KSF Number 3: Excellent and complete knowledge of the firm offering. The consummate marketer must be highly knowledgeable about their firm offering whether it’s products, services or a combination of both. The marketing strategy and tactics must position the offering and the brand in the market place aligned with core competencies and the target customer’s buying criteria. It’s impossible to devise and execute a strategy without a thorough and comprehensive understanding of the offering in order to realize how it will or will not be accepted by the target market. How can a marketer begin to devise and execute a strategy without having this critical information? Another reason the senior marketer must possess this knowledge is so they establish credibility. Credibility is required to establish and maintain the critical relationships between marketing and the sales team, R&D team and the customer. A good CMO is an advisor and a key contributor to the success of the business and, in order to be taken seriously, credibility is necessary. Credibility is not possible without complete knowledge of the offering.
You should already start to see how these KSFs fit together like timbers forming a strong foundation for success in the market place. The interlocking of KSF 1, Knowledge of Customer, KSF 2, Knowledge of the Firm’s Capabilities and KSF 3, Knowledge of the Offering, are a powerful combination for driving the marketing strategy and for realizing success in the market place.
Stay tuned for KSF 4, Alignment Between Marketing and Sales