Marketing Strategy Course Video 1 Introduction
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Marketing Strategy Course Video 1 Introduction


hi welcome to the first session of my new marketing strategy course I’m extremely excited to be sharing this information this really is the culmination of some stuff that’s been around for a long time and is growing and it really feels like it’s time is now so I want to share this material because it’s so valuable I want to share it with as many people as possible and this is going to be a thinking of eight week eight session course and this is the first session the introduction to marketing strategy so let’s go we start with the question what is strategy what is marketing strategy in particular well strategy is the method of formulating a plan to achieve something it’s as simple as that alright so there’s some things that you want to achieve and strategy is how are we going to get there how are we going to achieve that thing implicit in that of course is you need to know what it is that you want to achieve and that’s not as common as as you may think so how will we get there from here right so it’s just like if I wanted to go and pick up something I bought off ebay from someplace I’ve never been before what am I gonna do I’m gonna go on Google Maps I’ll put in the the postal code I’ll see how far it should take to get by car and then I’ll use my Sat Nav or Google Maps on my phone on the journey right and that is that is strategy strategy is what time do I need to set off what time I’m like am I gonna get there what are they you know what could happen along the way the thing I want to achieve is I need to be at that place at that particular time and my strategy is how am I going to get there simple as that okay so that strategy you may also call the plan a strategy so there’s two different meanings of the word one is the process that we follow to come up with the plan and then you may also call the plan itself this is my strategy that I’m following and that’s great but the distinction is very important for reasons that we’ll go into it’s important to distinguish between strategy and tactics strategy is this is how we are going to get from here to there it’s like you you formulate your strategy before you start and when you’ve started that’s the time to stop strategizing and that’s when you get into tactic so tactics are concerned with the day-to-day decisions the day-to-day actions the responses you know if this happens then what will we do okay so in in marketing terms something like a one-time offer it’s a tactic that’s not a strategy right a one-time offer is something that you plan it’s a step right so after somebody’s bought this then you say well now would you like to upgrade to this for only so much and it’s like fine and you may remove that another time without fundamentally altering your strategy okay your strategy is how are we gonna get from where we are now to a point of success in the future and you can change the tactics along the way and you should change the tactics along the way in response to stuff that happens okay so strategy tactics two different things okay marketing strategy marketing strategies is that in the context of marketing which is effectively selling okay so marketing strategy is the process of planning how we will achieve what we want to achieve by selling something and what you could sell could be products or services or even ideas right and remember always remember that that money isn’t the only currency we live very much in an attention economy these days so if you’re asking somebody to give up as I am move this this video some of their time I’m selling you an idea and you are paying for it in attention an attention is very valuable it’s becoming more valuable over time okay so you know we sell something and it could be paid for in monetary terms or it could be paid for in other ways like attention too many businesses go to market without any strategy at all it’s extremely common I would say it is more common that a business has no marketing strategy at all than that they do and the lack of marketing strategy is extraordinarily costly for many reasons if you don’t know where you’re going how can you get there if you don’t know where you’re going and what your journey plan is somebody comes along with a new tactic and says hey if you’re not using my great webinar tactic you know you are losing out people saying oh ditch your website you know what you need is a funnel and you might go oh that’s interesting I’ll go and you know sit on your webinar but you know when you have a strategy when you know I know where I’m coming from I know where I’m going to I’ve got a plan of how I’m going to get there right then you can say okay mr. vendor how will the thing that you are advising me to use which might be great how will that fit how will that serve my strategy and you then have a basis and a means of knowing and being able to decide if this thing will be helpful to you on your mission or not and remember there are you know there are great tools out there right there are some you know tools and processes and techniques that can transform businesses and any of those could be catastrophic for you if used the wrong way I cannot stress this enough we have a plethora a multitude of tactics available to us these days tool platforms themes all kinds of amazing stuff that we have at our disposal for marketing purposes today any of them could be amazing any of them could be awesome any of them could be utterly catastrophic you could devote all your time into mastering Infusionsoft or something but if it doesn’t serve your strategy that time could be wasted so why is strategy so important for this reason this quote comes from Seneca the younger who was a Roman a Spanish Spaniard originally Roman thinker and writer and part-time stand-up comedian in the first century he says if one does not know to which port want his sailing no wind is favorable that and I love this quote I’ve used this quote over and over again if you’ve read save the pixel you will recognize it but this