What makes a marketing strategy work?
It is a common question that is often underestimated by common answers like:
By defining clear KPIs,
By having good marketing skills,
By having good project management, and others in the same mindset.
Let’s breakdown the term strategy to smaller pieces. We have the objectives to achieve. The actions to take to achieve them. The resources required to do it . There will be details in between, but these are the main elements.
The reality is that the efficient strategy is built on informed vision and a clear direction to achieve certain objective. For that to happen it has to be based on accurate data sets. Because without that then you are running astray. Today the market is faster than it ever was. The reason being, is the digital transformation and the consumer shift. Can you imagine that there are generations that haven’t ever used a DVD! It is already tense I know, but you are not alone. Your competitors are probably suffering too. The amount of data there is today is insane . Just take the main digital channels for a home business as an example. The website, the email database, the phone numbers , the likes ,the shares, the leads , and so on. What about if a big retailer, close your eyes and imagine the amount of data and activities in one day there.
That is why the data is a key factor to make an informed decision. The wise and informed decision as we said needs data, so the data needs to be accurate and correct. Therefore collecting the data and saving it needs to be based on a clear objective and the quality is tested and verified too. As without the quality of data there will be no informed and wise decision. Decisions need to be fast. So, getting recent or even realtime data is crucial.
Starting a project can happen in a few seconds today. After a 30 minutes meeting with enough data there will be some actions based on the insights shared in that meeting or so. Then these action are becoming the projects lined up for the team to execute. The tools to setup actions and assign people are of abundance now and many have mobile versions too. You can setup and mange your project from the beach. Yet the charts and timelines are not the core here. It is WHAT happens and WHEN are the most important. How you follow up and be agile on taking actions. To rectify situations to cruise into your objectives.
I have seen many marketing strategies start with the biggest support in the organization yet in few weeks or months they lag for good and either get mutilated or scratched to something else.
This means money, time, and morale losses for the organization and the team.
To win the marketing strategy, make sure you have :
- Accurate data and verified data sources.
- Informed decisions that are data driven.
- Fast execution.
- Steady follow ups and reviews.
What is your main challenge in the strategy?