We all know how important marketing is in the success of any product or service offered by any company or enterprise. After all, success is not determined by the mere production of a particular product or the mere availability of a particular service. These products and services should still be placed on a silver platter that would catch the attention of your target customers, and this is where the importance of marketing takes place. Thus, to ensure the effectiveness of your marketing campaign, you need to take time to develop the BSC for marketing, or the balanced scorecard for marketing.
When it comes to marketing effectiveness, you just cannot deal without the marketing activities taken on by the lot of companies and enterprises. And at the fast pace that the business world finds itself in, marketing has become ever so broad that it goes beyond the traditional practices we were once accustomed to. Today’s marketing arena involves advertising, selling, and distribution of goods already. Yesteryears, these were separate departments; now, these are all integrated into the single department of marketing. This is how fast the business world is at present. Apart from that, marketing also takes on a psychological side because you do need to monitor the fluctuating and ever-changing consumer behavior of the constituents of your market. Marketing has definitely become multi-tasking, so to speak.
Four dimensions are to be considered when you want to get into the nitty-gritty of marketing effectiveness, and these are corporate, competitive, consumers, and exogenous factors.
The first dimension – corporate – is all about the financial capacity of the enterprise, as well as its size. Both of these are measured, to determine whether the enterprise is indeed capable of taking on the marketing activities that it plans to take on. The competitive dimension, meanwhile, is all about the company’s own competitors. Just how do you expect your competitors would react to this angle of your marketing campaign? What would be their potential counterattacks? Would they have it in them to produce a more vibrant and more effective campaign in response to yours? For this dimension, it is important for you to get hold of competitive marketing information.
The third dimension focuses on the consumers themselves. Here, the company has to strive to understand their customers well, to know their needs and wants inside and out, as well as to understand clearly the factors that influence their purchasing behavior. By knowing all of these, you can then align your marketing campaign more accordingly, to bring forth the buying behavior that you seek out from your customers.
The fourth dimension – exogenous factors – pertains to those factors that are just beyond your very control. Yes, there will certainly be such factors that you just do not have any control over, and this can be frustrating on your part. Still, the best that you can do is roll with the punches because these activities can really impact your marketing campaign. Be on the lookout for the potential exogenous factors that can occur so that you can have the proper courses of action aligned from the start.
And there you have, it, the basics on developing the BSC for marketing. With these as a guide, you can better develop the balanced scorecard that can help your marketing campaign achieve its goals.