the right marketing leader in place. The question for many organizations often becomes when should such a leader be brought into the organization? Finding the right CMO takes significant recruiting resources and often more time than anticipated. Not all organizations are ready to make this commitment given their stage of development.

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If a business had a soul, the tagline could be its expression in words. And every business needs to consider what adding a tagline might accomplish. That’s the philosophy of tagline guru Eric Swartz, a branding strategist who’s created thousands of brand expressions for clients across the globe, including American Express, Apple and Wells Fargo.

Here’s Swartz’s tagline definition: a succinct phrase, situated under or alongside a company’s logo, that communicates a single but powerful brand message designed to resonate strongly with an intended audience.

“Taglines are the easiest and most effective way to communicate a new or revised brand message. They can enhance the value and relevance of your brand, extend its reach, and give it renewed vigor,” according to Swartz.

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In this fast-paced culture where dollars often speak the loudest, it can be easy to get lost in the shuffle of jumping on the current of ‘busyness’ and not keeping the focus on the grass roots elements of business: people.

Relationships will always be the fundamental success of any prosperous business, whether small in operation or Fortune 500. If your focus is to keep your eye-on-the-proverbial prize of enhancing and developing relationships, you in turn will benefit your bottom line. So how does one make connections and master maintaining connections? Answer. Share your connections!

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The internet represents significant operational, marketing, and growth opportunities for retailers, wholesalers, and manufacturers, but the strategic challenge has rapidly evolved from “which channels do we embrace?” to “how do we create channel synergy?”

Operationally, a “multichannel” orientation integrates systems, strategies, and business processes to generate new efficiencies. At Blair Corporation, a publicly traded apparel and home furnishings retailer, we leveraged our ability to cost-effectively promote out-of-date merchandise through our hyper-growth Blair.com business to increase gross margins and eliminate a costly and unproductive offline liquidation channel. A multichannel retailer with a more significant brick and mortar presence—such as Best Buy, for example—should integrate its systems so that customers can order online and pick up their selections in a local store. In both examples, metrics such as ROI, profitability improvement, and customer loyalty will validate success.

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As a follow-up to the article on how to write a good mission statement, highlighted below are critiques of a few mission statements, including some familiar ones.

Example: We provide pick-up and on time delivery of important documents worldwide.

Verdict: Very good. The service is one of delivery to a worldwide market. But the mission statement does not cover all customer shipments, only small packages on an urgent basis. “On time” talks to the issue of reliability. While the specific of “how” isn’t discussed, it is implied that an efficient ground and air distribution network is in place and is operated on a continuous basis.

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