Marketing > Marketing Strategy & Go-to-Market Planning > Market Intelligence & Growth Drivers > B2B Marketing Practice Guide on Internal Capabilities Assessment: Unearthing Your Hidden AssetsB2B Marketing Practice Guide on Internal Capabilities Assessment: Unearthing Your Hidden Assets
Make it work: Transform Your Marketing Strategy through a Thorough Internal Capabilities Assessment
Learn how to apply Internal Capabilities Assessment as the cornerstone of your marketing strategy. Discover the profound impact it has on business outcomes and develop a deep understanding of its role in shaping B2B marketing planning, performance metrics, and cross-functional synergy.
Definition ➔ Internal Capabilities Assessment
The Genesis of Internal Capabilities Assessment: Setting the Stage for Mastery
Before diving into the complexities of Internal Capabilities Assessment, we must consider its historical antecedents. Emerging from the nascent stages of strategic planning, this concept has continually adapted to meet the diverse needs of B2B markets. Its evolution reflects a broader shift from product-focused to capabilities-centric models, where understanding the inherent strengths and weaknesses within an organization has become paramount.
Takeaway: The foundational wisdom of Internal Capabilities Assessment lies in its ability to refine your business's unique attributes into a potent competitive edge. Make it your first task to familiarize yourself with its historical backdrop to appreciate its contemporary applications fully.
Decoding the Lexicon: Speak the Language to Master the Craft
Language is the first step toward mastery. The term "Internal Capabilities" primarily refers to the unique resources—both tangible and intangible—that an organization possesses. They encompass everything from marketing skills, like content creation and SEO proficiency, to soft elements like brand reputation and organizational culture. "Assessment" involves rigorous SWOT analyses, performance metrics, and often, advanced analytics.
Takeaway: Knowing the terms related to Internal Capabilities Assessment is your gateway to proficiency. Create a glossary, if you must, and make it your companion as you journey through the complexities of the topic.
Navigating the Commercial Terrain: Recognizing the Business Ecosystem
The success of your marketing strategy is inextricably tied to how well you understand the marketplace's vicissitudes. Understanding the Broader Business Ecosystem enables you to assess how your internal capabilities can be positioned for maximum competitive advantage. The exercise goes beyond simple market segmentation and customer profiling. It involves understanding market dynamics, value chain analysis, and regulatory landscapes.
What to do: Conduct a thorough analysis of the business ecosystem where your organization operates. Identify the market gaps and opportunities where your internal capabilities can be leveraged for maximum impact.
Aligning Capabilities with Ambition: Core Marketing Objectives Illuminated
This is where the rubber meets the road. Having equipped yourself with historical context and terminology, and after mapping out the business ecosystem, your next task is to identify your Core Marketing Objectives. These objectives can range from brand awareness and lead generation to customer retention. Align these objectives with your internal capabilities to create a harmonized, effective marketing strategy.
How-To Directive: Draft your Core Marketing Objectives and conduct an alignment exercise to match them with your existing internal capabilities. This isn't just a high-level overview; it should be a detailed, in-depth step-by-step analysis that identifies any capability gaps and plans to address them.
These are but initial steps on your path to mastering Internal Capabilities Assessment. In these sections, you have not only learned its foundational aspects but have also been guided through the process of initiating a comprehensive internal capabilities assessment geared to meet your Core Marketing Objectives. As we move forward, remember that this isn't just an isolated topic, but the backbone of your entire B2B Marketing Strategy.
What to do: Prepare yourself for a deeper exploration of the tools, technologies, and advanced strategies behind Internal Capabilities Assessment by reviewing the information shared so far and planning how you will implement it in your organization.
Unearthing the Cornerstones: Internal Capabilities Assessment in B2B Marketing
Every towering skyscraper owes its grandeur to a strong foundation; in the realm of B2B marketing, that foundation is your internal capabilities assessment. This crucial process traces its roots back to seminal business strategy frameworks like SWOT and Core Competence models. Initially tailored for entire organizations, these frameworks have been elegantly adapted for the labyrinth of B2B marketing, where they serve as the bedrock of any robust Marketing Strategy and Go-to-Market Planning.
