I’m a CMO, and I believe strategy is more important than marketing.
A few examples from last year below 👇
Great marketing without a good strategy doesn’t build a business.
A few months back, everyone was talking about Tupperware, Bodyshop etc., with a list of 10 reasons for what went wrong.
Perhaps the reason is much simpler - there was nothing unique they were offering customers.
They certainly didn't lack brand awareness or credibility & social etc., there was enough noise. But building a modern brand also requires a stronger connection between marketing, business, and product.
Your product often is your marketing, and your marketing experience completely reflects on what consumers feel about you.
We get unlimited data, free calling, etc. for 299/399 per month, yet we hate telecom providers when they make us wait for hours on customer care or allow too many spam calls.
Bumble is another great example...
For a startup which is one of the most popular in the world. Brilliant marketing but the valuation now is less than a billion USD!!
Take Ather too:
Bad marketing. Lots of missed opportunities:
click here to read
And even Nikhil Kamath acknowledged that👇
But I can bet you they will do well because the product is really good.
BUT ,and a big BUT they could have done better-with good strategy and marketing
(and yes, you know who to contact for that :-) https://topmate.io/saurabh_parmar/ )
In fact - in my last 10 client consultations ...almost 60% of my solutions have been towards Strategy vs Marketing.
Not because I love marketing less (I can eat, drink…even sh** marketing) but because a strategic solution or even a tactical play made more sense for the client.
The key lessons:
Concentrate on building a world-class product.
Building a brand is not marketing alone, it is a combination of:
👉 Marketing-from social to CRM to tv to PR etc
👉 Understanding Business and framing a strategy around that
👉 Growth Hacks-could be something high level as pricing strategy or something as basic as A/B testing
Written by - Saurabh
How is audience planning reshaping advertising strategies in the BFSI sector? Find out by listening to the 🎧 podcast.
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