Strategy lies at the very heart of your organization’s sustenance and growth. It lays the foundation, and provides the framework, for all of the organization’s function and activities. It defines and communicates your unique position and says how organizational resources, skills, and competencies should be combined to achieve a competitive advantage. It provides the game plan for achieving your long-term objectives in light of your industry position.
A marketing strategy is a process or model that allows an organization to focus limited resources on the best opportunities to increase sales and thereby achieve a unique competitive advantage. It needs to be consistent with the business goals identified in the overall business strategy. It is also responsible for the feedback loop with the customer that enables you to adapt your strategy and products/services to the demand.
However, with the rise of marktech (marketing technology), a solid innovation strategy has become essential to marketing. Indeed, the technology available to your organization can have a drastic impact on the success of your marketing program and help you optimize, personalize, analyze campaigns, products/service, and customer segments. It can transform your value proposition and the perception that your customer has about your value proposition.
It is important to articulate an innovation strategy that stipulates how your company efforts will support the overall business strategy. This will help with trade-off decision so that you can choose the most appropriate practices and a set of overarching innovation priorities that align with all functions of your business.
This strategy will help you decide where to invest your resources. For example, if you are pursuing a segmented strategy, it will help you focus on the channels that have access to your audience and the tools that integrate with those channels.
Finally, it is for you to decide your approach to innovation. There are four: first to market, fast follower, defender, and reactor. In our opinion, you need to be one of the first two. The innovations coming to the market these past 10 years deliver a truly significant competitive that will play in your favor or in the favor of the competition.
How can Modaffinity Help?
Modaffinity’s expertise in strategy and technology puts us in a unique position to help you create a comprehensive strategy that integrates the different facets and needs of your business.