What to do:
Gather your key stakeholders for an initial capabilities audit. This audit should be holistic, covering everything from marketing collateral to human resources.
Make a list of internal capabilities, classifying them into strengths, weaknesses, opportunities, and threats (SWOT).
Map these capabilities to your current marketing objectives. This will be your roadmap to navigate the Market Intelligence & Growth Drivers sector.
By distilling your internal capabilities, you are not just ticking a checkbox; you're fortifying the soil where your marketing strategy will bloom.
The Panoramic Business Vista: Incorporating Internal Capabilities into Core Marketing Objectives
When you place Internal Capabilities Assessment at the epicenter of your Market Intelligence & Growth Drivers strategies, a panoramic view of your business ecosystem unfolds. We've left behind the age of isolated marketing silos. In today's integrated world, aligning your internal capabilities with your core marketing objectives is not just a 'good to have'—it’s a quintessential business imperative.
What to do:
Correlate your identified strengths with your marketing objectives. Are you a content king? Leverage that in your Content Marketing campaigns.
Align weaknesses with improvement initiatives. For instance, if lead generation is a weak link, consider an inbound marketing strategy.
Engage in competitive benchmarking, gauging where you stand in comparison to rivals and how your unique capabilities can set you apart.
As you align your core objectives with your assessed capabilities, you’re not merely chasing goals; you’re crafting a legacy.
A Confluence of Strategy and Self-Awareness
The weight of Internal Capabilities Assessment is undeniable. If the broader context of Marketing Strategy & Go-to-Market Planning is a lush forest, think of this focus topic as the water that sustains it. By ignoring it, you risk turning your marketing paradise into a barren land. It's time for action.
Now it's your turn:
Engage your marketing team in a thorough internal capabilities assessment. Develop an actionable roadmap. Each team member should know how their unique capabilities contribute to the company's overarching marketing objectives. Place your assessment results in a centralized dashboard accessible to everyone.
This focus topic isn't a pitstop; it’s your journey’s compass. Ignoring it doesn’t just mean you might lose your way—it means you might never reach your marketing summit.
The Toolkit: Technologies & Tools for Capabilities Assessment
Gone are the days when a simple spreadsheet could serve as your primary analytical tool. The landscape has evolved, and your toolkit should reflect that progression. Employing the right technologies can give you an edge in mapping out your capabilities efficiently and accurately.
What to do:
CRM Systems: Utilize your CRM system to evaluate your customer interactions and identify areas where your team excels or needs improvement.
Analytics Platforms: Tools like Google Analytics, Adobe Analytics, or specialized B2B platforms can offer crucial insights into the effectiveness of your marketing channels.
Employee Skill Assessment Software: Use dedicated software to assess the skills and competencies within your team, which can be crucial for internal resource allocation.
Social Listening Tools: Gauge your brand’s presence and reputation in the market, which can be considered as an internal capability in terms of marketing efficacy.
Project Management Software: Use project management tools like Asana or Jira to track timelines, workload, and overall effectiveness in delivering projects on time and on budget.
The Sub-disciplines: Focused Areas within Internal Capabilities Assessment
Given the breadth and depth of modern B2B marketing, it's crucial to hone in on specific sub-disciplines that can offer an in-depth look into your internal capabilities.
What to do:
Data Analytics: Allocate resources to thoroughly understand your marketing metrics, KPIs, and how they correlate with business goals.
Content Auditing: Evaluate the range, quality, and effectiveness of your marketing collateral. Make adjustments where needed.
Team Development: Run internal workshops focused on up-skilling your marketing team. The stronger the team, the stronger your marketing capabilities.
Process Evaluation: Take a critical look at your workflows, approval chains, and other operational processes. Streamline them to improve efficiency and output.
Vendor Assessment: If you're heavily reliant on external vendors for marketing, conduct an assessment of their performance and how it aligns with your objectives.
The Symbiosis: Tying it All Together
The sub-disciplines and tools aren't standalone entities; they must operate in synergy to bring about a holistic capabilities assessment. Don't view these as separate silos but as interconnected gears in a well-oiled machine.