quote really sums up the importance of strategy in one sentence if you don’t know what your plan is how do you know you know how do you make those tactical decisions how do you know which wind to to take will this decision on this day serve me or not and without a strategy you have no way of knowing whether it will serve you or not so strategy extraordinarily important so how do you do it how do you come up with a marketing strategy obviously that is my goal with this course to help you figure that out that here’s a high-level overview first step where are we now what is the situation right now you have to be honest about the situation right now second step exactly where do we want to go it’s like you know setting out for a long walk if you want to go through the mountains right you need to know where are we going to go how much time how much energy is it going to take to get we need to stop along the way will we need to take food water other equipment in order to be able to get there successfully right or you can just set out get up in the morning put your backpack on and clear off out into the hills right which may be great you just wander around hopefully find your way back but you may get lost you may wear an outfeed you may run out of lights you may have an accident all these kinds of things could happen so managing risks is very much part of what strategy is about you have to know where you are starting from you have to know where you’re gonna go so where you want to go is your objective and that gives us the problem that we need to solve right because your strategy your plan is a solution to that problem okay and then the third step is gonna be what needs to happen in order to get there if we’re here the thing that we want is over there what are the steps you know what do we need to cross what’s the first thing these happen what’s the second thing that needs to happen very very simple and that gives us then the shape of the solution or the plan in other words our strategy but you can’t you can’t jump to step three you can’t jump to how do we get there from here if you don’t know where here is and you don’t know where there is okay so we’ll dig into these steps a bit now the other thing I want you to think about as well is for quite distinct phases of approach or activity of thinking in the context of these steps right so you know holding your head where are we where are we now what’s the situation now where do we want to go and then what needs to happen to get there and in the context of that four phases okay first one is expand you have the luxury right when you are not delivering your strategy when when you’re not rolling it out you have the luxury of being able to consider multiple possibilities in a relatively cheap way because it’s a experiment okay so the first thing we do this applies whatever phase your business or project is in you think expansively what that means is you ask questions you explore you consider various possibilities what if is it true that what about how could we write lots of open-ended questions that help you to basically you’ll gather you’re gathering more information you’re gathering more possibilities right and it’s very important it’s like you know the classic brainstorming say let’s let’s get as many options and choices and possibilities in front of us as we can that’s expansive thinking then when you’ve done that you need to switch to the second phase which is contractive thinking okay so with all these possibilities we can’t do them all that would be suicide right so we need to decide what what to do what will help us and this is just as much about where we want to go as in your strategic objective as it is about the tactics to get there because you can choose your strategic objective very often I think that many of us think that because we are pointing this way because we have been doing these things for the last few years because our education is this and because our parents expect that then our our path forward is pretty much you know railroaded for us you know we’re on the tracks and there’s nothing much we can do the reality is that you have a lot of choice over these things and in in the context of that you get to make decisions about where you want to go and it doesn’t have to be the most obvious thing or the default thing right so you come up with lots of possibilities and then out of those we evaluate what the possibilities are and we make decisions okay what kind of business do we want to be what kind of brand do we want to be what kind of customer do we wish to serve what kind of goal or what’s the vision of the world that we wish that we wish to create all of these things are really really important and you get to choose them and more about that later so expansive thinking is very important to start with so that you know what your options are lots of options and it’s also helpful to get more brains involved in that as well it’s actually quite hard to do it on all on your own and then there has to come a point where you say right let’s stop that would draw a line under that now we have to make decisions we decide where we want to go and then we decide how we’re going to get there okay third step implement do it start your strategy I I know people I know examples of people who never get out of the strategizing phase I think it’s Voltaire or someone around Voltaire who said the perfect is the enemy of the good and if you wait and try to make your strategy perfect you will never it will never be realized because there is no such thing as a perfect strategy part of the reason is because everything is based on time and there are things that you do not know until you set out on the journey right the weather may change you have no control over that but what you can do is plan right so part of strategizing is planning for the unknown and there comes a point where you can’t plan anymore you just have to start right we think we we have the information we need we know what we don’t know through degree so we know what we may have to figure out or be alert to pay attention to be open to on the