What is essential for running a business effectively? Is it the happiness of employees, its processes, proper investment, marketing, sales, or the profit generated? If we look from a bird’s eye view, each of these creates a chain reaction and carry equal weight. For all businesses, profit and revenue are key targets. But what are the essentials of generating profit? And, more importantly, what can a company do to achieve their objectives in the desired period of time?
According to entrepreneur & investor John Rampton, there are 10 ways to get more profit out of your business. He states that advertising and marketing are crucial for generating sales and profiles. Thomas Jefferson also said, “The man who stops advertising to save money is like the man who stops the clock to save time.”
The question now, if marketing and advertising are the essential elements to generate sales and profiles, how is the process managed and executed when it comes to large-scale businesses? Is this an idea that works merely on paper or is there really a system to aligning marketing and sales that works?
In today’s technology and data-rich environment, knowledge-based systems are a common solution. These systems ensure smooth organizational processes and provide value for its employees.
According to a Global Deloitte survey, over 80% of Deloitte Knowledge users indicate that sharing knowledge leads to competitive advantage and adds real client value. Deloitte states that knowledge-based software increases company benefits in several ways—one of which is increasing client satisfaction by delivering value insights. These systems make sure that all communication and processes run smoothly within the organization.
In this blog, I’ll show you four ways that a knowledge management system can help your company achieve its goals.
1. Intimate Company Knowledge
Consider investing in a knowledge management system to get deeper insights into your business process performance. As the name implies, a knowledge management system can provide actionable, data-driven insights. For example, in human resources, it can track all hires, fires, involvement, and any other process you and your teams might have been through.
For any marketing strategy to work, it is imperative to know every detail you can about your customers and everything there is to know about the market. Consistency in customer experience and the constant ability to improve and document processes are also critical for success.
2. Potential Recognized
A central repository of easily referenceable information can be absolutely invaluable. From operations to human resource, marketing, sales, production, and more, a detailed record of activities can be streamlined and managed. There is no shortage of data, the real question is how to utilize that data to craft predictions and accurately measure potential across the board. For budgeting and scaling purposes, this can cut your workload down dramatically.
3. Marketing and Sales Alignment
Efficient execution needs effective team collaboration. Whatever the task may be, it cannot be executed well without the help of a team. When a project is assigned to a particular group of employees, it is necessary for everyone to have visibility into the process.
When marketing and sales are working together, these systems are an effective way of cross-team communication. Consistent information is necessary for each department within your organization to make data-based decisions. For marketing and sales to align and produce the best results, information sharing can only make things better.
4. Market Research
The most effective strategy is one which has been well researched. A knowledge-based system is a single location containing all of your company’s historical knowledge. This means it contains all research essentials you might require. Everything from customer insights to target audience information, data analytics, and competitive research. Why invent the wheel when exploring a new strategy or campaign you’ve already executed some fantastic research?
Have you used a knowledge management system before? How might you benefit from implementing one? I’d love to hear about your experiences in the comments.
Guest Author: Robin Singh from Marketo