Must Haves of a Winning Marketing Strategy
Strategies should be tested. All marketers deep dive, analyze and brainstorm to develop and define their core strategies. Still we mostly see only a few brands do extremely well, while others struggle.
So let's discuss among the prestigious and highly experienced audience in this marketing strategy SIG what are the high-level 'Must-Haves' of a winning marketing strategy:
- WINNING CUSTOMER PROPOSITION: Superior, relevant, differentiated, compelling and motivating. It should be based on real customers needs and should be sustainable in the long term.
- CLEAR, LASTING COMPETITIVE ADVANTAGE: Precisely defined basis for winning e.g. performance superiority and knowing where, when and how to beat the competition. Superior market, customer and influencer understanding of the environment.
- FUTURE PROOFED: Clear, realistic and insightful views of what's likely to change. Scenario planning to anticipate and plan for various scenarios.
- BIG WINNING INITIATIVES: Clearly spelled out the small number of initiatives capable of transforming the business which delivers or align with the brand vision.
- INVEST DISPROPORTIONATELY: Focus on areas of strength for disproportionate investment and avoid unproductive investments so that return on marketing investment continues to improve over time.
- CONVINCING AND CREDIBLE: Initiatives chosen after investigation and analysis with good reason. They are logical and convincing and just feel right. Strategies that makes commercial sense.
- CLEAR LINE OF SIGHT: Clear linkage between customer insights, tactics, desired goals and objectives.
While creating your strategies, you can score each of the strategies for above must-haves on a scale of 1 to 5, 1 being very weak and 5 being very strong.
Then discard or re-examine marketing strategies that don't score well. Invest disproportionately in the strongest. And importantly... Focus on 'BIG WINS' and not a long list of strategies.
⇒ What additional aspect in your experience should be added? Why?
Source: Corporate training 'Marketing Plan Development'.