CEOs have a responsibility toward their organization's shareholders, board members, and stakeholders to achieve their business objectives. A well-crafted marketing strategy is a good starting point, but it's just the beginning. Without measurable evidence of progress and results, it's hard to hold your marketing team accountable. CEOs must recognize the importance of tactical marketing execution to translate strategic vision into marketing outcomes. It creates a transparent record of actions, results, and lessons learned, allowing CEOs to demonstrate the ROI of their marketing efforts. This way, they can demonstrate that their strategies are not just ink on paper but actual drivers of business success.
The Strategy-Execution Gap
CEOs know all too well how challenging it is to turn strategies into reality. Even the most brilliant strategies can fail if not implemented effectively. The gap between strategy and execution can stem from various factors, such as resource misalignment, insufficient commitment, and the inability to translate strategic plans into actionable steps.
Tactical marketing execution acts as a vital link between strategy and outcomes. A well-crafted plan is nothing more than a pretty document without it. CEOs must ensure that their marketing teams or external marketing agencies focus on both strategy and execution. It's not enough to develop an impressive plan; the team must dive into the company's inner workings, products, services, and industry to determine how to execute the plan effectively. A plan that cannot be implemented effectively or does not produce positive outcomes is a failure, no matter how good it sounds on paper. CEOs should be cautious of hiring an external marketing agency solely for its strategy and instead hold them accountable for measurable results that align with their company's goals.
Let's use an example. Suppose you plan to go on a hike. You decide on a great hiking location that will take about an hour to complete. You worked out it would take 40 minutes to get there and noted what you need to take along with you, such as your water bottle and phone. You’re all set. However, 15 minutes into your drive, you get stuck in a traffic jam, which delays your trip by 25 minutes. Then, you find out that the entrance to the hiking location you planned to use is closed, so you have to take an alternate route. When you arrive, you realize there are no parking spaces available, so you must park a little further away, meaning you must walk for 15 minutes before you can even start your hike. While on the hike, you notice it's more slippery than expected, as it had rained heavily the night before. You then find a large fallen tree blocking your hike path, so you have to backtrack to the start of the hike and take an alternate route, which will take you longer than you planned, but you don’t have another option.
A little overboard I know, but you get the idea?
A marketing strategy is like a plan for a journey. You need to know where you're going, the route you'll take, and what you need to bring. However, unexpected hurdles and complications can arise, like on a journey. That's why it's essential to think through and consider any potential issues that may occur during the tactical marketing stage. Unless you plan for any potential problems, your high-level plan will fail. So, take the time to anticipate and plan for any potential issues that may come up.
Adapting to Market Dynamics
Tactical marketing is flexible and adaptive, allowing marketing leaders to quickly adjust to changes in market dynamics, competitive pressures, and emerging trends. This agility is critical to gaining a competitive edge and capitalizing on new opportunities.
Moreover, avoiding falling into the trap of basing your strategy on a 10-year-old marketing model is critical. Even though your marketing team or agency may swear by it, this model no longer supports business growth, given the changes and insights we have today. If you are being sold on a tried and tested, old marketing model, it's time to rethink your marketing leader or firm. Run, run the other way!
Testing, Learning, and Refinement
Marketing ideas don't always result in immediate success. Often, they need to be refined and optimized to achieve the desired outcomes. This is where tactical execution comes in handy, as it provides the perfect testing ground for these adjustments.
By executing tactical initiatives, gathering data, and analyzing performance metrics, marketing leaders can make informed, data-driven decisions. This continuous learning and refinement process is only possible with hands-on execution.
Conclusion: The CEO's Top Priority is ROI
ROI is a metric that resonates deeply with CEOs as it helps measure the actual returns on their marketing investments. While a marketing strategy may set ambitious goals, it is through tactical marketing execution that CEOs can achieve their objectives.
Tactical marketing allows for precise tracking of expenditures and outcomes, enabling CEOs to identify what's working and what's not. Doing so allows them to allocate resources more effectively and make informed decisions that drive business success.