Smart Ideas to Involve Your Board on Upcoming Marketing Activities

Last Updated: March 5, 2014By Chintan BharwadaTags: marketing strategy

Companies are concerned about their boardrooms. As a result, a number of organizations have become responsible on how their customers are engaged. How their marketing progress has been redefined by developments like those of social media, the mobile web together with thriving data even though some companies have different dynamics on how to engage their board members.

How to bring the board into market

One of the Asian technology-service companies realized the importance of board in marketing when directors were taken for a vocation to visit innovators and peer companies within the United States and later in Europe with their new CEO. The purpose of this vocation was to educate them about the importance of basic changes and make the board members appreciate the fundamental changes in growth of the company to build a major efficiency drive with eagerness.

Moreover, the company was able to come up with a new sense of necessity about the need to diversify the variety of means which assist them to interact with their clients together with the point where, it would allow them to engage deeply. The internal opposition which they used to face was overcome by the commitment of the board. This allowed the channels of the company to be restructured. Moreover, they were partnered with third party providers to improve what they were offering in the life cycle of the customer

The outcome of the vocation was impressive since the customer satisfactory was greater than before by 20%, market share in major services by about 10%. Moreover, profitability went up correspondingly. Temporarily, corporate directors of the company have been going on fact finding trips in a multiplicity of geography to change the perspectives of directors and encouraging them is opportunistic.

Unanticipated insights can be delivered by such board missions by going to small parts with diversity of experience and attitudes. A large distribution industry decided to modify how their engage their customers by joining the in the process of solving the problem. Board members and managers with complementary skills were brought together and taken to different location. When the entire group debriefed, the members had a new insight about the needs of customer together with the value suggestion offered by them to have an implication on both its sales and how they distributed their sales.

They were also able to change markets environment in order to alter the overall strategy of the company as well as how they approach to respond to crisis. The board also helped in management, where they identified and initiated beneficial marketing strategy which the managers could not visualize by themselves.

Three steps to improve engagement

Our experience has made us to come up with few suggestions which you can consider for you to engage the board in the market and to come up with a superior customer engagement. Board members should have a strategy day in which a director of another service company which is in Asia made a decision to change their premium pricing strategy.

For you to change the nature of marketing, it is advisable that your board should be composed of members with different skills such as political campaign skills to give valuable counsel to the board as well as the company.

The nature of board involvement strategic should be in defined clearly to aim at governance issues. Moreover, it can be of great importance if the specialized expertise of the board work together to give fairly regularly. The CEOs will value the effort of every board member. They will also need help for their companies to be on the leading edge.

Chintan Bharwada

Chintan is the Founder and Editor of Loyalty & Customers.

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To achieve better sales and profits, most companies could be doing more to cultivate business from their existing customers. However, enthusiasm for customer-retaining strategies must not endanger sound customer-getting efforts. How companies balance the two is the big question. To intensify reaching old customers while still seeking new ones, for many firms, will mean changes in market analysis, planning systems, management incentives, and marketing and/or operations organization. In the rush toward growth, consumer marketers have tended to regard success as stemming from obtaining new customers while unwittingly minimizing the importance of satisfying old ones. It is time for more companies to distinguish between their getting and retaining functions, to assess the balance between them, and to remedy any deficiencies in customer retention. This process requires management to value the potential of current customers and to treat them in special ways to get them to keep coming back. Several major elements should be part of the new marketing mix for customer retention: Product extras Keeping customers frequently requires giving them more than the basic product that initially attracted them. Product extras for individual customers over time can play a sales-expansive role. Reinforcing promotions Product promotion works better when aimed at existing customers. If a marketer knows who these customers are, benefits can be obtained by giving them reinforcing communications. Sales force connections The sales force can play a decisive role in the customer-retention function. At a retail or service counter the salesperson is the focal point of the company's strategy and is the firm to the customer. Post-purchase communication A company must anticipate that some customers will encounter either minor or serious problems after purchasing. If the firm is not ready to hear and correct these difficulties, the customer may not repurchase or may cancel the the relationship. Whether company or customer is at fault, standby post-purchase activities can be instrumental in saving these customers.

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