Now it's your turn:
Create an implementation plan that includes an inventory of your current tools and identifies gaps where new tools may be beneficial.
Assign team members to champion each sub-discipline, making them accountable for integrating these into the overall capabilities assessment.
By weaving these tools and sub-disciplines into your Internal Capabilities Assessment, you're not just filling in the gaps—you're building a fortress of capability that can withstand market storms and scale the heights of industry peaks.
Practical Steps: Your Action Plan
Phase 1: Planning
Gap Analysis: Start by identifying the gaps in your current capabilities. List out the skills, technologies, and processes you already have versus what you ideally need.
Stakeholder Buy-In: Make sure to get executive and team buy-in for your capabilities assessment initiative. This will ensure smooth execution and cooperation from all departments involved.
Choose Champions: Assign key personnel to lead the different sub-disciplines you've outlined (Data Analytics, Content Auditing, etc.).
Phase 2: Implementation
Tool Selection: Opt for a phased approach for incorporating new tools. This minimizes disruptions and allows for better training and onboarding.
Data Collection: Leverage your chosen analytics and assessment tools to collect data on your various internal capabilities.
Internal Workshops: Conduct training sessions or workshops to up-skill team members in identified areas of need.
Phase 3: Review & Revise
Performance Tracking: Regularly monitor the KPIs and metrics associated with each internal capability to gauge effectiveness.
Report and Review: Create comprehensive reports summarizing the findings of your capabilities assessment and share these with stakeholders.
Iterate: Based on feedback and results, make necessary adjustments to your capabilities, processes, and toolset.
Example Scenario: A B2B Tech Company
Imagine you're leading the marketing team at a B2B tech company that specializes in cloud-based solutions. You've noticed a decline in lead generation and want to conduct an internal capabilities assessment.
Gap Analysis: You find out that while your team is strong in content creation, there's a lack of expertise in data analytics.
Stakeholder Buy-In: You present a case to the executives, and they greenlight your capabilities assessment project.
Choose Champions: Sarah, who has shown a knack for data, is chosen to lead the Data Analytics sub-discipline.
Tool Selection: After evaluating various analytics platforms, you opt for Google Analytics and HubSpot for CRM.
Data Collection: Sarah's team starts tracking relevant metrics such as Customer Lifetime Value (CLV), Customer Acquisition Cost (CAC), and lead conversion rates.
Internal Workshops: You organize a workshop on data analytics led by an external expert to up-skill the team.
Performance Tracking: Over the course of 3 months, the metrics indicate a 15% improvement in lead conversion rates.
Report and Review: You prepare a detailed report highlighting the improvements and the areas that still need attention and share this with stakeholders.
Iterate: Based on the feedback, you decide to invest in advanced data analytics training for the team and consider integrating AI-based tools for better predictive analytics.
By methodically assessing, implementing, and refining your internal capabilities, you've put your team on a path for increased efficiency and effectiveness in your B2B marketing efforts.
Phase 1: Planning
Step 1: Gap Analysis
Sub-Step 1: Identify Existing Capabilities
How-to: Create a comprehensive list of the capabilities you already possess. These could include skills, software tools, or workflows that you currently use in your marketing activities. Use a spreadsheet to make this more manageable. In one column, list the capabilities, and in the adjacent column, briefly describe their functionalities.
Sub-Step 2: Define Ideal Capabilities
How-to: In a separate spreadsheet column, list the capabilities you wish to have or think you should have to achieve your marketing goals. Use industry benchmarks and competitor analyses to help inform this list.
Sub-Step 3: Perform the Gap Analysis
How-to: Compare your existing capabilities with your ideal set. Highlight any disparities. This is your "gap." Prioritize these gaps based on the business impact they may have.
Step 2: Stakeholder Buy-In
Sub-Step 1: Create a Business Case
How-to: Draft a business case for conducting the capabilities assessment. Use data and metrics to substantiate the need for this assessment. Show how closing the identified gaps will benefit the organization in measurable terms, such as higher lead conversion rates or reduced operational costs.
