If there is one single formula that can guarantee success, it’s evident that you have not properly evaluated the respective market strategy. There can be multiple instances and opportunities that can give you a reason for success. It just requires proper assessment of internal and external processes to find that exact loophole and you can then devise multiple strategies to treat it.
Evaluation is an important part of marketing, as it helps your company to eliminate ineffective strategies and develop an overall plan that helps build your business. Evaluating marketing strategies can save your dollars by modifying and eliminating campaigns that are not able to reach the target market or generate the response you need. Further you can plan, build in mechanisms to monitor the success of each marketing effort to make evaluation cheaper and easier.
Market strategies that work have the following characteristics:
Most marketers get confused in this. Strategies define goals to be achieved while tactics define the action that you’ll take to achieve those goals. Differentiate to develop effective plans. For instance:
Strategy – Increase sales in North West territory
Tactic – Hire three more sales people in North West territory
It’s a simple formula; you cannot manage something that you can’t measure. If your end goals are vague, you’ve no idea whether your tactics are able to achieve them. For instance:
Measure – Double sales revenue in north-West territory
Vague – Achieving industry and thought leadership
A strategic goal should be achievable through the tactics that support it, rather than dependent upon controllable outside forces. Let’s say
Actionable – Double sales revenue in North West territory
Contingent – Increase publicly held stock price by 50%
The more difficult it is for employees to understand the strategies the more toughly it is to achieve. For example
Clear – Double sales revenue in the North West territory
Unclear – Focus both internally and externally, with internal collaboration having common goals/focus by stakeholders accountable for business oriented results, optimized and coordinated outputs, aligned around the sales cycle.
There is nothing wrong at having an inspirational vision of what your firm wants to achieve, but vision are not strategies.
Achievable – Double sales revenue in the North West territory
Inspirational – Setting a perfect example, driven by values
A strategy can be just a mere collection of words until there’s a tactical plan to achieve it. Lets say if you are planning to wait and double sales at North West territory, your business plan would include to hire new sales executives, train existing personnel, develop new lead generation techniques, if the plan is not there its not real.
Smart decision can be to change strategy if it does not work properly but do not change them frequently as it will halt productivity and force to rethink what to do next.
So how often do you assess your company strategy? If not yet there start today as it can prove to be the stepping stone for successful venture.