Tuesday, April 14, 2015

Study Reveals the 7 Habits of Successful Marketers

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/

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