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4 Key Ways That Knowledge Management Improves Marketing Practices

4 Key Ways That Knowledge Management Improves Marketing Practices

Freddie Tubbs2962 26-Apr-2018

Knowledge Management is nothing new to business the world but the actual term ‘Knowledge Management’ is. However, in the past, there was no real word, definition or phrase, it was simply a process that was carried out without even thinking about it.

However, as time has moved on, more and more information is being processed by businesses, the term ‘Knowledge Management’ (KM) seemed appropriate. The term literally means the way that a company or organisation with manage and organise knowledge and how this knowledge is used to generate value, either in the form of progress or wealth.

This seems like a very useful tool for businesses. After all, businesses can handle heaps of information, from customer feedback surveys and emails to invoices and order forms; everything is knowledge. So to be able to keep it not only organised but also beneficial, for a business, is no brainer.

However, can KM be implemented into one of the most difficult aspects of business to transform it into a success? Of course, I’m talking about the marketing department. To help get you started, here are four ways KM can be used to enhance your marketing processes.

The Beneficial Data in the Hands of Your Marketing Team

With good and professional KM practices, you can be sure that your marketing team/department has all the information they need to succeed. By implementing KM, it means you can have highly detailed, up-to-date, relevant information your company, your brand and the status of your business.

“This can help to link all departments within your organisation, and when they come face to face with certain situations or problems that they may not have dealt with before, you can use the knowledge to find a solution that will be most beneficial to all” – explains Scottie Wall, a Business Analyst at Academized and Huffingtonpost writer.

Promote Your Business More Effectively

Of course, the more information, and the more organised the information is that you have on your leads and prospects, the better you can target them with your promotional campaigns and content.

When you’ve got a tonne of raw customer data, based on all your past transactions and customer interactions, there’s a wealth of knowledge that, if managed corrected, can help you to generate more leads and prospects, contributing to your success in the future. The more information about your leads you can give your customers, the more effectively they can carry out their jobs.

Bridge the Gap Between Marketing and Sales Departments

Hand in hand with the consideration above, the more leads and prospects your business has, and the more information you have on them, the better your marketing targeting will be, and therefore the more likely these individuals are to make a sale.

This helps to bridge the gap between both your marketing and your sales departments, two departments that may have seemed very independent in the past, as it is for many businesses.

John Williams, a Sales Manager at Assignment help and Essayroo comments: “Using your Knowledge Management system, you can be sure when the exact right time is to attempt to convert your targeted leads to turn them into customers, as well as to have all the information you need to make sure the conversion process is a success”.

Proactively Identify New Opportunities to Target Customers and New Leads

One of the greatest advantages that KM has is the cross-department collaboration opportunities that it provides. One of the best aspects of KM is the fact that not only is the process all about organising your data; you can also utilise it to create new business opportunities.

For example, any information you have from your customer service teams about how your business is, operates and how your customers view your business, services and products can then be implemented by the marketing team to create a hugely successful promotional strategy.

In this scenario, the information can be repacked and sold to new customers and leads to create a sales strategy that works. One of the best examples of this is the latest TK Max campaign in the UK.

TK Max is renowned for being a business, in the eyes of their customers, for being a large warehouse-type shop where the products are extremely varied, and most of the products inside are products that most people won’t like. It’s renowned that you’ll have to spend a considerable amount of time in the shop to find something that you’ll like, but when you find something you like, it will something that you really like.

“This is a prime example of KM as this customer feedback and view of the company has been transformed into a successful marketing video that plays on this concept in a humorous way where customers will think ‘Yeah, I might not find something I like straight away, but there’s definitely something in there for me’. This would only be possible with the use of a KM system” – says Donna Mincey, a Marketing Manager at Australian help and Paper Fellows.

Of course, depending on the size and the nature of your business, you could be handling a tonne of data which means that organisation and planning are paramount to the success of your KM system.

If you’re looking to get started on your own knowledge management system, start by organising your existing data, and sourcing any other data that you want to include.

Whether you’re carrying out market research or trying to systematise and classify the information you’ve already got, try using tools writing guides like Bigassignments or Resumention to help you break down your information in categories that can be easily referred to at a later date.

Conclusion

As you can see, knowledge management can be hugely beneficial to a business and while it may be painstaking to setup, especially if you haven’t implemented anything like this before, using a system can transform your business in so many, taking you to whole new levels of success.


Updated 14-Oct-2021
Freddie Tubbs is a project and marketing manager. He is a regular contributor to online magazines and blogs, a creative writer and a tech events attender in his free time.

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