the impact of strategy on marketing
TRANSCRIPT
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The Impact of strategy on marketing
July 2015
www.STOconsulting.co.uk
@STOconsult
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If you own a small business, or you are a business leader, then, like it or not, the marketing is your
responsibility.
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What is ‘strategy’?
Strategy is often, wrongly, defined as if it is nothing more than a plan, or worse, a technique.
In fact, it is the thing that determines how a business will
create value over the long term.
Your business has only one strategy – whether you have formally acknowledged this or not.
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In many cases, businesses need a strategy much more than they need a business plan.
You cannot define strategy by linking it to specific, pre-determined operations or activities; otherwise it is not a strategy. It is a plan. There are as many
strategies as there are companies.
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Why is strategy so important?
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Why is strategy so important?
The quality of a product or service is nowhere near the most important factor determining success or failure in
business. What really matters is matching what you do to external needs in a form that customers are prepared to
pay for.
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Why is strategy worth investing in?
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Marketing strategy is holistic and reason based, not driven by creative, process or
numbers.
It therefore produces better answers to any business problem.
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Reduces risk
Improves speed to market
Eliminates wasted effort
Allows your business to stand out
Plus, strategy:
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So what does building a strategy mean for your business?
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It avoids duplication of work
It gives you a foundation that, (if done right) will ensure your success
It allows you to assess the feasibility in a way that is not possible with vaguer ideas
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Marketing does not begin with a product or service; it begins from seeking to respond to
market needs that we can best meet, and then sets about finding ways of doing so.
That’s what strategy lets you do.
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Strategy, tactics and operations should be considered in that order; with strategy being the means of achieving objectives, and the
tactics and the operations flowing from this.
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‘If you are in business; you are in marketing’. A rare thing this – a cliché
that actually has some value.
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Graeme Jordan
www.STOconsulting.co.uk
Linkedin Graeme Jordan
STO Consulting LtdClavering HouseClavering PlaceNewcastle Upon TyneNE1 3NG @STOconsult