CHAPTER 12 | WHO DOES STRATEGY?

The most abused and diluted word in business is the word STRATEGY.

There are so many different kinds of strategy, at all different entry levels, that the word has become nothing but a keyword to feed the algorithms that power recruiting platforms.

It’s almost as diluted as the word BRAND, which is now a noun, a verb and an adjective.

Will talk about that dilution later.

Think of strategy as short for “the way to win.” If you think of the word in those terms, it implies a path and a net positive outcome. Applied to a human in marketing, it means the person who knows enough about the players and the competition to not trade dollars, but to actually make money or achieve an objective.

Let’s talk about the top three different kinds of strategists there are in marketing.

THE BUSINESS STRATEGIST

Business strategists know what a P&L is, and ask about it when doing discovery with a client. Specifically, they know the difference between revenue and profit.

Marketing and advertising isn’t art class. It's a catalyst for revenue.

They know about “economic engines” and that not all products play an equal role in how a company makes money. They also know that some products or services have greater value in helping define an organization than others, even if that product or service isn’t the one that is making the most money.

That’s strategic value. It has qualitative worth.

Business strategists also know that marketing is not sales, and sales is not marketing. You can be great at marketing and advertising, with proof in all sorts of metrics. But business strategists are not quick to judge. Weak links can bury great marketing.

What’s a common weak link? Sales. The ability to close. Money stuck in the cart. What's the cause? Price? Product? Service?

Or was there a disconnect between what the customer thought the experience was going to be, and what it felt like when they were in transaction mode? That’s on product, service and/or digital UX. Not marketing.

Nobody purposefully markets a “pretty good but not great” hamburger.

Business strategists know that VISION is the foundation for business strategy. Tired of the word? Replace it with “what we want to happen.” Time flies. If you set up a business strategy only for the short-term, you’ll wake up one day soon and say, “Now what?”

Not all agencies have business strategists. Most don’t. Agencies have been trained to think in terms of campaigns, mostly because of the pressure to demonstrate Return on Investment by clients.

ROI can't be calculated unless there’s an end point.

No one wants to get fired. Not agencies, not marketing directors.

And so on, and so on.

Don't underestimate business strategy.