Accuracy or precision?
Strategy versus Execution
Marketing Strategy versus Execution
It doesn’t matter how precise you are if you are not aimed at the correct target.
We often find marketing departments focused on delivery. It’s almost unavoidable. They are hit with so many requests. We hear:
- I have to get this post out
- I need to update that flyer
- I need to create and schedule that email
- I need to get my booth and materials to the trade show
- And more. You get the point.
They measure results. The sales team’s feedback, post views, clicks, and open rates are all reviewed. If the result is positive, it is high-fives all around.
It is easy to focus on execution, but sometimes, the strategy is forgotten.
- Does it matter how many people opened and clicked your email if none are qualified to buy?
- Does it matter if the sales team likes the flyer if the company is de-emphasizing the product?
- Does it matter if your trade show logistics were perfect if the trade show was not worth attending?
Balance is the key, and execution must follow strategy. Take the example of a wholesale lender that wants to expand its customer base.
Here is how a strategy to tactics abbreviated plan would look:
- Review strategy and execution in terms of the objectives you are trying to accomplish.
- I want to add 20 new brokers next month because our market penetration is too narrow.
- Determine success metrics.
- The number of new brokers approved and who submit their first deal from the campaign.
- Determine tactics
- Create 25bps off special to offer brokers for their first loan or to win-back a broker who has not funded in six months. Offer good with loans submitted through July 31st, a typically slow seasonal month for lending.
- An outbound sales call campaign. Account executives will call their prospects and past brokers to introduce the new special.
- An email campaign, Marketing will email non-approved brokers and past brokers (who have not funded a deal in six months)
- A direct mail campaign- with a coupon with a 25 bps special for any new broker or lost broker submitting a loan in July.
- Measure the success of your activities against those metrics
- Submissions from the call campaign
- Broker packages submitted on the website that tracks back to the email
- The # direct mail coupon codes redeemed
- Inbound calls from the email, direct mail, and other marketing efforts.
- Compare to seasonal results.
- Compare to baseline calls, submissions at the same time in the month (look back and average 6 – 12 months if possible)
- Then, re-evaluate to make sure you stay on course
- Is one marketing channel successful where others fail?
- Do I need to continue, or once my objective is met, can we focus elsewhere?
- If not successful, what other tactics can I use to accomplish the objective?
It sounds easy, but it’s also easy to get off course.
If you’d like us to take a look, elevenX can provide outside eyes to review and evaluate your strategy and tactics to ensure that you meet your marketing objectives.