Why Marketing And Strategy Are Intertwined
Marketing has always worked in conjunction with a company’s business strategy, which usually entails identifying an unmet need in the marketplace and introducing a product or service to meet that need in a better or new way. After the new market entry, the company must have the ability to talk to potential customers and communicate its value proposition – all core marketing functions. That is what makes marketing so exciting and such an important element for businesses.
Peter Drucker, the father of business consulting, has been quoted saying, “Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”
High praise for marketing from such a great business mind. If there wasn’t pressure on marketing to produce before, there is now.
A solid strategic vision for an organization is essential for effective marketing. Marketers are tasked with telling the story, building brand equity and communicating offerings as well as a company’s mission and values. Gaps or cracks in strategy not only are damaging for the long-term viability of a firm, but also generally get exposed publicly in marketing efforts.
If your marketing and strategy are aligned, customers will have transparency about your company, how it works, and will find value in what you are selling and be excited about engaging with your company.
If you feel like you don’t have a real handle on your company’s strategy, it will show in your marketing. Take the time to either understand it more intimately or work with your leadership team to define those areas of opportunity. It will benefit not just your marketing efforts but also your organization’s sustainablilty.