If you want to lead the market, you'll need to market like the leaders. There's no arguing with the results: Companies with more advanced marketing and sales capabilities have 30% greater revenue growth than the average firm in their sector, according to a recent benchmarking study by McKinsey & Company. Per a report by The Economist Group, the McKinsey analysis looked at more than 140 leading B2B and B2B2C global businesses and identified the seven marketing and sales hallmarks of the top-tier firms. The seven ingredients of the market-leaders' secret sauce: 1) view marketing and sales as an investment, not an expense; 2) know what needs to be fixed based on detailed marketing comparisons against best-performing peers; 3) target the capabilities that matter most, so that while there may be 40 marketing and sales skills impacting growth and profitability, the best companies focus on improving only about six; 4) don't try to do too much at the same time; 5) tailor improvement in marketing capabilities to current stage of development, whether the performance challenge is growth, profitability or both; 6) think about institutional capabilities and priorities, not just individual skills; 7) have an operating model with specific, measurable goals, embedded in a culture of review, incentive and leadership. For more on the study's "seven habits" of successful marketing and sales, read http://www.economistgroup.com/leanback/the-next-big-thing/mckinsey-study-revenue-growth-marketing-leadership/
David Kanter, President and CEO of AccuList, is a list brokerage and direct marketing expert. For more than 30 years, he has helped companies and nonprofit organizations achieve their marketing goals. With David's Direct Marketing Forum, he shares, and invites others to share, helpful direct-marketing industry news, trends, analyses, resources, and tips for success. Please read our Comment Policy.
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