Unlocking company growth through the power of marketing is nothing new, but in an ever-more complicated digital landscape it requires intense focus — and small companies would do well to think about the marketing function earlier in their journey.
Global research house McKinsey says data, creativity and credibility are the key planks to successful marketing-led growth for large players, moving away from “brand management and advertising”.
Jason Heller, McKinsey partner, says many businesses have struggled to adapt to the digital revolution — a classic example of that being the newspaper industry losing ground to online as their traditional “rivers of gold” advertising revenue dried up.
“Marketers and agencies are struggling to keep up with that pace of change. That degree of change—and the response and structure around the response to the change—is probably the biggest thing that’s happened in the last few years,” he said.
The solution to this, McKinsey argues, is utilising data insights in the right way, marketing creatively and boosting credibility, which comes through creating exceptional customer experiences.
The lesson for smaller companies at an earlier stage in their growth is to place high value on their marketing strategies; the appointment of a capable chief marketing officer can help accelerate growth as much as any other c-suite executive.
Israeli SaaS company AppsVillage, which is targeting a mid-year ASX listing following a strongly supported round of seed funding, has marketing at the heart of its business: it allows companies to create and market their own app in a fast and cost-effective manner.
That’s important, because according to Heller, marketing should be viewed not as a necessary chore, but as part of the “DNA of the organisation”.
“That’s what creates the performance-oriented culture that can deliver the accountability that we’ve talked about, the predictable growth to the organisation. That really is something new,” he says.
This content is produced by Star Investing in commercial partnership with AppsVillage. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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