Is Strategy Over Rated and Unnecessary in Marketing?

I am currently reading a book 'Strategic Learning' by Willie Pietersen

As it relates to strategy Pietersen states:

"Strategy is simply, the sum of an organization's choices about where it will compete, how it will create superior value for its customers and how it will generate superior returns. In a world of limited resources, a company that tries to be all things to all people, with no specific focus or direction, will soon squander its resources and either fall behind its competitors or go out of business."

Considering this statement, is taking the time to create a strategic marketing plan before implementing marketing tactics necessary? In my opinion YES.

I recently consulted with business owners to better understand their frustrations with marketing. Their top three concerns stated were:

1. There are so many options to choose from, but which ones are the right marketing tactics for achieving increased revenue?
2. The marketing budget is small to none so the importance of getting it right the first time is important.
3. How is the return on investment for marketing dollars measured? Am I getting what I paid for?

Creating an effective marketing strategy addresses these questions and provides that defined road map to ensure that marketing recommendations are based on fact and not whim.

This starts with a firm understanding of the business plan to understand the 2 -3 year goals and objectives including but not limited to the exit strategy and operational plan.

Secondly, preparing a profit and loss projection provides an understanding of the products and services offered and determines the current pricing model and net income return. Understanding this allows an effective marketer to focus the marketing tactics and target market segments on those products and services that generate key revenue.

Finally, integrating the business plan, P&L projection into a marketing strategy provides a firm foundation from which smart marketing decisions that truly generate revenue and create sustainability can be made and most importantly implemented.

Strategic Marketing Innovators differentiator is we take the time to understand your business before prescribing marketing tactics. Only then do we create a road map for your business with an integrated marketing strategy that is tied to your revenue goals.