Companies are going to demand more from their marketing functions than ever before. With a challenging and turbulent 2010 fast approaching, the key question of, 'where is the revenue going to come from so your company can survive?', will be asked of the marketing function.
Some will have already thought long and hard about this, and the better departments will have already begun to address these issues. How do you know if your marketing function is performing to its full potential?
In my experience, you get a feel pretty quickly of where some of the key indicators are and whether the team knows it's market (and it's market influencers, which can often sit outside the direct market, such as the currency exchange rate) and if the key drivers are fully understood.
Do you know who your competitors are, and what kinds of plans they may have for the future? What kind of products and services do they offer and why do companies choose them instead of you? Do you know your own customers?
Many businesses have a poor understanding of which of their customers provide the most revenue and which of their customers provide the most profit to the bottom line. The list goes on, however, the point is the marketing function needs to be at the very heart of the business, it needs to understand what makes it tick and what it can do to optimise the potential of the business.
So ask yourself the question is my marketing team up to the challenge for 2010 and will it drive the business through the challenges ahead?