The growth of digital technology has revolutionised the way we work, and delivered many & varied benefits to the business world, not least in the realm of the small and medium sized businesses where BSA has its focus. However, as with any great revolution, there is always a down side. In the case of the web, that downside is short term-ism and the desire to manage and analyse everything we do in infinite detail. A desire that is fed by the analytical tools of modern day marketing. Don’t get me wrong, I love the ability to analyse our marketing activity; the issue is what we do with that analysis and how it informs our actions. The trend in the instant world of the internet is to take short term data and act on them in the long term. However, just because a short term indicator isn’t showing you what you want to see, doesn’t mean your strategy is wrong. Sometimes you need to give a plan time to deliver – something that investors in the current equity markets are desperately trying to remember I am sure!! Good marketing and business planning relies on the development of a long term strategy, informed by macro analysis and experience. This strategy then translates into medium and short term action planning, all controlled and monitored through a robust planning cycle. But all too often, the the long term element of the plan gets lost, and the process becomes:
My sales are down -> I need more business -> I need more leads NOW!
This approach leads to short term tactical actions (E-mail, Advertising, Telemarketing etc) focused totally on delivering short term business. Fast forward a couple of months, and business is picking up again, maybe due to the activity, but more often that not because of an opportunity that came from left field, or an upturn in business generally, so the focus shifts away from marketing until the next time!
But there is another way
Maybe in shifting the process to:
I want more leads to grow my business -> I need a strategy for growth
The objective is still to deliver opportunities and increase sales, but by making the overall objective growth and sustainability, marketing becomes a part of the long term business process that then drives decisions on short term tactics (E-mail, Advertising, Telemarketing etc). In this context, short term analytics are still key, but key to informing day to day course adjustments rather than a complete switch of strategic direction. Furthermore, by taking a more long term view of business development it becomes possible to make investments in things like websites that, whilst vital to success, may take longer to pay off and deliver results.
The personal perspective
For BSA Marketing, this distinction is not purely theoretical. It is a shift we made over two and a half years ago when we took the strategic decision to “Stick to our Knitting”, focusing on what we do well – “Delivering joined-up, marketing-centred communication that works” – and resisting some of the opportunities that were good for the short term figures but not particularly helpful for delivering sustainable growth. Two and a half years on that strategy is paying off and I’m confident it will continue to do so. Looking back, had we focused purely on short term results, we would likely have given up and reverted to old ways, and would most definitely not be where we are today. Maybe some food for thought?
