values

Is a Company Mission/Vision Statement as Useful as a Marketing Strategy?

??????????????????????????????????????????????????????????????????????????????????????Ideally, to be successful in business you need to have mission and vision statements, as well as a marketing strategy. They are all equally important as they are all powerful sign-posts to provide clear and succinct directions. The mission and vision statements are focused on the purpose and aspirations of the company, while a marketing strategy focuses on highlighting what is unique about your company to a targeted audience.

Unfortunately, mission and vision statements are often confusing or too generic, mixing values, aspirations, philosophies, strategies and descriptions. Let’s be clear about the difference between a mission and a vision statement:

  • A mission statement articulates the purpose of the company, why it exists, and what it does and for whom. It should serve as an ongoing guide that spells out what the company is all about. The mission should focus on the here and now.
  • A vision statement outlines the goals and aspirations for the future. It creates a mental picture of a specific medium-term target and should be used as a source of inspiration.

With those definitions in mind, I have outlined below what I believe to be the reasons why having all three of these documents written down and adhered to is essential to helping you clearly define your goals, objectives, audience and value both internally and externally.

Mission and Vision Statements are commonly used to:

Internally

  • Guide management’s thinking on strategic issues, especially during times of significant change
  • Help define performance standards
  • Inspire employees to work more productively by providing focus and common goals
  • Guide employee decision making

Externally

  • Enlist external support
  • Create closer linkages and better communication with customers, suppliers and alliance partners
  • Serve as a public relations tool

A Marketing Strategy is commonly used to:

  • Define what makes your service/product unique (besides price)
  • Create a Unique Selling Proposition
  • Define key target audiences for specific services or products you offer and where they are
  • Define what types of marketing tactics can be used to attract your key audiences
  • Define what your company values and how that relates to your audiences’ values
  • Define the frequency of the marketing tactics
  • Define measurement for each of the tactics for ROI tracking

I find that a good way to start the process of creating these key pieces of business documentation is to ask key people in your organization to answer the following questions:

  • For Mission (or Purpose): What is the core purpose of the organization? What do we do and for who?
  • For Vision (or Ambition): Where do we want to be in 5 or 10 years time? What are our aspirations?
  • For Marketing Strategy: What makes your service/product stand apart from the competition?

 

Do you feel your corporate mission statements and marketing strategy are useful, or do you disagree with me and feel (even well crafted) vision and mission statements and marketing strategies are not necessary/useful? Please share you views in the comments below!

Would you play football without a strategy?

Marketing StrategyAs I watched my son’s football game this weekend, I was struck with how important it is to have a solid strategy to win the game.

I know many would debate whether the game is won by good defense or a strong offensive line, but these are mere executables – the game, very few can deny, is won on the best game strategy.

Imagine a game with no strategy, with players not knowing their position or their objective. I can’t imagine that game being very successful.

Growing your company requires having a winning marketing strategy, yet surprisingly not all companies have one. Instead, many have a list of tactics or “plays” they should have and then execute on them. Often through sheer luck, the “play” or marketing tactic is successful in the short term, but over the long term of a game or of a business quarter, the tactics run thin and the result is a loss.

To win the season, coaches will set a strategy, which will be tweaked depending upon the battle on the field. Similarly in business, if you want long-term gains, then creating a strategy is the only way to go.

Your marketing strategy should be to influence both existing and prospective customers that your business offers something unique or special – differentiating you from the crowd. If you fail to persuade people that your service is unique or offers “additional value”, then your customers’ buying decision may simply come down to price alone.

A focused marketing strategy depends on continually explaining and emphasizing how and why your business is not only reliable and represents good value, but is also different (read better) from the competition in subtle and genuine ways.

With a strategy in place, you could have a year like the Patriots did in Super Bowl XXXVIII! In business, your marketing strategy will lead you to create and implement marketing campaigns and tactics that stay focused on the needs of the target customer, with an emphasis on continuously communicating the benefits of your services over those available from the competition. Do I hear touchdown in your future?

What do you think? Do you have a professionally written marketing strategy that you follow in your business? If not, what’s stopping you from creating one? I look forward to your comments below.