Don't Blindfold Your Marketing: Invest in Knowledge Before Tactics
The market has not fully rebounded to support deep marketing budgets, but the expectation of success is higher than ever. Your budget is low, but return on investments must be high. When facing the challenge of allocating limited resources, the first reaction is to spend more on outward facing tactics. This leaves your approach missing a critical element: the strategy necessary to help achieve your goals.
Neglecting the initial planning and research limits the ability of tactics to be successful. Without a strategy, it's like throwing tactics at a wall and seeing what sticks. Investing in the knowledge you need to activate will help you be more successful.
Here are two common situations, and what you need to address the challenge.
Situation 1: The External Market Is Changing Around You.
Markets are dynamic. Competitors reposition themselves, or add offerings. New players enter the space. Customer needs evolve. And your business is being affected.
It must be gut check time. Whether you developed your brand strategy two years ago or five years ago, it is time to review your brand positioning—before your first round of annual planning. Sometimes this is also called a brand assessment.
This review will leverage research to evaluate if your brand is still relevant and assess it against the current competitive set. The outcome will reveal how you can best compete against the shifts and trends. The knowledge you gain can also be used to inform decisions in your tactical plan.
If not performed, you risk losing market share.
Situation 2: Internal Forces Pressure You Into Focusing on Tactics.
Often, programs are launched too quickly out of urgency to be first to market.
The most efficient and effective way to market successfully is—surprisingly—through focused research and planning. Avoid the temptation to throw tactics at the challenge. Get the knowledge you need to develop an informed strategy first.