Whenever we talk to business leaders, we ask them what their marketing pain points or frustrations are. And there are two very common answers:
- A lack of accountability and results
- A Perception of low return on investment
We have also observed the third one – their marketing is often tactical and rarely strategic. In our view, this is because they do not understand the difference between tactical and strategic.
However, we have noticed when business leaders score themselves using our Growthology 9 boxes benchmark tool, they start to think about marketing as being more strategic. It also helps them to understand that there is no instant gratification when building successful market capabilities in their business. And we define these capabilities as:
- Producing a market strategy
- Creating a business plan with intelligence from point (1)
- Connecting the business plan to a marketing strategy
- Tactical Marketing Program Implementation
Even though we’d love to tell you otherwise, none of these actions remotely indicates any instant solution or “magic bullet”.
Producing a Market Strategy
It is the sector landscape and must have intelligence including the status of the market business cycle, market opportunity size, key players, stakeholder insights, etc.
Creating a Business Plan
It is your own approach to achieving your business objectives and revenue targets according to the market situation.
Connecting the Market Strategy
It is the plan that helps you deliver your business goals and revenue.
Implementing a Tactical Program
It is the activity that is executed within the operational businesses to deliver your revenue.
In addition, when building a best practise marketing function in your business, you should expect this team to lead or contribute to all of the above from a position in your executive team. If they don’t, you have not recruited the right person or you are not giving sufficient strategic direction.
To manage expectations, we talk about the maturity of a successful marketing strategy being three to five years. That doesn’t mean that you won’t see any results before that; it means there needs to be a commitment to consistency and focus, with tested activity and measurable results. Hold your nerve and stick to the plan!
We’d love to promise a marketing “Magic Bullet” – but it doesn’t exist!