journey and we’re gonna set off and that’s the way to get there that’s the optimal approach you have to start and then the fourth step is to review your strategy periodically both of these words are very important okay the importance of reviewing your strategy is stuff changes right life happens things will happen along the way the market will change the economy will change you know the culture will change the only thing that we know for sure is that change does happen right we can we can know for sure that you know the possibility of there being no change is zero stuff will change we will respond to that change however you can’t you can’t keep strategizing because if you’re constantly changing your strategy and trying to tweak it and improve it on the fly you will get nothing else done if you can’t roll out your strategy if you keep changing it if you imagine right so I set off to pick up my eBay thing that I’ve bought I got to go to Darby or whatever it is and I off and my sat-nav cistern left and off I go left of the lane if my sat-nav then decides to recalculate the route for no particular reason and thinks actually I think it might be nice to go via there in says Oh turn around we’re doing something else it’s like that’s not gonna be optimal optimal is I need to set off for my destination I need to drive purposefully towards my destination and if something happens on the way right things change I need to stop off a fuel law whatever then I can make those decisions along the way there are tactical decisions to be made but I you know I can’t stop every mile and check whether I still want to be doing strategy number one because that would just be stupid it wouldn’t be optimal alright so we’ve got three things that we are doing that we need to three steps be honest and figure out where we are right now figure out where we want go and then figure out how we’re going to get there and the phases of approach are think outwards then stop doing that and make some decisions make a start and review your strategy but periodically okay and this will obviously have implications for anybody who wants to deliver marketing strategy for clients because we will be seeing as this unfolds we will be seeing the shape of what a marketing strategy service might look like as well so you may want to bear that in mind as we go through two very very important things which we’ve already touched on one is you can reframe your problem the problem is how do we get there right and it derives from the strategic objective that you have you do not have to accept the first strategic objective the first goal that comes into your head right you may have had it for 10 15 years doesn’t matter you get to choose that objective to make sure it works for you if it is your own business obviously if it’s a client’s business then you need to find help them to find there the objective that works best for them and then you know that then reframes the problem the second thing is you also get to design the solution so if that is the problem does that work for us if what we need to do or what needs to happen in order to achieve that objective does that work for us don’t we want to go through those steps do we want to engage in those activities that need to happen in order to get there right how does that feel if it doesn’t work then you could you get to reframe that you get to change it right and there are always multiple ways to get to any end point there’s no right strategy right now that talks but the reason is because there’s no such thing as perfect the perfect is the enemy of the good what we want is a good strategy and we want to start implementing it and we want to learn as we go okay you can reframe your problem you can design your solution you get to do that it’s fine it’s okay okay so this should be very very empowering now remember we talked about how strategy can be a process and also a product of that process so we go through this process these four phases of thinking in these three steps okay and we come up with a strategy so we do the strategy work we strategize we come up with a strategy that strategy is by definition always 100% of the time context-sensitive because it always depends on who we are where we are like the context where are we in time and space it depends on where we want to go and it depends on what resources we have and our competition and the risks and so on and so forth right all of this stuff matters all of these things make a completely unique problem space a completely unique situation for that reason right you cannot buy an effective strategy okay work with me on this a strategy is a solution to a particular problem right that is about how can this business or brand or organization or whatever get from its starting point to its desired end point right you come up with a plan for that that is a strategy right now that strategy may fit into particular patterns it may reuse elements that have worked before and that is a good thing it’s always a good thing one of the stupidest things in the whole of marketing it’s the idea that you neatness has any inherent virtue at all it doesn’t uniqueness is just look at nature right look at evolution most evolutions most innovations fail that’s how evolution works that’s optimal right that’s how life works most new things fail 80% or whatever it is of new businesses fail in the first two years okay that’s the way it is that’s natural that’s right that’s that’s okay and the ones that work work now a strategy that works for one particular business in its its context of where it started where it wants to go and all these other things around it may work for a similar business in a similar context with similar goal but there is no logic to say that you can take that strategy and Transplant it into your business and expect that strategy to work to help you get from where you are now to where you want to go because all of these other things if you know completely unique totally unique like the the DNA of your particular business it’s your fingerprint it’s totally unique right so you cannot transfer a strategy some