In a phone conversation with a potential new client we discussed strategy alignment with implementation. I mentioned how important it is to have marketing strategies that align with objectives and goals as well as the market research. The client said, “We don’t need strategy, we just need ideas.” I knew then that this was not a potential new client, this was a potential new disaster.
Ideas are great, don’t get me wrong, but what most businesses need are ideas that work. I’ve rarely seen companies that lack for ideas but they do have a significant lack of focused strategy. Generating ideas and developing innovation is fun, but does it generate business success? Chasing new ideas can create a cycle that ultimately ruins a perfectly good idea. Companies that chase after every new and innovative idea quickly run through resources and rarely end up with any measured success.
A 2017 Innovation Benchmark Report published by PriceWaterhouseCoopers (PwC), points to a need of most growth companies to focus on sales growth as a measure of innovation success. While many companies may be more interested in generating new products and focusing on new ideas, those metrics don’t necessarily align with strategy.
Don’t stifle innovation, rather balance it with good strategy. So, how do you sift through the ideas and get to the strategy that aligns with objectives that foster business growth? Simple: Start at the beginning and ask the careful questions. Where are we? Where do we want to be? How will we get there?
In a 2015 Entrepreneur article 7 Key Steps to a Growth Strategy That Works Immediately, Rob Biederman reminds us of what it takes to get results – a carefully crafted strategy that has ideas that work towards company objectives. The key drivers of good marketing are also what works to create a profitable business. Every business must evolve and change but the evolution requires research, consideration, and planning. Chance is a big gamble in business. Make a plan and work the plan. Turn your ideas into working strategy.