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Marketing Strategy – Avoiding Shiny Object Syndrome

Marketing Strategy – Avoiding Shiny Object Syndrome

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  • Social media

    Since the inception of marketing, teams have been regularly distracted from solid strategic work to investigate whether to “use” a new strategy.

    In the late 2000s, social media was often the shiny object. Before that, it was the web. If you go back far enough, television was the shining object. Lately, “Go-to-Market” and “DevOps” have become buzzwords.

    While all these tactics and channels have their place, doing something isn’t necessarily the best course of action for a company because it’s new and trendy. Unfortunately, anyone can become a victim of shiny object syndrome. In fact, at some point in our lives, we are almost all guilty of it

    .However, in B2B organizations, it is most damaging when senior team members are the culprits.

    Marketing isn’t the only department under such pressure. Still, since marketing can and should generate revenue for a company, shiny objects syndrome can seriously undermine company goals, leading to team frustration, budget cuts, and even layoffs.

    A common shiny object syndrome scenario

    Your CEO goes to a conference with a marketing track. The manager is not satisfied with the results of the current marketing team or is simply interested in the company growing more rapidly. Instead, they hear a case study of how the “shiny new marketing platform” increased company revenue by X%.

    After the conference, the marketing manager receives an email from the CEO: “I just got back from a conference. ‘New shiny marketing platform’ seems interesting. What are we going to do with it?”

    Panic spreads. The marketing manager goes into a fire-drill mode to determine how the “new brilliant marketing platform” will be implemented without first asking the CEO for a reason.

    The most important thing is to find out why the shiny object is being requested. It is essential to understand the underlying reason for the request. The manager may have legitimate concerns about the results, but another solution may be more appropriate.

    Is the shiny object really for you?

    Ask yourself the following questions:

    • Does the shiny object help our strategy?
    • Is our industry dealing with this shiny object?
    • Will this polished object support or harm our team goals?
    • How hard is it to implement and maintain this shiny object? What are the costs and benefits?
    • Do we have the right team to support the shiny thing?
    • Can we afford to do this properly?

    How to stop panic marketing for shiny object syndrome

    plan

    If you can ask yourself the questions above and make a case for the shiny object, then be sure to integrate the new tactic into your overall strategic plan. Marketing can and should be agile. But even if you think it’s an exciting idea, you need to determine how to implement it and measure it.

    Use this flowchart as a guide whenever you encounter a shiny object and wonder if you should implement it.

    If you’re asking yourself the right questions and don’t like the answers, you need to explain why the shiny object is unsuitable for the company. Then, it would be best to build a case to continue the current path or adjust it.

    Way without the shiny object.

    Your answer to anyone who asks about a shiny object that doesn’t make sense should include:

    • A reminder of your current goals and a confirmation that they are still correct
    • Assess the current strategy and its effectiveness (If your current system is not producing the expected results, it doesn’t mean a shiny object is fixing the problem. Find the real problem and work to fix it!)
    • Assess the shiny object and why it doesn’t fit well (e.g., cost barriers, lack of specialist knowledge, not relevant to your target group).

    As long as your marketing team members ask why they should implement the shiny object, they have a solid strategy aligned with the business goals. In addition, they can measure their production effectiveness, and the shiny object syndrome should be an easy hurdle to overcome.

    Next: Avoid the Pitfalls of Reactive Marketing

    Have you missed Part 1? Could you read it here?

    More resources on Marketing Strategy and Shiny Object Syndrome

    Don’t Give Up Marketing FOMO: Four Steps to Resisting Shiny Object Syndrome.

    The next shiny thing

    The price of chasing the following shiny toy

     

    What are the four types of marketing strategies?

    What is marketing strategy planning?

    How to develop a marketing strategy?

    What should a marketing strategy include?

    What is the five marketing strategy?

    What is a digital marketing strategy?