examples and right there’s a lot of marketing out there that will tell you steal my 17 proven strategies for dot right ignore that stuff there is no such thing as a proven strategy it is transferable to any other context it’s not so you know a sales funnel there’s a lot of talking about funnels these days right you know and I’ve got angry I saw a an ad saying you should ditch your website and instead be investing in funnels okay funnels could be great if we’ve been talking about sales funnels for a hundred years by the way it’s nothing new but you know the technology has just accelerated over okay a sales funnel is an example of a strategy right a sales funnel that is implemented for a particular business is a strategy right not sales funnels a product launch plan or system could be a strategy when Jeff Walker launches product launch formula like he does every year he has a strategy for it none of that means that you could take you know Russell Brunson’s particular sales funnel or Jeff Walker’s particular product launch and copy it pick it up and put it in your business and expect it to work but if because for the reasons that we’ve said it just can’t okay these things are no more transferable than a game plan right you go out for a game of football or rugby or whatever your your game is your your thinking okay well this is what we need to achieve because where we are in the table this is our competitors strengths and weaknesses these are our strengths and weaknesses we expect them to do this but they may not right all of that is completely sensitive to the context of that game it’s to do with timing it’s to do with you know that timing in the season it’s to do with a competition you cannot take that same game plan and say well that worked let’s do that game plan every game for the rest of the season because you will fail neither could you say that game plan was so good right in our football game that we’re going to sell it to a rugby team or a hockey team how absurd does that sound right but this happens in marketing all the time you can’t take a journey map right I’ve picked out the you know it’s great way to drive from Sydney to Melbourne okay and it takes in all these amazing views and I’m gonna take that map that I’ve created and I’m gonna sell it to somebody who lives in Los Angeles it’s just insane like a personal training plan or a die regime its to do with the individual what do you want to achieve with your personal training plan what do you want to achieve with your diet what kind of body do you have right these things by the way are no less unique and individual than any business or organization no less unique so why do you think that you can transplant a strategy from one business that works look this worked here and say ok work for me medical treatment program you know we don’t even need to go there ok everything has its place in time and in space that could be a poem one day time and space are very important space is where are you where are you in in the market where are you in relation to your customers in relation to your competition right what is the map the lay of the land this is something that we could talk about for weeks and weeks and also time is critically important we will talk about timing later on in this in this video but just just for now let’s hold the idea in in our heads that that where we are and when we are really matters ok just take for example I’m really into gardening I’m very passionate about sustainable agriculture and stuff like that and you know when you look at nature you will see that some particular types of plants will or animals will thrive in particular environments ok so I’ve just planted a load of potatoes because the soil is just warm enough for me to plant my potatoes now and also my soil is good for potatoes all right so it’s place my garden is good for potatoes right because I have a heavy clay soil I cannot grow carrot carrots hate it here because my soil is too dense and whatever right so you know it’s great for potatoes it’s rubbish for carrots and if I planted my potatoes one month ago they would probably have failed because the timing was wrong so whatever we are doing in our strategy we need to be honest and sensitive to time and space all right so I’ve got some bad news first of all before we carry on the bad news is for all the reasons that we’ve been discussing no one knows what the right strategy is for your business I’m sorry about that but it’s the truth your business your context your goals it’s all so unique that there is no right strategy until one is created okay so nobody can tell you what their right strategy is right now isn’t written anywhere there are no shortcuts there are no easy answers fortunately there’s good news the good news is no one knows what the right strategy is for your business no one knows what the right strategy is for any business actually so all we can do is be honest realistic just realistic enough just ambitious enough just bold and creative enough right we choose our objective we decide how we’re gonna get there right we make a plan we implement the plan right no one knows what their right strategy is for your business apart from you when you work it out no one knows the right strategy for your clients until you work it out and more good news you already have all the information you need to figure it out because you are in the context that you are in you know you know what your clients are potential clients future ideas you know about your competition you know what your strengths are you know what your plans are you know all of this stuff is available to you right here right now do not expect that any marketer can come along with a magic beam that will solve your dreams and make your dreams come true it’s not gonna happen you already have all the information you need all you need now is a process to follow and that’s what we’re doing more bad news though it’s extremely challenging to design your own strategy it takes a type of discipline that not everyone has okay and that’s just the fact of life and it would it would be remiss of me if