Has marketing strategy become an orphan?
Henry Tajer, CEO at The Influence Group, argues why a strong marketing strategy is more important now than ever.
Marketing strategy has been a core pillar of business success for many years. However, with the rise of new technologies, evolving consumer behaviours, and the increasing complexity of the business landscape, some people claim marketing strategy has become an orphan, left behind in the pursuit of short-term gains and immediate results. While there is no doubt that the marketing landscape has changed significantly in recent years, it is way too soon to send marketing strategy to the orphanage.
It’s true that many businesses today are focusing more on short-term gains and immediate results rather than long-term strategic planning. This is partly due to the pressure from shareholders and investors to deliver quick returns on their investments, and partly due to the rapid pace of technological change and evolving consumer behaviours. The rise and rise of digital media has fuelled the growth of micro-marketing plans, often at the expense of big thinking, big ideas and big (calculated) risk taking. Another factor is the constant and rapid changes being served up by the major tech platforms that now dominate marketing investment and planning time.
Photo by Firmbee.com on Unsplash
As a result, some businesses are neglecting the development of a comprehensive marketing strategy in favour of short-term tactics that promise immediate results. While British academics Les Binet and Peter Field – and others – have been banging on for years about the need to balance short-term tactics with long-term brand- building initiatives, there isn’t much evidence right now that their message has sunk in.
However, it’s a mistake to declare that marketing strategy is an orphan. In fact, a strong marketing strategy is more important than ever in today’s business landscape. Here are some of the reasons why:
A marketing strategy provides a clear direction.
A well-developed marketing strategy provides a clear direction for the business, outlining its goals, target market, positioning and messaging. Without a clear strategy, businesses risk drifting aimlessly, pursuing short-term tactics that may not be aligned with their long-term goals. A marketing strategy helps to focus the efforts of the business and ensures that all activities are aligned with its overall goals.
Photo by Campaign Creators on Unsplash
A marketing strategy helps to differentiate the business.
In today’s crowded marketplace, it is essential for businesses to differentiate themselves from their competitors. A well-developed marketing strategy helps businesses to identify their unique selling proposition and communicate it effectively to their target market. This can help build brand awareness and loyalty, and ultimately lead to increased sales and revenue.
A marketing strategy provides a basis for measurement and evaluation.
A comprehensive marketing strategy includes clear metrics for success and a plan for measuring and evaluating performance. This allows businesses to track their progress over time and make data-driven decisions about where to invest their marketing resources. Without a clear strategy and metrics for success, businesses risk wasting resources on ineffective marketing activities.
A marketing strategy helps to manage risk.
In a rapidly changing business environment, there are always risks and uncertainties. A well-developed marketing strategy can help businesses to anticipate and manage these risks, by providing a framework for scenario planning and contingency planning. This can help businesses respond quickly to unexpected events and minimise the impact on their operations and finances.
Photo by ThisisEngineering RAEng on Unsplash
A marketing strategy supports creativity and innovation.
A comprehensive marketing strategy encourages businesses to think creatively and innovatively about their marketing activities. By setting clear goals and metrics for success, businesses can experiment with new tactics and approaches, and measure their impact on performance. This can help drive continuous improvement and innovation, and ultimately lead to sustained success over the long term. It also gives companies’ agency partners the freedom and opportunity to be creative and to champion new thinking across all elements of the advertising ecosystem.
A strong marketing strategy is more important than ever in today’s business landscape, providing a clear direction, helping to differentiate the business, providing a basis for measurement and evaluation, helping to manage risk, and supporting innovation. Businesses that neglect their marketing strategy in favour of short-term tactics may achieve some short-term gains, but they risk losing sight of their long-term goals and ultimately jeopardising their future success.
Henry Tajer is CEO at The Influence Group.
