Marketing is an important element in brand equity management and brand strategy because it manages systemic communication and content. Systemic communication is communication which uses media instead of a personal contact. Sales is mostly about one-on-one communication while marketing needs to find ways to talk to thousands or millions of people. Therefore marketing has the capacity to drastically grow the revenue. Here are 3 errors which prevent it from doing so:
1) No feature development
Ability to develop custom software, website, app, and social media features is important for creating unique digital customer experiences and is necessary for offering unique values to customers. If a brand can not create unique digital experiences then it can not differentiate itself and is less competitive. Marketing should have full time developers dedicated to its strategy and can work in a highly agile environment.
2) One style of content only
One voice, one type of photo, one type of video is not competitive nor innovative. This is only a starting point in adopting content marketing. Brands have multiple customers and multiple types of interactions with them and each of these requires a specific style. Marketing should strive to employ a variety of different writers, photographers, illustrators, and video makers who all produce different types of content which targets different customers in different situations. This will accelerate the discovery of new revenue channels.
3) Test & learn projects
Marketing trends are not reliable as long term investments because they are constantly changing. Consistent success requires constant testing of what works. This requires a dedicated budget, team, methodology, projects, and measuring. Without a test & learn research approach whatever is working today will stop working at some point and there will be nothing to replace it. A percentage of a marketing budget and team hours should always be dedicated to projects which aim to discover new customer engagement and revenue.
Burger King’s Google Home Hack, winner of Cannes Grand Prix, is an example of a project which requires multiple content styles and test & learn approach. Use of chat bots requires marketing custom feature development.
Above errors are applicable only for companies which have developed the basic marketing capacity and are looking for further growth. Basic marketing capacity can be defined as a functional marketing & sales stack, agile digital and content production, and a wide marketing mix with omnichannel campaigns.
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