I didn’t spell that out so ie I own asleep Aleve that the the world is ready for a marketing strategist’ discipline and profession okay so that’s one of the things that I and others are working on right now it is difficult very difficult to design your own strategy but it’s still worth doing because it’s better to have a strategy than no strategy at all if you’re not in a position to get somebody to help you with your strategy follow this process it will help okay it’s also very hard to stick to a strategy I’m extremely bad at sticking to a strategy because I’m an ideas person I come you know that’s what I do I’m always looking for freshness newness if I look back over my career is so many things if I’d stuck to that particular thing I would have been a multi-millionaire but you know that wasn’t the right thing for me at that time anyway marketing and in fact business as a whole there’s there’s a metaphor that comes from this book that business is like a flywheel it incredible but one of the best books I’ve ever read on business by Jim Collins it’s called good to great what Jim did was he looked at stock market figures over I think about 50 years yeah team of analysts and they looked for businesses that outperformed the stock market by a remarkable level of performance right and then what he did was he said okay well what is special about these businesses that sets them apart from the rest and the analyzed I think seven factors that all these great businesses had in common and that normal or good businesses didn’t do one of the things was that they appreciate it and it was part of their their culture and the whole approach that their business is a flywheel so imagine you’ve got an enormous metal or stone flywheel and it’s stationary and you put your shoulder against it and you lean on it and nothing happens and you keep pushing you keep pushing gradually you know millimeter by millimeter this thing starts to rotate you don’t stop you keep your effort in that direction keep pushing keep pushing then you know inch by inch it’s going and then start is starting to trundle round you keep pushing and but you know eventually that flywheel will have a momentum because you’ve been doing this one thing that you know is the right thing for so long do you know the the thing takes on a life of its own it has this momentum that almost can’t be stopped sticking to your strategy is extremely important being aware of when it may need to change either you know tactically or fundamentally is also important but not probably as important as seeing the job through literally lean on that thing do it so I think that part of the the role of a strategist is to keep you on track to remind you what the strategy is now you can be your own strategist it ain’t easy but it’s doable right if you write this stuff down and you make yourself look at it every Monday morning that will be a huge help to you okay so it’s very hard to stick to it for some people more than others depends on your personality type however the good news is it’s far easier to stick to a strategy that you have written down on paper than to stick to no strategy at all okay so it’s hard to do it’s hard to stick to but you know we should try anyway basically is the thing okay so let’s get down to business I’m gonna look at those first two steps of strategy all right where are we now what’s the situation now where do you want to go step one where are we now what is the situation now you could break this down into a thousand other questions and if you go through the circuit questionnaire a lot of those good questions are in there so go to Ben hunter console are circuits and that will redirect you to the Google Doc every question I could come across that I think is relevant to a marketing strategy is in that document okay what is a situation all you have to do is be honest tell the truth what is a situation right now okay you you can fantasize about what you think the situation should be right now okay but that will be less help helpful than telling the truth about situation so some important areas finance is one right what funds do you have what funds do you need how much cash flow do you need all this stuff brand and any other assets very important so how are you perceived right now what intellectual property do you have what particular skills or whatever and all of this in relation to the competition and what you want to achieve because you can then adjust what you want to achieve and what is the competitive landscape basically what else is out there what are you competing against what do you have to do to beat their competition I’m not gonna go any into any more debt than that right now simply because you know you already know we already know when we have been honest about the situation okay so you just have to do it this tool may help the SWOT analysis it stands for four things what are your strengths and your weaknesses and what opportunities and threats are out there this is probably the most elegant tool because it’s so simple for understanding the situation right now okay what are we good at what are we bad at what are our strengths and weaknesses what opportunities are there out there for success and what other threats out there that could mean failure just writing those down talking them through can be immensely helpful so where we want to be at the end of this process of step one is honesty about the present situation reality the reality of it okay we mentioned timing before let’s talk about it a little bit more how much time do we have is very important in in some contexts there are some businesses where time is just not a factor it doesn’t matter doesn’t matter how long we take to get to where we want to go right but so you need to be honest in your strategy is time important you may have four you may have a real time limit you may have a cash limit lots of startups may raise some capital and they have to achieve a certain thing in order to be able to raise the next round of capital in order to get to wherever they want to go okay so you might have a multi-phase strategy runway is a metaphor