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The Importance of Knowledge Management in Marketing

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The Importance of Knowledge Management in Marketing

Feb 10, 2021   |  By
KMI Guest Blogger, Marie Barnes`

Knowledge management should be a common practice in all businesses, no matter the field and purpose. It’s useful for both the internal and external development of the company. Benefits include optimizing teamwork, teaching newcomers, improving sales, and reviewing results.

And in the age of raging pandemic, knowledge management gains a new form and becomes more essential than ever. KM techniques and strategies become more flexible and adapt to the changes COVID-19 brought. After all, the inability to travel and attend meetings forced organizations to change most of their tactics.

The marketing field isn’t an exception. Knowledge management used to be helpful for optimizing commerce in the past. But nowadays, the connection becomes closer.

Why Is Knowledge Management Important for Marketing?

In brief, KM enhances efficiency and leads to faster, more constructive decision-making. Here are several benefits of implementing knowledge management practices:

●      Smarter specialists.
Your workforce learns from one credible source and becomes smarter. Consequently, it offers better ideas and potential marketing strategies.

●      Quick adaptation of newcomers.
New employees join the collective with ease and start working for the company’s benefit in shorter terms.

●      Lower turnover.
Employee turnover drops due to quick learning, thus increasing your reliability and authority.

●      Increased chances for beating the competition.
An intelligent company that works like one organism is always ahead of the competition. All teams, including marketers, detect and analyze vulnerabilities and find solutions to problems with lightning speed.

As market conditions are changing rapidly due to the new way of life we’re leading, a knowledgeable marketing team can:

●      React quickly to new trends;

●      Make fast, data-driven decisions that will make any situation beneficial for the company;

●      Offer better support and customer experience according to buyer’s needs;

●      Increase overall intelligence and efficiency of the team.

If we draw an analogy with a car maintenance service, then all the tools mentioned above represent a kind of a mechanic tool set. Each element of the set is responsible for a certain category of effects, and in the hands of a skilled craftsman, this set turns into a powerful "weapon".

It is quite understandable that each tool must be used to gain experience and hone skills. Try it and you will see the result.

3 Ways in Which Knowledge Management is Useful for Marketing

Marketing is all about knowledge. You need to know every detail about the market in general and the audience you want to get attention from. Customer data creates profiles leading strictly to the people who can benefit from your business. Further research helps to understand buyer’s intentions and demands.

As a result, small adjustments will create a strategy catering to the core of your target audience.

These three ways of incorporating KM in any marketing strategy will draw more attention and leads to your business.

1: Knowledge of Company Operation

Creating a KM system with the data about your company’s teams, hires, fires, feedback, and reviews will help to manage the marketing team, among all others. You will get valuable insight into your own organization’s work, see marketing results by month, and analyze the team’s performance.

This method allows for an objective view of the inside operation of the company.

2: Research of the Market

While new research must be conducted frequently, the analysis should include existing knowledge. Otherwise, there will be no data to compare the new results to. By adding the information you already have to current research, the marketing team understands the changes more deeply.

Such insights allow for building more adequate strategies and adapting them according to the patterns detected during analysis.

When researching the market, don’t waste an opportunity and opt for buying backlinks from a good backlink service such as Linksmanagement.

3: Marketing and Sales Connection

Cross-team communication via knowledge management leads to data flow from one team to another. This method can fill many gaps focused research may leave. This flow has to be up-to-date and consistent to provide the best results.

Marketing and Sales teams are the closest to one another. And if each works in its own bubble, the lack of knowledge is unavoidable. To make data-based decisions, you need to be updated on the latest patterns, trends, and techniques each company uses.

2 KM Systems to Implement

Two central knowledge management systems will increase your marketing team productivity:

●      Shared research information.
While outlining a new project, create a file or a folder with all research data. Include everything about your target audience, partners, current market, and forecasts there. Then, share the folder or file with all teams, including marketing, as a base for further research and development.

●      Feedback compilation.

Gather feedback from all teams that took part in a project and ask customer support to share clients’ reviews. Create an easily accessible database everyone can turn to before making an important decision. Informed adjustments can improve marketing strategies significantly.

Common Issues with Knowledge Management in Marketing

The primary issue businesses may encounter is poor management. For instance:

●      High competitiveness between teams to the point where knowledge sharing is halted;

●      Poor analysis of marketing results and no knowledge acquired for the future improvements;

●      Lack of learning opportunities for new employees;

●      Poor distribution of information.

All knowledge management stages have to work like a clock, from gathering data to analyzing it and using results to make strategies better. Interaction between teams is also a crucial factor.

For example, the marketing team, along with doing its research, should be in touch with customer service. Cooperation helps to tackle commonly reported issues and adapt their techniques accordingly. The stage potential clients are in when approaching the ad, frequently asked questions, concerns, etc., have to be a part of marketing analysis. A good example is a photo processing website. They built the ability not only to communicate, but also to place an order in all convenient ways - a page on Facebook, Instagram, email and website.

The Prospects of KM Considering Tech Development

Incorporating KM and AI in marketing content creation will deliver better results. Chatbots are a great example of a knowledge base that offers answers to potential customers. The range of topics is diverse, from questions about your business strategy, goal, and the benefits you provide to product and service descriptions, prices, and special offers.

Some might think that KM may become a thing of the past due to technological development and the implementation of artificial intelligence and automation services. However, instead of substituting knowledge management, tech enhances it. This combination creates a whole new version of the practice.

~~~ 

Marie Barnes is a Marketing Communication Manager at LinksManagement. She also does some photo retouching work at photoretouchingservices. She is an enthusiastic blogger interested in writing about technology, social media, work, travel, lifestyle, and current affairs.
 

 

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