Having a strategy for telling the public about your products and services can assist your firm in developing its identity and establishing a consumer base. Marketing management is a critical component of how a firm grows and executes its business plan. This article covers the fundamentals of marketing management in Nigeria and describes the various roles that can improve a company’s marketing efforts.
What is Marketing Management?
Marketing management refers to the tactics, methods, and analyses employed in the promotion of a company. Businesses in Nigeria utilise marketing management approaches to find development prospects and efficiently engage with new target markets. It organises advertising activities across platforms in order to promote a brand’s image and reach the greatest number of potential customers.
Marketing management also entails evaluating the impact of previous marketing campaigns and consumer outreach efforts, as well as adjusting a company’s overall marketing plan based on customer input and sales patterns. It aims to simplify how a company establishes relationships with customers and links its products and services to those who could benefit from them.
What Is The Role of Marketing Management in Nigeria?
Marketing can be thought of as crucial “air cover” for ground forces. You may be wondering who the “ground troops” are. Yes, these are members of a company’s sales force.
So, marketing’s goal is to make it simpler for the company’s agents to sell their products to their target customer base and defeat the “enemy” (read, competition!).
How, you might wonder, does marketing management go about doing this?
The STP, or Segmentation, Targeting, and Positioning framework, is the starting point for performing a successful marketing role.
Customers are segmented based on a combination of characteristics (e.g., demographics—age, salary, nationality, etc.—or region or lifestyle).
The next step is to decide on the target customer segment on which the company will focus. After all, what’s the sense of chasing after customers you already know aren’t interested in your product or don’t find it useful?
Once the segmentation and targeting are complete, the next stage is to position the company and its products so that the target customers are enticed to purchase these goods or services.
The 4 Ps In Marketing
Of course, the marketing mix of the Four Ps is employed to create the ultimate value proposition that is provided to the target customer base.
The final designed end-product or service, including its features, packaging, size, design, and so on
Price is the single aspect that generates money for the company; therefore, it must be arrived at with utmost caution so as not to lose customers due to a high price and also not to gain customers at a low price, resulting in a potential revenue loss! You must also evaluate competition pricing and whether the price being charged is appropriate for your target customer segment.
Place refers to the distribution channel (s) used to get the product in front of customers. Along with physical channels, online channels are becoming increasingly important.
Finally, promotion refers to marketing initiatives carried out to raise awareness about the Company’s product or service offerings and attract potential target customers.
What Is The Significance Of Marketing Management In NIgeria?
Marketing management fosters corporate success by determining the most effective strategies to reach out to customers and increase revenue. Businesses require effective marketing strategies to remain competitive in their business, attract new customers, and retain existing clients.
Based on previous experience selling to various audiences, marketing management assists new enterprises in finding a niche or expanding into several segments. Advertising and customer interaction reach out to those audiences in order to build a company’s reputation. You can analyze client interactions and purchasing patterns as your marketing plan evolves to learn more about your ideal consumer and how to stimulate their interest in your products or services.
Elements Of Marketing Management in Nigeria
#1. Goal-setting
Setting attainable goals and developing a timeframe to reach success benchmarks is the foundation of marketing management. Managing marketing at your company is first understanding the various elements that influence clients in your ideal market to make a purchase and then setting goals based on those aspects. Include sales targets, budgeting expectations, and brand growth strategies when developing goals to help with marketing management.
#2. Coordination
Marketing initiatives necessitate coordination between firm leaders, creative teams, and front-line employees. A solid marketing management strategy unifies firm messaging across various marketing platforms, such as digital marketing, social media marketing, and print advertising. To effectively coordinate marketing activities, business owners must first create a clear vision for their brand, which will influence how marketing materials look and how brand ambassadors connect with their audience.
#3. Market investigation
Marketing management is founded on extensive market research. Collect customer data and analyse economic patterns to identify trends in what consumers want to buy and why they buy it. Market research identifies areas where your company could prosper as well as potential obstacles that must be addressed. Develop a marketing strategy centered on the consumer experience using market research.
