On this episode of Manufacturing Marketing Matters, I’m joined by Randall Laveau. Randall is the marketing practice lead at Sales Benchmark Index (SBI).
In this conversation, Randall talks with us about strategy vs tactics or how tactics sometimes masquerade as strategy. The importance of a strategy in the marketing plan is crucial. Randall explains how understanding your market will influence your strategy. There is a relationship between strategy and execution. Strategy is doing the right thing. Execution is doing things right. You will also learn the importance of using metrics and analytics to communicate with management and request additional resources to see results from the marketing strategy.
In this episode:
- [01:18] - Randall shares his background and areas of expertise. He also explains what Sales Benchmark Index is. You can find their podcast here: SBI Sales and Marketing Podcast
- [03:28] - Randall defines what a good go to market strategy is and explains why it is important for manufacturing companies to have a marketing strategy.
- [05:29] - Randall shares that 10% of companies today are effectively carrying out their marketing strategy. He explains where the other 90% are missing the mark.
- [07:42] - Randall says that manufacturers often fail with marketing because they try to jump into marketing. Strategy is required to effectively run a marketing department.
- [09:25] - Marketing requires patience and pressures for short-term growth make things difficult for marketers. Randall explains why you must have blinders on with short-term pressures.
- [11:52] - Randall explains why it’s important to use data and analytics when requesting resources from management.
- [14:40] - Randall talks about the concept of “tactics masquerading as strategy" and tactics vs strategy.
- [17:08] - Randall shares how to start building a marketing strategy. [20:03] - Randall explains how to find your audience sweet-spot.
- [21:23] - Part of the marketing strategy is to select a list of target accounts. Randall believes this allows you to look at a propensity to buy formula to grade your accounts.
- [23:30] - Randall shares an example of a company who saw a difference when they shifted from tactics masquerading as strategy to an actual marketing strategy.
- [26:42] - Randall talks about digital content marketing strategies.
- [30:19] - Randall answers this week’s challenge question. The question comes from a director of marketing at a medical device company. This person wants to know how to get more adoption from the marketing team with a marketing automation platform.
- [36:27] - Randall offers a few takeaways: Be outward in. Be customer driven in anything you do. Alignment. Align yourself with the other areas of the organization.