My Marketing Mentor Friday, September 22, 2017
Capability

Build Your Own Marketing Capability

If you’re following our 9 Boxes formula, the second of our 9 Boxes is about building marketing capability in your business. Once you have taken our benchmark you will see that you have scored yourself on:

  1. Ensuring your business can develop a marketing strategy
  2. Your business has the ability to set a marketing budget
  3. You can recruit the right level of marketing help – internal or external

This is a complex topic; however, here are some starting points.

Just by way of a guideline, you should be looking at this when your business has grown enough for the marketing to no longer need doing by the business owner/s. If you are not a business owner with a marketing background you should think about this as soon as you can.

So, if you are at the stage of looking at taking your marketing functionality to the next level, what does this mean?

Developing a Marketing Strategy

Your marketing strategy needs to be connected to your business strategy. It needs to be aligned to your business objectives. If you think a marketing strategy is a calendar with activities on it, think again! The 9 Boxes is a template for developing this strategy, so take your benchmark scores and get them to 85 per cent – then you have a marketing strategy.

Marketing Budget

Put simply, your business needs to set one! It needs to reflect what’s in your business plan – this is a basic rule of thumb. If you are expecting ‘business as usual growth’ your marketing budget should sit between two and five per cent of sales. If you are growing nationally you may want to look at 10 to 20 per cent, and international/significant growth would be 30 per cent plus.

Recruiting Marketing Staff

Your options here are internal or external – or a bit of both. However you structure it, your business needs an element of strategy, and implementation and execution capability. The size of your business and its next stage of growth will drive how much strategy and how much implementation you need.

After coming out of a long corporate career, I saw that marketing as a sector is woefully underservicing our audiences. My posts and content are all about giving businesses some hints and tips as to how corporate firms use marketing strategies for growth. I am the translator – running a small business myself, I offer these tips to you in a simple language that you can apply to your business.

I developed the structured formula ‘9 Boxes’ from a passion to help small and mid-tier businesses get access to corporate marketing thinking. I want to raise the marketing bar, changing the way businesses engage with marketing.

Watch this space – we are opening the doors on Marketing Camp [our online subscription service] in November 2017.



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