#4. Relationship-building
An effective marketing management plan attracts new customers while maintaining long-term relationships with existing customers to drive repeat purchases and word-of-mouth marketing. Engaging with the public through digital content, social media, and professional networking can make them feel invested in your firm. Marketing management directs a company’s ideals to align with consumers, offering common aims to build the company’s relationship with a loyal customer base.
#5. Generating ideas
Great marketing is adaptable to changing market trends. Ongoing market research and analysis assist organizations in coming up with fresh ideas to stay relevant to their audience or rebrand to target a new niche. Once you’ve determined why your company attracts customers, you can concentrate on developing new products and services that capitalise on that appeal.
Marketing Management Roles To Hire in Nigeria
Hire a team of marketing professionals to oversee and implement marketing management methods in order to expand your customer base. Consider the following roles:
#1. Marketing manager
Marketing managers oversee how a company promotes its products and services to the general public. Typically, they are responsible for a single product line or campaign. They have a thorough awareness of which marketing channels target certain demographics and are up-to-date on the latest marketing tactics. Marketing managers analyse data in order to fine-tune marketing campaigns, allocate finances, and develop new promotions with their teams.
#2. Marketing Director
A marketing director or director of marketing oversees a company’s whole marketing department. They concentrate on long-term marketing goals and work with corporate leaders to estimate demand and develop a marketing strategy to keep that demand growing. Small businesses may not require a marketing director, especially if they just offer one product or service. As a company develops into new markets, it may benefit from having a marketing director oversee each endeavor.
Social media managers use social media marketing and content production to communicate with customers and target an audience. They may operate their own social media accounts or educate customer support representatives to reply to comments and posts in a consistent brand voice and editorial style. Social media managers help potential customers learn more about a company’s products and brand by communicating company policies and promotions to them online.
How to Advance Your Marketing Management Career In Nigeria
To become a marketing manager, you must demonstrate your ability to develop marketing strategies and plans, implement marketing campaigns, analyze data and track metrics, manage budgets, and assist in the design of products or services. Whatever stage of your career you are at, the actions below can help you get there.
#1. Improve your marketing abilities.
The following talents are frequently included in marketing job descriptions:
Workplace skills:
- Analytical thinking
- Communication
- Writing that is original
- Leadership abilities
- Collaboration and teamwork
- Conflict resolution
Technical skills:
- Ability to use Microsoft Office, Google Analytics, Salesforce, social media (Facebook, Instagram, LinkedIn, YouTube, TikTok), Adobe Creative Suite, MailChimp
- Marketing analytics
- Graphics design
- Social media marketing
- Search engine optimisation (SEO)
If you’re already working, consider taking a course to advance your profession.
If you are changing careers, concentrate on explaining your transferable skills. Sales, business development, graphic design, and a variety of other jobs frequently require abilities such as data analysis, communication, and creative thinking, all of which are transferable to marketing.
#2. Consider pursuing a marketing degree.
In the United States, around 75% of marketing managers have a bachelor’s degree [2]. Even for entry-level professions, a bachelor’s degree is frequently required. If you want to change careers, a master’s degree in marketing or a professional certificate can open numerous opportunities.
Through courses in marketing principles, economics, finance, and accounting, you can build a solid foundation of abilities to add to your tool kit by earning a bachelor’s (BA or BS) in marketing. Electives in consumer behaviour, cross-cultural marketing, and advertising will round out your degree.
Make the most of your education.
Consider minoring in a subject like psychology or graphic design. Take up a publicity or other leadership role in a club to hone your management skills.
During the summer, look for marketing internships. You could choose to focus on brand, content, digital, communications, product, or social media marketing. Internships are a great method to apply classroom knowledge in the real world. Without the pressures of a permanent job, you can study as much as possible, network, and obtain mentorship in a short period of time.
#3. Build a marketing portfolio.
Your portfolio should contain a well picked selection of your best work. It might include marketing campaigns you helped create, brand stories you gathered and produced, and marketing materials you helped design. If you lack work experience, you can highlight relevant education and internship experiences in your portfolio.
#4. Practice answering typical marketing interview questions.
