RICHARD MUHOOZI: Marketing communication – a crucial element of business competitive strategy

Richard Muhoozi, MBA student at Kampala International University and CEO of PML Daily, shares his insights on the power of marketing communication in driving business competitiveness.KAMPALA – In this fortnightly series, Richard Muhoozi, an MBA student at Kampala International University (KIU), will delve into the crucial role of marketing communication in driving business competitiveness.With a deep understanding of the marketing landscape, Muhoozi will share insights and expertise on how effective marketing communication can make or break a business. In this first installment, Richard sets the stage by exploring the importance of marketing communication in business strategy.Stay tuned for future installments, where he will dive deeper into the various aspects of marketing communication.==============================================================================Scope of Marketing CommunicationMarketing communication is the process of planning, creating, and delivering messages to target audiences to achieve business objectives, including building brand awareness, generating leads, driving sales, enhancing customer engagement, and supporting product launches.Forms of Marketing CommunicationMarketing communication encompasses various forms, such as advertising, which involves paid, non-personal communication through media channels like print, digital, broadcast, and outdoor. Sales promotion includes short-term incentives to drive sales, like discounts, free trials, and loyalty programs. Public relations focuses on building and maintaining brand reputation through media relations, crisis communication, and internal communications. Digital marketing leverages online channels like social media, email, and search engine marketing. Personal selling involves interpersonal communication with customers to build relationships and trust. Event marketing creates immersive experiences for customers through live events, experiences, and activations.Importance of Marketing Communication in BusinessMarketing communication plays a vital role in establishing brand recognition and reputation, creating emotional connections with target audiences, supporting long-term brand growth and development, creating demand and interest in products/services, supporting sales teams with lead generation and qualification, driving revenue and business growth, supporting market positioning and segmentation, supporting product launches and introductions, building relationships and trust with customers, encouraging customer retention and loyalty, and providing feedback and insights for business improvement.Effective Marketing Communication StrategiesEffective marketing communication requires a deep understanding of target audiences and their needs. Strategies include segmentation, targeting, and positioning (STP), unique selling proposition (USP), branding and brand management, integrated marketing communication (IMC), and digital marketing strategies like social media, email, search engine marketing, content marketing, experiential marketing, and account-based marketing.Continuous Measurement and EvaluationContinuous measurement and evaluation are essential to optimize marketing communication efforts. This involves tracking and analyzing key performance indicators (KPIs), conducting regular market research and analysis, and recognizing that marketing communication is an ongoing process that requires continuous effort and improvement. Effective marketing communication also requires collaboration and alignment across departments and teams, staying up-to-date with industry trends and best practices, and being customer-centric, flexible, and adaptable to changing market conditions.=======================================================================The writer, Richard Muhoozi is an MBA student at Kampala International University, CEO of PML Daily, and a marketing expert with a deep understanding of the marketing landscape. Contact him at +256 772590485 or muhoozir@yahoo.com.Relatedhttps://www.pmldaily.com/oped/2024/09/richard-muhoozi-marketing-communication-a-crucial-element-of-business-competitive-strategy.html