that I use to think well okay how long have we got to build up speed before we need to be airborne that works for me another context of timing is where are we in the lifecycle lifecycle is highly relevant remember you have already talked about you know planting crops so if you plant at the wrong time in the year if I plant my potatoes in February they’re not gonna work if I plant my potatoes at the end of the year they’re not gonna work they’re going to be trying to grow in the wintertime you have to do the right things at the right time in order to achieve the kind of growth the kind of success or result that you want to everything there is a season right quote that has a lot of a lot of meaning in that that there are times to do certain things when they are likely to succeed and there are times not to do certain things the the the natural world obviously has seasons and a lunar cycle and you know the more you discover about biology the more you realize how the Sun and Moon and other things really have a huge impact on the way that nature works but the economy and other areas of life also follow a similar pattern the Chinese have been talking about this for thousands of years if you study the e Ching it has these 64 steps or phases of life that are actually circular so and these 64 steps apply to the seasons a business or project or campaign or battle or relationship or all kinds of things follow this natural progression is quite a logical process and you know from you know birth to growth and and everything else in between and then starting all over again everything has a season everything is in a cycle and the economy has cycles so we have all lived through multiple economic winters right so in a winter the crops are scarce resources are scarce you know you can’t borrow its heart you know this just doesn’t seem to be as much money flowing around right and there is always an economic spring following an economic winter right when things are hopeful people want to land people want to implement stuff and and that’s when you should be planting stuff like that then you’ve got your summer where everything grows really well then you’ve got the time when you need to harvest now and then you’ve got you know you will always have another economic winter to follow mm-hmm farmers you know work extremely intimately with the seasons so farmers know they have to plant here big growing season huge effort to bring in your crops and stuff and then in the winter you store you protect you maintain you sharpen your tools you maintain your equipment all that kind of thing but you’re not out growing stuff and we can apply the same kind of thinking to the economic cycle and within that the context of where is your business where is your business in its lifecycle so in a lot of people you know I remember times in in the 1980s and the 90s when it seemed like we had huge economic booms and people thought wow I bought this house three years ago and I’ve just sold it and I’ve doubled my money I must be some kind of freaking genius right it’s like I’ve got fingers of gold I’ve got the magic touch and they think they’re just great and they invest all their money in something else because they’ve had early success but it wasn’t necessarily them it’s just the fact that they were lucky because they were they planted their thing at the right time and they got the benefit of it then the economic winter hits suddenly that thing you’ve invested in may fail and you know if you’ve gone out and you’ve you know showered money on car and homes and stuff like this you may have to sell all that stuff and they’re smart people who knew that the winter was coming you know they’ve gathered they made hay while the Sun Sean right very important metaphor you know in the summer you gather you cut your grass you make the hay because the Hays gonna feed your animals through the winter right so in economic terms you can apply the same kind of thinking right when it’s easy to make money make money but don’t go out spending it on Porsches and stuff like that right make you money hold on to it because in the winter time which is gonna come the winter is coming all those people that have bought all that stuff and invested in all that stuff at the wrong time because it did it in the autumn we’re gonna be selling it off and then you can buy it cheaper and so on so forth anyway we digress the timing is important to everything there is a season it’s also worth if you’re in the business of new technology or new ideas to read up about a technology adoption curve I won’t go into it much now but this comes from well if the ideas been around for a while really really good book from around 2000 Geoffrey Moore’s crossing the chasm what he was saying is that markets have this particular life cycle right where you get you know early adopters who will go out and buy the newest thing because it’s the newest thing right and then you’ve got early majority of the market late majority and laggards of the market right so got people who each of these groups look to the previous group to know when the time is right for them to buy something i I’m I’m not a rabid early adopter so I remember I had friends who had cell phones five years before I bought a cell phone because I just didn’t need it I’m not that kind of personality there’s some people who can have to have the latest cell phone okay now I will look to those people to know what phone to buy buy I won’t have to go and buy the the latest one I’ll wait until version you know two three forests come out and then I might buy it cuz I know they work so any the the market has a particular thing and what Jeffrey Moore was saying is that there’s a a gap between these early adopters and the majority of the market where most of the money has made and he says it’s a mistake to market to the wrong piece of the the wrong sector in terms of timing of the market so don’t you know if you’re bringing out a new idea a new product new technology you have to market at the innovators you know the people who just have to have the latest thing and if you start marketing this