After impressing the employer with your résumé (and portfolio, if you supplied one), you may be invited to an interview for the position. These are the eight most common questions asked in marketing interviews:
- Please tell me about yourself.
- Why are you interested in a marketing career?
- What was your favourite marketing trend or campaign?
- What are your thoughts on our most recent marketing campaign?
- How do you handle the introduction of a new product?
- What drives you?
- What are your interests and hobbies?
- Do you have any further questions?
When applying for marketing manager positions, you may be asked about your leadership potential. To prepare, think about times when you handled an intern, a project, or the creative brief process at a previous job.
#5. Get some work experience.
Begin by securing an internship or an entry-level position in marketing, where you may learn about the processes, methods, tools, and concepts that drive brand or product growth. You can then advance your career from there.
Marketing professionals typically start as interns, assistants, or coordinators, then advance to expert and associate positions before becoming managers. Marketing managers can advance to become directors, vice presidents, and eventually chief marketing officers (CMOs). Keep in mind that not all marketing executives followed the traditional road to their current position.
After a few years of good job experience, you may be qualified to apply for marketing manager opportunities. Some marketers advance from associate to manager on the same team, while others change firms to advance.
#6. Increase the size of your network.
Networking may be a deliberate, even joyful practice of engaging with marketing professionals who inspire you. One approach to accomplishing this is to get to know your coworkers outside of the workplace. With many jobs utilizing team chat platforms for communication, it is simple to reach out for a coffee or a 15-minute Zoom meeting.
Joining a professional marketing organization is another approach to develop relationships. Access to certification exams, resources, internships, mentorship, and conferences are all advantages of joining such an organisation.
Volunteering might also help you to increase your network. Many organisations require marketing assistance but cannot afford it. Donating your skills and experience to a worthwhile cause can result in unexpected career connections.
#7. Consider getting an MBA.
You may be qualified to become a marketing manager if you have several years of marketing expertise. However, if your work is stagnant or you want to improve certain abilities (such as organizational behavior or strategic marketing), you should consider pursuing an additional degree such as an MBA. Full-time MBA candidates typically have five years of experience, whereas executive MBA candidates have more.
Product Marketing Management In Nigeria
Product marketing, like digital and traditional marketing, entails bringing a product to market and ensuring that it reaches the correct people.
When we hear the word “marketing,” we normally think of things like “social media,” “email campaigns,” and “blogging,” but product marketing is much more!
Product marketing stands at the crossroads of product, marketing, and sales.
Marketing explains a product’s story and helps express what the brand stands for. If you have a competitor with a product that is strikingly identical to yours, it is your storytelling – your Why – that will set you apart and help you discover your customers.
What is The Role of a Product Marketing Manager?
A Product marketing manager is in charge of a product’s positioning, messaging, and branding. They will also collect and assess client feedback, as well as manage various parts of customer interactions following the launch. Essentially, they focus on converting clients from a wide audience to dedicated fans by pushing them through a funnel.
You’ve probably seen the product marketing funnel:
A product marketing manager will be working on various duties for clients at these three stages of the funnel all of the time.
- Acquisition: Getting the customer’s attention, making people aware that your product exists and peaking their interest.
- Social media, newsletters, blogs, copywriting
- Engagement: Getting people involved in your community of fans.
- Events, CTAs, lead scoring, special offers/campaigns
- Retention/Conversion: Either keeping customers around (for subscription models) or converting them into paying customers (for one-time purchases).
- Building growth loops with product
A prevalent misperception about product marketing is that it is primarily concerned with acquisition. However, getting new clients is nothing if you can’t maintain them! To keep churn rates low, marketing tries to nurture clients throughout their product experience.
Product marketing is tough to define because it differs from company to company and even between items! Product marketing for Google’s Pixel phones and GSuite, for example, may work in very different ways.
- What Are The Types Of Accounts In Nigeria?
- Top 15+ Service Business Ideas in Nigeria
- Product Marketing In Nigeria: Meaning, Types, And Advantages
- How To Earn Money Directly To Bank Account In Nigeria
References
