At a time when many companies are trying to regain their footing or establish new ground, having a clear, comprehensive marketing strategy that supports the business’s strategic vision is critical. However, a few common misconceptions can get in the way of developing such a strategy.
B2B marketing leaders consistently say that creating a high-quality marketing strategy is among the business activities they would most like to improve, but it doesn’t seem like an easy task.. In some cases, there is a lack of clarity about what the marketing strategy should be, while in other cases, the key input into strategic planning is lacking, which keeps marketing incompatible with other lucrative activities and business objectives as a whole.
Confusing marketing strategy with annual planning
Some marketing leaders treat these terms as synonymous – the term “strategic plan” speaks to this confusion. Marketing strategy is a set of decisions and investments planned over a period of time to help create and sustain future market profits; annual planning sets out priorities for the coming year to develop a marketing strategy. Without a good marketing strategy, year planning becomes an impossible task.
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Misinterpreting what business requires from advertising
When creating a marketing strategy, marketing leaders sometimes go it alone in defining the overall business strategy – even if they do not have the inputs they need or because the overall business strategy is unclear. Although these efforts are well-aimed, the result is that sales and marketing will not be able to deliver what the business really needs. It will also be difficult for leaders to communicate the importance of marketing across the enterprise.
Creating an independent marketing strategy
In order to develop a successful marketing strategy, CMOs must work closely with product leaders. This alignment ensures that revenue-generating teams operate in a secure manner to support the overall business objectives. Marketing, sales, and product leaders should start by agreeing on a vision of the business in the next three to five years. They should be addressing questions such as how the business will grow, what the brand value will be, and how it will reach the market. As marketing leaders translate that guiding concept into the priorities of a marketing organization, they need to stay in touch with product leaders to keep the efforts aligned.
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Failing to provide ongoing guidance
Sometimes, the differences between marketing and other activities make it difficult to develop strategies. Another reason is the lack of guidance within the marketing function itself. When the portfolio, demand, and other leaders working under marketing do not understand what the long-term strategy means in their teams, they create their own strategies individually. The result can do little to improve the marketing offering for business purposes.
Preventing this from happening — and ensuring consistency and alignment from the overall business objectives down through each marketing sub-functions Strategy — takes a methodical approach. And that’s where the leadership of the CMO is tested.
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