as a mainstream product the mainstream will look at it and go well how do we know it works right where are the reviews because they don’t want to be the first on board the people with the most money the biggest market aren’t gonna be the first on board so you have to market at the people who need to be the first on board and that means taking a different approach okay so if you’re in the business of ideas or technology it may be worth having read of this book there’s a lot of information there for you so that was step one where are we right now where are we in space where are we in time the second step is where do we want to go now the second whole video is going to be on this question but for now we’ll look at it at a relatively high level what is the high level business objective alright so the business objective is not necessarily the same as the marketing objective but the marketing strategy must serve the business objective so where does the business want to go and possibly win or buy when and I think so many of us think we just want we just want to make money and that’s not the answer making money is not the answer partly because making money as well how much money is you know you could I’d say to you well if you know you work for me for the next year and I will pay you ten dollars you’ve made money right but everything else will fall down if you’re working for me for a whole year for ten dollars it’s not gonna work so you know what is more money what does that mean here are some examples of objectives that don’t make sense okay selmour is not a good high-level objective why because how much more is more you know selling more could actually be the wrong thing for a business make more money by the same token right grow now as we’ll see in the next video grow can mean a huge number of things now for most of us most businesses their marketing strategy is about growth in some context but not for all as we’ll see in a bit so you know bigger better faster more is not helpful that is not an objective it’s not fixed you don’t know when you’ve got there how do you know how can you know where there is right sell more is a direction but not an objective right same with make more money grow whatever it’s a kind of that way you may choose to use smart all right so what what is a smart goal it’s specific measurable achievable realistic time-based something like that I don’t particularly use it but it makes sense to say okay it’s specific we’ve nailed it down we can tell in you know specific terms when we’ve got they’re measurable and all that kind of stuff and time-based is important that may work for you I’d prefer they’re having a be a test I learnt this off a former consultant I was working under and and what we would say to a client is okay imagine if I give me a time period year two years six months whatever it we are sitting in the bar at whatever conference or in a hotel and we’re having a beer and we’re saying the project has been a success great clink you know here’s to us we did it how can we say that we did it what does we did it mean and so you could say well okay we’ve we’ve sold 1 million whatever or we’ve made so much profit or we’ve got so many more offices or members of staff or clients or you know whatever what does success mean and you can answer that for your own business because it’s you you get to choose is that a an inspiring and interesting and appealing goal for you if you’re doing it for a client you ask them those questions if we do that in this timeframe will that constitute success okay so if 20 new clients constitute success would 10 clients would we still be going we did it if it’s 10 clients okay what about 15 clients what about 14 right you can you can use this test to say well you know 14 I’m not really happy about 40 great Perfect’s and now we know 15 clients yeah yeah 15 is good all right so whatever it is like when can you clink those beers and say we did it all right another thing that’s very important is to acknowledge risk not everybody is in the risk business right some of us don’t want any risk at all some of us are happy to risk it all on a regular basis I don’t know what your situation is or your client situation is so you know you have to ask the questions how much risk can we handle how much risk do you want to handle and you’ll notice that a lot of this stuff actually comes down – emotion it’s not just all about numbers a lot of it’s about how it feels so you know how do you feel about risk how much risk what can you afford to risk what are you not prepared to put at risk all great questions so let’s just quickly go over some examples of some specific strategic objectives well that’s categories of strategic objectives establishing a business or entering a market is a great objective right it’s it’s relatively broad you would want to be specific about it well what does establishing a business look like so another thing about that about the timing of businesses as well as the businesses tend to you know how some animals tend to kind of grow to a particular limit then they have to shed their skin and then they can grow again businesses tend to be like that as well they actually have multiple cycles of growth within their overall growth and so what you find is you you get to a certain point and then a a significant change needs to happen which quite often involves investment of some kind so you need new ideas new people more money something like that in order to be able to break through into the next you know level of growth okay now so establishing a business is early phase in the life cycle entering a new market may constitute one of those you know growth cycles what is needed in order to enter that market both valid goals both need to be more specific okay survive is a perfectly valid strategic objective if it’s real and this is why we’re just talking about honesty so you know we can clink the glasses and say well the business is still running we haven’t run out of cash if that is what success looks like let that be your strategic objective okay then our marketing strategy needs to serve that