With an uncertain business environment in 2010, marketing departments are presented with quite a problem. Most companies have already restructured and cut all the operating costs that they could in 2009 and now the grim reality is that for companies to prosper in 2010, they will need to find new ways of developing their customer base.
Businesses will need to be more agile and aggressive in this new business landscape. Their marketing departments will need to lead this new customer acquisition campaign. They will need to work closer with existing customers to drive new revenue streams, innovate products and provide new service enhancements. New channels of communications will need to be embraced and mastered so new client leads can be secured and the customer journey will need to be fully understood and carefully monitored to ensure the maximum benefit is derived from any marketing initiatives.
2010 will see increased scrutiny of all corporate expenditure and marketing is no exception. Many MDs understand that marketing is a necessity but they can also remain sceptical of how much investment is required in order to support new business activity. The key point is that marketing departments will need to work harder to justify their slice of the corporate budget.
I would suggest that marketing departments ensure all their campaigns are underpinned with a precise and focused measurement system that can be reviewed against company priorities. Regular reviews can be undertaken to make sure valuable lessons are identified and real corporate learning can be turned into competitive advantage in the market place.