1.No ‘One size fits all’ , Yes ‘Stay in business Objectives’
……….marketing professional feels pressure to be “progressive” and actively integrate emerging media into their marketing program.
However, the mark of a good marketing strategy is not how many gadgets and neologisms are crammed into it, but how effectively it achieves worthy goals. Therefore, how you define your intent will have a profound impact on whether you succeed or fail.
Unfortunately, there is a tendency for marketers to try to create a “one size fits all” approach for a portfolio of brands. However, most businesses can be adequately captured by evaluating just three metrics: awareness, sales and advocacy (i.e. customer referral).
2. Innovation team
….. it is essential to have a team dedicated to identifying emerging opportunities, meeting with start-ups and running test-and-learn programs to evaluate their true potential.
Once an emerging opportunity has performed successfully in a pilot program, it can then be scaled up and become integrated into the normal strategic process as a viable tactic to achieve an awareness, sales or advocacy objective.
3. Decouple Strategy and Innovation
Strategy + innovation = innovation teams are populated by senior executives.
However, strategy is fundamentally different from innovation.
As noted above, a good strategy is one that achieves specific objectives. Innovation, however, focuses on creating something completely new and new things,
Unfortunately, tend to not work as well as standard solutions (at least at first). The truth is that innovation is a messy businessmodel is now broken.
So failure must be an option,
which is why technologically focused venture capital firms expect the vast majority of their investments to fail. However, failure must be done cheaply, so resources (and therefore senior executives) must be kept to a minimum
4. Build Open Assets in the Marketplace
In the past,
The primary focus of marketing promotion used to be to create compelling advertising campaigns that would get the consumer’smodel is now broken attention and drive awareness. Once potential customers were aware of the product, direct sales and retail promotions could then close the deal.
That model is now broken.
Today, effective promotional campaigns are less likely to lead to a sale and more likely to result in an Internet search, where consumers’ behavior can be tracked and then retargeted by competitors. Simply building awareness and walking away is more likely to enrich your competition than yourself.
Successful brands are becoming platforms and need to do more than just drive consumers to a purchase, they have to inspire them to participate. That means marketers have to think less in terms of USP’s, and GRP’s and more in terms of API’s and SDK’s. Focus groups are giving way to accelerators and creation to co-creation.
Accessed from https://www.forbes.com/sites/gregsatell/2013/04/16/4-principles-of-marketing-strategy-in-the-digital-age/#125fa1c76267 on 14/April/2017