If you already took our 9 boxes strategic marketing benchmark – the second of our 9 Boxes are all about building marketing capability in your business. Below is where you will see that you have scored yourself on:
- Ensuring your business can develop a marketing strategy
- Your business has the ability to set a marketing budget
- You can recruit the right level of marketing help – internal or external
This is a complex topic but here are some starting points.
Just by way of guidance, you should be looking at this when your business has grown enough for the marketing no longer needing to be done by the business owner/s. If you are not a business owner with a marketing background you should think about this as soon as you can.
If you are at the stage of looking at taking your marketing functionality to the next level what does this mean.
3 steps on building your own Marketing Capability
Developing a Marketing Strategy
Your marketing strategy needs to be linked to your business strategy. It is important for it to be aligned with your business objectives. If you think a marketing strategy is a calendar with activities on it – rethink it. Growthology’s 9 Boxes marketing benchmark is a template for a marketing strategy so take your benchmark scores and get them to 85% then you have a marketing strategy.
Your company needs to set a marketing budget. It is important to reflect what is in your business plan – the rule of thumb. If you are anticipating ‘business as usual growth’, your marketing budget should sit between 2%-5% of sales revenue. On the other hand, If you are growing nationally you may want to look at 10%-20%, and for international/significant growth 30% and above.
Recruiting Marketing Staff
You have a choice here with either internal or external – or a combination. Your structure needs to consider elements of strategic and executional capability. The size of your business and its next stage of development will drive how much strategy and how much implementation you require.
We implement the structured 9 Boxes approach from a passion to help SMBs get access to corporate marketing thinking. We want want to raise the marketing bar, changing the way businesses engage with marketing.