What would businesses do without marketing.
Marketing is closely linked to business objectives, strategy and customer acquisition.
Most often than not we are responsible to understand 30,000 ft business objectives and at the same time know the nitty gritty of lead attribution and this is no walk in the park.
To compound all this, marketing teams are often small, constantly challenged and expected to produce miracles.
In the middle of all this it is imperative for marketers to choose the right marketing approach to achieve the overall business objective.
Here is list of most common marketing approaches.
↳𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐞: Challenge the current norms by introducing new offerings, business models, services, or optimizing the supply and value chain.
↳𝐆𝐫𝐨𝐰: Expand by acquiring new customers, accounts, market share, or revenue, focusing on surpassing competitors and meeting growth targets.
↳𝐑𝐞𝐭𝐚𝐢𝐧: Focus on maintaining or regaining existing customers, accounts, and market share to safeguard revenue and turn customers into advocates.
↳𝐇𝐚𝐫𝐯𝐞𝐬𝐭: Maximize profitability from an existing segment by optimizing revenue while minimizing investment.
↳𝐏𝐚𝐮𝐬𝐞: Temporarily halt activities in a specific segment to allow current efforts to unfold.
↳𝐄𝐱𝐢𝐭: Withdraw from a particular business segment and reallocate resources for higher impact elsewhere.
What is the marketing approach you are taking currently and what has been your experience. Share in the comments below.
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