During my tenure as a staff member executing tactical programs
and as a manager developing marketing programs and then as
an executive directing the effort to develop marketing, product
and business development strategies, it was clear that the
majority of firms followed the philosophy of "Just do it".
When it comes to marketing there are always many questions
about what to do and typically the initial urge is to employ
a person or a 3rd party to engage in direct mail. Direct mail
is easy and cheap, but is that what is really needed?
MSci has seen a number of firms jump into tactical mode and
begin to develop and execute marketing programs (direct mail,
trade shows, advertising of all types) before the marketing
strategy has been developed. Not developing an overall strategy
can cost more than you might think.
Executing marketing programs that are not coordinated and
which do not support the mission and broader goals of developing
the business, deliver unfocused messages to your prospects.
This type of marketing activity has an effect, and it is not
the effect you want.
Typically, entrepreneurs and early stage managers fall into
the trap of thinking that developing a marketing strategy
costs a great deal ($100,000+) and does not deliver tangible
and measurable results. MSci contends that the opposite is
true. By not developing the marketing strategy first costs
more due to lost time, effort, opportunity and potentially
diminished levels of business credibility in the eyes of the
customers and executives you seek to work with most.
The development of a marketing strategy does not have to be
a drawn out and expensive engagement. It can be done in weeks
and will provide guidance for the follow on marketing programs
and tactics which will be undertaken in subsequent phases.
All marketing, including strategy is measurable. A good strategy
clarifies and directs scarce resources to where they need
to be.
An example:
MSci proposed a strategy engagement that would have lasted
3 months. The prospect chose to spend the money that they
had on direct mail. The direct mail resulted in no qualified
leads and took 2 months to execute. MSci came back in, developed
a strategy and then a direct mail program that produced over
100 qualified leads in the first 3 days of the program.
The money spend on the first direct mail program was wasted,
time was lost and prospects were turned off by the ill targeted
and misdirected mailings.
Don't be lead astray by the promise of quick hit successes.
Success takes preparation, work and intelligence. Working
smart takes no more time than the alternative.
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