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HALLMARKS OF GREAT MARKETING COMPANIES

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  The great marketing companies in this world have much in common. They continue to succeed, to grow in revenues and profits, to adapt to change and opportunity, and to inordinately influence society and their industries. They have the highest rates of return on assets and equity in their industries. Following are the hallmarks––the guiding principles––of the great marketing companies and of marketing superstars:

 

  1. Achieving and keeping the dominant market share in chosen significant niches is their priority. They fully understand that number one or strong number two market share in their niche is the fundamental common denominator of profitability.
  2. Marketing superstars know that the number one market share leaders almost always have the number one profits, number one awareness, strongest customer franchise and loyalty, and highest prices. This allows them to invest more in market research, more in Research &Development, and more in gaining share advantage over their competitors.
  3. Superstars focus on market share as measured in units rather than sales dollars. They invest in market share utilizing some of today’s profits for future market position.
  4. Understanding the importance of market share requires a sharp awareness of what business the company is really in––from a customer’s perspective––and what that translates to for positioning and niches. That’s why great marketing companies know their niche customers think about marketing strategy and then execute that strategy relentlessly.
  5. Consequently, marketing superstars are constantly segmenting their markets into new niches, big and small, and executing their segment plans meticulously.
  6. There is constant contact with customers. Superstars are open-minded. They suppress their ego. They observe customer behaviour, changes in behaviour, and emerging customer needs. They do lots of listening. They hire objective outside professionals to give them honest answers.
  7. The entire company is oriented toward marketing. Everyone in the company understands that marketing is the only renewing activity. Every employee values the customer.
  8. In great companies, all top managers are customer-oriented, and they make sure all of the people they supervise are customer-oriented.
  9. All top managers regularly make calls on customers.
  10.  The whole company serves the customer, not just the sales and marketing people, but the production, human resources, financial, and research people as well.
  11.  Marketing superstars plan with absolutely clear, measurable specific goals; not just short-term, one-year goals, but those critical to implementing the strategic vision.
  12.  Manufacturing and marketing people meet often, once a week, to discuss costs, forecast, production, new products, and new processes.
  13.  R&D is rewarded for commercialized successes, not just technical ingenuity.
  14.  There is a constant review of competitive activity. Superstars realize that competitors lurk and plot and want to steal every single customer.
  15.  Superstars invest more in the aggressive getting and keeping of customers than their competitors.
  16.  Application case histories and successful customer incidents are constantly communicated throughout the sales forces.
  17.  The sales function is considered part of the marketing mix and is overseen by a marketing manager. Great marketing companies understand that selling and distribution and advertising are not marketing, rather they are marketing functions.
  18.  Superstars do not make decisions based on the short-term shouts and pleas of the distributor or channel. Channels are not end-user customers. Channels are channels.

MARKETING SUPERSTARS . . .

  1.  See trade channels as partners, not customers.
  2.  Work relentlessly to create customer franchises.
  3. Truly understand the importance of brand names and constantly work to keep the brand names known and untarnished.
  4.  Reduce uncertainty with meticulous homework and research. Superstars have a clear vision. They know what business they are in. They know what their customers want. They give their customers what they want.
  5.  Seek lots of opinions, especially from current and lapsed customers, from the suppliers, and from the people on the firing line.
  6.  Do not get surprised by changes in the market. Superstars usually influence the market.
  7.  Sell the dollarized value of benefits, not features, and not technology.
  8.  Create successful recipes by cooking together market data, intuitive marketing common sense, and contrarians ideas.
  9.  Price products to value, not to cost, and fearlessly sell that price.
  10.  Provide good, customized, and consistent sales training on how to sell dollarized value.
  11.  Preserve opportunity money to take advantage of unplanned opportunities.
  12.  Are maniacal about product quality; and quality is defined by their customers, not by manufacturing or quality assurance.
  13.  Believe that only the good, “Okay” the customer is always right. Superstars work like crazy to find the right customer, to get lots of the right customers, and to keep all of those customers.
Bernard TaiwoBernard Taiwo
Bernard Taiwo
I am Management strategist, Editor and Publisher.

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