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Increasing Marketing Supplier Performance Through Business Strategy Alignment
| Guest post by: Darren Woolley |
Article Overview: A key consideration in achieving business strategy alignment for marketing strategy development and implementation, is having all of the stakeholder groups and suppliers aligned and measured against the same set of simple, concrete metrics.
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Free Download - The Important Distinctions Between Relationship, Collaboration and Performance Benchmarking By Darren Woolley |
Increasing Marketing Supplier Performance Through Business Strategy Alignment
The default function of marketing is
to build margins and drive profit for an organisation. Therefore there is an
alignment of marketing to the business strategy. Instead of marketing being seen
as a cost of business, this alignment of objectives and proof of ROI against
those business objectives repositions marketing as a business investment rather
than a cost.
In Harvard Business Review July –
August 2005 an article titled “Turning Great Strategy into Great Performance”
by Mankins and Steel, reported that companies only realised 60% of their
strategy potential due to a failure in implementation.
There is no evidence that this same
trend does not also occur in the implementation of the marketing plan and
perhaps the lesson on how to close the gap in strategy and performance for
business can be applied to the business of marketing.
The fundamental difference between the
marketing process and business process is that implementation of business strategy is largely
focused on aligning internal teams, while marketing strategy alignment will
involve stakeholder groups that are both internal and external in the form of
suppliers.
We have seen examples where marketing
has been incredibly effective in aligning the marketing process to the
marketing objectives, but the concept of aligning marketing to the business
objectives requires some core changes in philosophy and behaviour.
The seven rules proposed by Mankins
and Steele are:
1. Keep
the objectives simple and make them concrete
2. Debate
and challenge assumptions, not the forecasts
3. Use
a rigorous framework and speak a common language
4. Discuss
resource deployment early
5. Clearly
identify priorities
6. Continually
monitor performance
7. Reward
and develop executional abilities
A key consideration in achieving
business strategy alignment for marketing strategy development and implementation,
is having all of the stakeholder groups and suppliers aligned and measured
against the same set of simple, concrete metrics (1, 6).
Develop a common language and
framework for the development and implementation across all stakeholders and
suppliers (3)
Ensure that the resources available
are sufficient for the task and that they are applied against the high priority
tasks (4, 5)
And possibly the greatest shift is to
move the compensation model from a cost and resource based model to one that
recognises and rewards the delivery of the common objectives. (7)
By aligning all of the stakeholder
groups, including the external suppliers such as agencies to be rewarded for
the agreed business objectives you achieve a total business strategy alignment
and improved performance through the realisation of that strategy in marketing.
Strategic Alignment – The Missing Link In Most Organizations
Measuring Buyer and Seller Performace A PI Q and A
Board, CEO and Organizational Alignment
Typical Flowchart Explaining How a Vendor Finance Deal Works for a UK Supplier - From Start To Finish
How to use incentive marketing effectively
Working Capital Strategy # 101 – Supplier Financing
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Leadership Bottlenecks Kill Companies
Measure your Marketing/Business Alignment
Steering Committees Increase Program Success
Focus on Problems Not Symptoms To Improve Strategic Execution and Results
Controlling the Assumptions in Your Sales and Marketing Strategy
Opening a Branch Office – Options & Considerations
Dangerous Supply Chain Myths (Part 2)
What is a Vendor Finance Scheme, and How is it Operated in the United Kingdom?
A Great Working Capital and Cash flow Strategy
Is a Competitive Edge Good Enough?
A Goal Driven Marketing Plan, Sales Plan and Customer Loyalty Must Be United to Increase Sales
Are you in alignment with your business?
Referred by: http://www.meetmikeandmidge.com/?t=mmevcarbio
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About the Author: Darren Woolley RSS for Darren's articles - Visit Darren's website During his 15 years as a writer and Creative Director, Darren developed brand and business communication strategies for a broad range of organisations. He was Creative Director at J Walter Thompson and President of the Melbourne Art Directors' Club for two consecutive terms. In 2000, Darren founded TrinityP3, Asia Pacific's leading strategic marketing consulting company with an international network of more than 30 industry professionals helping people to achieve commercial purpose through creative process. What that means is he leverages his extensive knowledge of the marketing and advertising industry, to help advertisers achieve maximum value from their budget by providing cost benchmarks, industry best practice knowledge, training and independent third party advice on agency selection and remuneration, media planning and buying, digital, direct and interactive marketing, TV and print production and public relations. Now a decade on, TrinityP3 is at the leading edge of decision making in the marketing and advertising industry that spent over $200 billion in 2009 and their client base includes more than 50 of the world's top 100 advertisers, with offices in Hong Kong, Singapore, Sydney, Melbourne, London and Wellington. With his background as both scientist and Creative Director, Darren brings a unique sense of process combined with creative purpose to his work. He has regularly been named in Australia's AdNews Power 50: The Most Powerful People in Advertising since 2005 and is a regular industry commentator contributing to numerous trade magazines. Click here to visit Darren's website   Selecting The Right Advertising Agency Is Dependent On Access To A Comprehensive Agency Register Selecting the Top Advertising Agency for your Business Depends on the Metrics you Measure Developing Agency Solutions to Increasingly Complex Marketing Requirements Increasing Marketing Supplier Performance Through Business Strategy Alignment Increased Marketing Efficiency Can Be Delivered Through Regular Process Benchmarking |
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