When creating a business plan, many marketers miss the opportunity to clearly define their strategy.
A well-defined strategy is vital for a team to understand what needs to be done and which areas need investment; it also helps companies identify what to stop doing, where to save money, and what is not worth the team's time.
The Art of Saying 'No'
"Strategy" refers to the long-term planning and implementation of methods that will help the company achieve its goals. However, "strategy" is often misused to refer to a company's current tasks and tactics.
It's easy for teams to get excited about new opportunities, channels, and media. The problem is that with limited resources, managers risk spreading their resources too thin instead of focusing on the projects that can provide the company with a unique advantage.
Looking to avoid falling into such a trap? Here's an example of what not to do:
We will push product sales by developing a new app that caters to all demographics, providing a variety of features to meet various needs. We will invest heavily in innovation, enabling the app to provide a shopping feature, gaming, reviews, content for grandparents as well as Gen Y young professionals and young children. We will price our product competitively, through running promotions and discounts that will be promoted through the app. We will also promote the product through a new blog written by our full-time, in-house writing staff. To cater to a more affluent portion of the population, we will also provide a concierge service; this will enable clients to call our dedicated call-center team to troubleshoot issues with the app.
That is a kitchen sink strategy—an excessively diverse and scattered approach guaranteed to fail.