objective the wrong strategy can be catastrophic to a business right there are some businesses that need to gain clients or market share or whatever in order to succeed in the long term and if you sacrifice what’s really important in the long term for short-term objectives like cash flow or new clients or or profits can be very very dangerous for a business some businesses should lose money strategically okay let’s take Amazon for an example if starting in the mid-90s Amazon had a business strategy that they were determined to lose billions of dollars on a regular basis right Amazon deliberately lost money by selling books for a few years until the and when the book sales started to break-even amazon went into the dvds market and you know now Amazon sells pretty much everything but Amazon goes out to gain market share Amazon’s game is about market share they want to be the place where you go to buy stuff online that’s relatively mainstream okay and in order to get that market share because they know that if you’re number one you’ve got a huge it what’s number two after Amazon no one knows right what’s number two after eBay no one knows so they deliberately burned billions and billions of dollars and that was the right thing to do because of this strategy the strategy was market share all right grow as we have hinted we’re going to talk about this a lot more in the next video growth can take many many forms or reversing a decline our business is failing for in whatever reason that we say and we want to reverse that ok perfectly good strategic objectives market shares we’ve talked about you know the Amazon example market share is a good example of a long term objective right if you’re going off to market share you’re in it for it you’re in it for the long game getting investment is absolutely a realistic strategic objective startups very often will use angel or seed friendly in order to get to a certain point where they can prove a certain thing right that’s goal number one so that they can then get first round of funding second round of funding and so on and that could be completely different to another similar kind of business and that’s because they are a start-up because investment is the way that they work this this is just about acknowledging the lay of the land and this is why you can’t take it one particular strategy and apply it to this business at this isn’t it and the next one because these contexts are also different there can be emotional or soft goals as well I’ll give you an example example could be I’ve been working my butt off for 20 years doing this job I want to go to semi-retirement and do more writing for next year bye bye in 12 months time I want to be basically living by a lake and just writing you know every morning all right soft goal emotionally driven perfectly valid perfectly good so to say to that kind of business owner who you you know in the heart really wants that oh what you need to be doing is he found the circuit needs to be running you know Facebook live stuff every day and blah blah blah it could be wrong yes it might make more money but making more money is not a universal not the universal strategic objective Sega and of course exit you know somebody may say I want to build this business to a certain level where I can sell it or where I can whatever bring on partners and you know in some way or or take it public cash in and walk away perfectly valid strategic objective and there may be others you know but again this is all it’s all just comes down to the same thing telling the truth what are the facts what’s the situation right now just be honest about it and remember always you get to decide on what your goal is what your objective is and you get to design the solution to get there and if that solution is not appealing or inspiring you don’t have to you don’t have to go to market with it you don’t have to launch this is the beauty of doing your strategy now because it involves gray matter and paper and pen right and you get to change it very very easily just erase the whiteboard and start again you don’t have to be the business that you are now you don’t have to be the brand brands can change your your market your customers can change what you deliver can actually change we’re going to be talking a lot about this over the coming sessions you have all the control that you allow yourself to have right I’m talking as oh we’re talking to your business not for delivering for clients but you’re the scope of the success of your marketing strategy is only constrained by the constraints that you accept okay so we’re gonna have a lot to say and a lot of stress on the the amount of choice and movement that you have and you don’t have to engage in lots and lots of choice right then it may be the case that you’ve been doing the business that your father didn’t his father before him and you love doing that and you just want to keep it in the state you can hand on to your own son fine right if that is the truth that is the truth and all I could ask you to do is to acknowledge that there may be other choices and you know you can say yes there are other choices and I choose to do this so you have the control so briefly in summary then the process begins with clarifying where you are that’s the first step be honest about where you are the second step is tell the truth about where you would like to go and then the third step is going to be how you’re gonna get there it’s very exciting to dive into tactical things and you know ideas but it’s really important we’ve covered this now in the next session we’ll be going really deep into the overall business objective particularly looking at growth and starting to look at different patterns that strategies can take for getting there and in the rest of the sessions after that we’ll be looking at specifically how you can get there from here okay but we’ve done some amazing work already on the ground work and thank you very very much I appreciate the time that you’ve spent to come along so far and I look forward to going through the the rest of these sessions with you thanks a lo