Outdated Marketing Strategy Is Harming Your Business. Here's How to Modernise Before Disaster Strikes
Remember Kodak? They dominated photography for a century before spectacularly collapsed. Their fatal flaw wasn't poor execution—it was excellent execution of an outdated strategy. From the product and its response to the declining market demand to marketing strategy and retaining the market share. Your business might be next.
Your outdated approach isn't just ineffective—it's actively destructive. Yes, the existing growth may look promising and the existing marketing channels are showing good numbers right now, but things might be different in just a few months or perhaps next year. If you aren’t prepared, the growth you are expecting to harvest this year-end may head for a free fall since your marketing team is dependent on yesterday's playbook too much. It could be worse if they are resisting change.
Please. Forget the AI-washing and metaverse hype. True marketing modernisation is about structural change—using these three fundamentals.
Structured, data-driven marketing strategy. This will give you a holistic view and clear understanding of how marketing will help derive growth from revenue and profit to cash flow, market share and brand reputation. Here, you’d need a series of proven templates to make it work.
Systematic, effective execution. Outcomes only appear when a great strategy is met with a great execution. Without a proper execution, there’s nothing much to expect. Here, you’d need enough people to run the operations based on the templates.
Monitor the growth, and tweak accordingly. Here, you would need a KPI Dashboard. All the numbers when it comes to marketing outcomes, be it vanity or real bottom line, can be viewed here. Here, you’d need the right tools to get those numbers in place. This is where data-driven business decisions will be made.
If you aren’t sure how to properly strategise your marketing to cater for your business requirements in this noisy era, get help. The most dangerous phrase in marketing isn't "let's try something new". The best is to properly understand where your business is at right now, analyse how best to go about it based on that situation, come up with a proper strategy, execute the strategy well, allocate some money on ads and monitor the growth. It’s good to follow the trend or work on fancy tactics but again time is obviously not on your side. Else, you'll be joining, Kodak and other defunct brands in the business obituaries.
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