CRAFTING A BIG-PICTURE MARKETING STRATEGY IN THE DIGITAL ECONOMY
Whitepaper on insights into crafting a big-picture marketing strategy in the digital economy by:
J C Sum
EVOLVE & ADAPT
Award-winning Strategy Consulting | Results-driven Digital Implementation
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According to Enterprise Singapore, approximately 50% – 70% of Small & Medium Enterprises (SMEs) fail within the first 18 months. Harvard Business Review noted that many businesses fail due to not having a strategy. Many businesses also failed because they had strategies that were not actually strategies. Coschedule’s “State of Marketing Strategy + Management” reported that top marketers document their strategy and are 313% more likely to succeed than those that do not.
While there are different reasons why businesses fail, a lack of strategy or having the right strategy is one of the most common reasons why many businesses do not last. Without a sound strategy that fits a business or its market’s needs, even the best tactics will not ensure long-term survival, let alone success.
The challenge many brand owners have is coming up with the right marketing strategy for their company. For those that have no formal education or training in marketing or business strategy, the whole concept can seem quite abstract and daunting.
Some entrepreneurs have natural instincts and an innate strategic marketing mind. These individuals are able to visualise the long-term goals of a business and intuitively know how to map a plan to get there. However, most business owners or managers may not be as gifted in that way. But the great news is that it is possible to learn and employ time-tested strategy tools and frameworks to craft the necessary strategy.
In this white paper, we will explore how to craft a big-picture marketing strategy to maximise revenue and reduce costs.