Sub-Step 2: Presentation to Stakeholders
How-to: Schedule a meeting with key stakeholders. Use a clear, well-structured presentation to convey your findings from the gap analysis and the business case for action.
Step 3: Choose Champions
Sub-Step 1: Identify Potential Leaders
How-to: Make a list of team members who have the skills or interests aligning with the capability gaps you've identified.
Sub-Step 2: Assign Roles
How-to: Officially assign these champions. Notify them of their responsibilities and what is expected in terms of leading the sub-disciplines to bridge the capability gaps.
Phase 2: Implementation
Step 1: Training and Skill Development
Sub-Step 1: Select Suitable Training Programs
How-to: Choose or create training programs that directly address the capability gaps you've identified. The programs could range from online courses to workshops or seminars.
Sub-Step 2: Schedule Training
How-to: Create a training schedule. Use a project management tool to track the progress of each team member through the training programs.
Sub-Step 3: Evaluate Post-Training Performance
How-to: After the training is completed, evaluate its effectiveness by measuring key performance indicators (KPIs) such as project completion rates, quality of work, or customer engagement metrics.
Step 2: Process Optimization
Sub-Step 1: Identify Inefficient Processes
How-to: Perform an audit of existing marketing processes. Look for areas where time or resources are being wasted, or where processes are overly complex.
Sub-Step 2: Implement New Processes
How-to: Develop streamlined processes that eliminate inefficiencies. Document these new processes meticulously so that they can be easily followed.
Sub-Step 3: Monitor and Adjust
How-to: Regularly review the performance of these new processes. Be prepared to make adjustments based on feedback and performance metrics.
Step 3: Technology Adaptation
Sub-Step 1: List Technology Needs
How-to: Create a list of technology tools that could help bridge your capability gaps. This could include software for analytics, customer relationship management (CRM), or content management systems (CMS).
Sub-Step 2: Budget and Procure
How-to: Identify the costs associated with acquiring these technologies. Make the procurement case to stakeholders, emphasizing the ROI these technologies will provide.
Sub-Step 3: Deploy and Train
How-to: Once approved and procured, roll out the new technologies to the team. Make sure to include a training phase to ensure everyone is comfortable with these new tools.
Phase 3: Monitoring and Feedback
Step 1: Key Performance Indicators (KPIs) Tracking
Sub-Step 1: Choose Relevant KPIs
How-to: Select KPIs that are most relevant to the marketing objectives you've established. These could include metrics like lead generation rates, website traffic, conversion rates, or customer lifetime value.
Sub-Step 2: Implement Monitoring Tools
How-to: Use analytics software to automatically track these KPIs. Ensure these tools are integrated with your marketing platforms for real-time tracking.
Sub-Step 3: Analyze Data
How-to: Regularly review the data to identify trends. Use data visualization tools to make the data easily understandable for your team.
Step 2: Feedback Mechanisms
Sub-Step 1: Implement Feedback Channels
How-to: Establish channels for gathering feedback from team members, stakeholders, and customers. This could be as simple as regular meetings, surveys, or a dedicated feedback software.
Sub-Step 2: Review and Categorize Feedback
How-to: Collect and categorize feedback into actionable insights. Prioritize them based on the impact they'll have on your objectives.
Sub-Step 3: Action Plans
How-to: Create action plans to address the feedback. Assign responsibilities and set deadlines for the implementation of these plans.
Step 3: Iterative Improvement
Sub-Step 1: Review KPIs and Feedback
How-to: Periodically review both KPIs and feedback to identify areas for improvement.
Sub-Step 2: Modify Strategies and Processes
How-to: Based on the reviews, make adjustments to your marketing strategies and processes.
Sub-Step 3: Re-Train and Re-Deploy
How-to: If new tools or processes are introduced, ensure another round of training for your team. Update documentation to reflect these changes.
Marketing > Marketing Strategy & Go-to-Market Planning > Market Intelligence & Growth Drivers > B2B Marketing Practice Guide on Internal Capabilities Assessment: Unearthing Your Hidden Assets