As an innovation leader, you are now responsible for a bundle of resources that you’ll need to get the job done. Those resources include human resources – your team – and also include financial resources in the form of a budget.
But a good leader thinks about resources beyond just human and financial. You may have tangible resources like physical products and distribution outlets. You may have intangible resources like brand reputations. And you have resources in the form of relationships. You have internal relationships like with your peers, and you have plenty of external relationships, with your customers, your suppliers, and your marketing services firms.
So, start your new role by taking a careful inventory of your resources and commit to being a responsible steward of them. Ask yourself, what exactly do I have on hand? What condition are they in? Do I have the right resources and enough to accomplish my goals?
Now, you may not be able to answer those questions right away, but you have to keep them in mind now so you don’t lose sight of them later. Let’s explore some issues you may face when managing your marketing resources.
In terms of human resources, you need to build a competent team. So keep these guiding principles in mind. Ask yourself, who are my A players, who are my B players that can developed into A players, and who are my C players that need to be moved off the team…as soon as possible? You’ll want to work closely with your HR partner, beginning Day One.
Now look at financial resources. You probably got some direction from your boss, but now it’s time to dig a little deeper. Meet with your financial partners and learn as much as you can about your budget. What is the process to set the budget? What is the process to spend it? How is it allocated? What have been the trends in spending? What areas of spending are getting the most bang for the buck?
Now, take a close look at your products and services. How are old are they, and when were they last updated? How do they perform, feature by feature, versus the competition? What needs to be improved? And, which ones may need to be retired to free up resources for new opportunities?
How do you sell your products and services? Examine your channels of distribution. What assets are there like warehouses and distribution centers? What channel partners do you have, and what role do they play? Most importantly, what information about your customers is being collected and who has it? How is that information being used?
Finally, what is your brand equity? Are customers loyal? What is your rate of retention? How satisfied are your customers?
This resource – your base of customers – may be your most important. You need to understand what gives you the right to win in the marketplace. THAT is your golden egg as we call it, and you want to take very good care of it.