Most companies think they have a solid business and marketing strategy. In fact, it may be a good or even great strategy, but the reality is many strategies can be a gamble if not properly approached and developed. Common reasons include:
- Basing strategies on wrong assumptions and gut feelings versus having a clear understanding of the most important problems to solve within your business
- Failing to take the time to truly understand the target market or the competitive landscape, and where your company’s products fit into the landscape
- Working on the wrong problems, therefore the wrong innovation
- Not employing analytics, testing, and adjustments
- Failing to innovate in a way that solves your customer’s pains
All of this can lead to lost opportunities in branding, sales, and thought leadership – not to mention the possibility of spending valuable marketing dollars on tactics that may be aimed at the wrong target or are not the ideal solution.
Using data to inform and adapt strategy is an example of what makes a GOOD or GREAT STRATEGY, but you still may not be conquering the right hill.
The leading advice for the past several years says a great marketing strategy is data-driven and iterative. We agree. It’s based on real insights about the target market, competitors, and marketing programs. These areas must be constantly tested and refined to make sure they are delivering the best possible results. This is true for the things we can measure including digital marketing, content distribution and viability, and search marketing. Not every company needs to go to this level of scrutiny, but many should. The statistics that can be captured are very informative. Whatever your efforts, if you are not looking at some form of testing and refining of your marketing, sales and operations – then you’re not optimizing results that could lead to the right opportunities, more sales, and higher revenues. However, companies are sometimes so focused on data gathering, refining and retargeting, they are missing out on much larger business problems (the wrong hill) and therefore not hitting the right target.
A holistic and fully-investigated strategy developed with your key leaders is a TARGETED STRATEGY.
A true methodology must be used to diagnose and treat the real issues plaguing your whole business, not just marketing. Treating business “symptoms” will never cure the disease. The root problems must be discovered because tactics are only as good as the problems they are trying to solve. This “diagnosis” puts you on the right hill and in agreement with your team.
Do you feel confident that you know the right problems to address? Most companies are usually missing several issues, which is why we must examine our strategies regularly and adapt. This is common to all businesses. Marketing and business strategy is no longer a 30-page static document that gets a business through the next 10-plus years. Strategy is living and breathing, and must be ready to pivot as we regularly engage with new business problems and new information. In addition, the right mix of people need to be involved. When a company can start mastering the regular review of business concerns and realign as needed – then you have a TARGETED STRATEGY continually aimed in the right direction.
Missing the mark can happen because the market or target shifted, new technology emerged, or your company changed goals. Sometimes it happens because you unknowingly chose the wrong hill.
We are here for you and would love to connect. Talk with us anytime about your battle scenario by scheduling an online chat, or call 252.451.0060 and ask to speak with our relationship manager.
