I’m guessing the percentage of global marketing budgets spent on strategy is 1%. Maybe sub. I’ll also go on record as saying that 90% is invested into buildables – the ads, websites, POS, and content we built to help sell. That leaves 9 percent for what? Measurement, analytics, quantitative research.
This is a shame. It’s also why only half of advertising works. It’s why Google is killing it and in many cases becoming strategy for marketers.
What is strategy? It’s a plan to accomplishing a goals. An organizing principle for tactics. Talk to many marketing and you’ll find many who confuse objectives and strategies. And tactics and strategy.
The absolute most important part of a market plan is the strategy page. It’s the page that requires the most thought, the most time, the most discussion and the most complete buy-in from senior management. When the marketing plan is reviewed by senior management, in what typically is a 2 hour meeting once a year, it’s the budget page that gets the most attention. Who will get the most buildables? Who will create them? Where will they go? What will they achieve?
It’s backwards. For every percentage point taken from buildables and put into strategy, the payout is truly significant. As my Norwegian aunt used to say “Tink about it.”