Find the error in this statement: “Our strategy for next year will be to do more trade shows.”
Strategy or tactic?
In simpler terms :
Tactic : do things correctly (actions)
Strategy : do the right thing (intentions)
All that is tangible, visible and concrete are tactics. This is why it’s easy to fall into the trap of confusing strategy with tactics.
Therefore, participation in trade shows is tactical as it concerns implementation.
The strategy and intention would be to develop a new geographic area or a new market for a product or service.
The strategy should then be expressed as follows: “Our strategy this year is to expand into new geographic territories with our new product.”
Inter dependence of strategy and tactics
Strategy is not worth much if tactical marketing and sales do not materialize it.
Let’s have a look at the relationship between the two and the pitfalls of being effective at only one of them. The following table shows the result according to the combination.
Can’t see the forest for the trees
Many put their efforts in a so-called “strategic” plan, as they engage in the development of tactics and an implementation schedule.
- Why invest in trade show participation?
- Why direct marketing or inbound marketing?
- What performance indicators will you use to measure your efforts?
- Will these initiatives serve the strategy?
- Which strategy to use?
1 : Develop a strategy
Developing a strategy is to:
- Make choices
According to the business objectives set, you must choose what you will or will not do, depending on the objectives. Focus.
- Improve its chances of success
Perfection doesn’t exist. Generate the best strategy you can and continually refine it.
- Combine rigor and creativity
We must think outside the box and rely on data. We must continually make assumptions supported by evidence and put them to the test. Do marketing research if necessary.
Take a step back
Before you jump into a tactical schedule and call it a strategy, step back and ask yourself the following questions:
- What is the ultimate objective?
Avoid generalities such as “increased sales”. Be specific. Here are some examples:
- What elements will guide you with regards to which actions to take?
Do you have in hand, the results of a market research to justify an approach to the U.S. market? Does the Ontario market have the potential to absorb 2 times more units?
- What is the buying behavior?
By what means do your buyers and decision makers seek your products and services?
Other issues must also be addressed. Consult our guide on the subject.
Doing things right is important (tactical). Doing the right things (strategy) has even more importance, even if it is not perfect.