It’s easy to get fixated on trends and tools for online marketing. But it’s not the applications, frameworks or websites that make you successful…its the strategy and understanding of your customers that guide their use. Marketing tactics without strategy can lead to short-term wins, but won’t move you into optimal market position.
Here are 5 strategy questions you should ask and answer before going down the rabbit hole on another marketing plan:
- What are the concrete goals against which you measure your progress? What are the leading indicators?
- Across the potential field available to you, where do you choose to play and not play?
- In your chosen place to play, how do you win against the competitors there?
- What capabilities are necessary to win in your chosen manner?
- What management systems are necessary to operate, to build, and maintain these capabilities?
You’ve probably come across these questions before, or at least a few them. I’m not sure if he is the originator, but I attribute them to Roger Martin and I first came across them in this article from HBR.
Like I said, you’ve probably seen these questions before and you’ve probably answered them at some point. But how often do you revisit them and how often do you look to them as a litmus test for the value of your marketing? I’ve found that the surest way to waste money is to invest in tactics and campaigns that don’t align to a coherent strategy. You need to take a look at your strategy before you optimize, schedule and definitely before you invest.
If you are looking for more depth on the questions, then checkout this piece in the Financial Post.
Image from Wikipedia