    • Your marketing strategy provides an overview of why your marketing team will need specific resources, take certain actions, and set certain goals over the year.
    • To help ease some of that uncertainty, we’ve created this guide that’ll show you how to create a marketing strategy that leaves no stone unturned.blog.hubspot.com.
    • Depending on the scale of your business, your marketing strategy may include several moving parts, each with different goals.
    • Now back to this — are you confused about the difference between a marketing strategy and marketing tactics?blog.hubspot.com
    • Marketing strategy is a long-term, forward-looking approach and an overall game plan of any organization or any business with the fundamental goal of achieving a sustainable competitive advantage by understanding the needs and wants of customers.
    • And if you want to read up on marketing strategy, check out our list of the best marketing strategy books.mayple.com.
    • Marketing strategy highlights the role of marketing as a link between the organization and its customers. Marketing strategy is a process that can allow an organization to concentrate its limited resources on the most significant opportunities to increase sales and achieve a sustainable competitive advantage.en.wikipedia.org.
    • Once you’ve answered these questions, you’ll be in a fantastic position to start building your company’s marketing strategy. Like a marketing plan, your marketing strategy should cover the five “Ps” of marketing […]sixads.net

    used strategies

    • What do business professionals think about different marketing strategies?
    • To reach consumers? Curious about what business professionals think of varying
    • marketing strategies.weidert.com
    • Let’s establish what we mean when we use “marketing strategy.”
    • Every business needs a marketing strategy; however, creating one from scratch is more accessible than done.coschedule.com.

     

    examples

    • Most businesses (and especially startups) can’t afford to hire a digital marketing specialist in-house, so they use the services of freelancers or digital agencies. For example, a business could have a content strategy for their social media channels or search engine optimization, and then they could have specific tactics they execute for each channel.mayple.com.
    • Key Ideas: Each business is unique, and there can be no formula for achieving competitive advantage; firms should adopt a flexible planning and review process that aims to cope with strategic surprises and rapidly developing threats; management’s focus is on how to deliver superior customer value; highlights the critical role of marketing as the link between customers and the organization.
    • “Essentially a formula for how a business will compete, what its goals should be and what policies will be needed to carry out these goals.” […]en.wikipedia.org
    • Even small businesses need marketing to build brand awareness and get people interested.sixads.net.
    • Fosters clear communication — buyers can plainly state their needs, and businesses can more readily understand and assist since there is the appropriate context around the request […]weidert.com
    • Without understanding where your business fits in the market, your target customers, and how best to reach them before your competition, you risk spinning your wheels and failing to grow your business.
    • Every business needs a marketing strategy; however, creating one from scratch is more accessible than done.coschedule.com.

    Content

     

    • User-generated content is one of the best ways to gain traction in your strategy.
    • Now, you must decide which content is going to help you.blog.hubspot.com.
    • And when this content is search engine optimized (SEO), it can boost your search and organic traffic.
    • Content helps convert your website visitors into leads and customers while improving your brand’s online presence.blog.hubspot.com.
    • Content provides a way for users to find your product or service online.
    • Influencer shots are paid media (like ad campaigns), while user-generated content (UGC) is earned media.mayple.com.
    • Since ongoing communication, content can be tailored to reflect what you learn about leads over time. It may include varied formats like infographics, webpages, podcasts, videos, blogs, white papers, webinars, and eBooks.weidert.com.

    Product

    • If one of your persona’s challenges is adding clean sound effects to their videos, but you don’t have any content that reflects that, make a 15-second video for Instagram to show how unique your product is at solving that challenge.blog.hubspot.com.

    Product

    • In a 34-second clip, the brand showed how their product performed before and how it now functions following some material changes.
    • Goals: Depending on what challenge your product or service solves, you may already have a good idea of the goals of your buyer persona.blog.hubspot.com
    • Their products are fully sustainable and made of wool and bamboo, and their branding is impeccable.
    • They lose track of the target audience and the primary pain points their product solves for the customer.m.ayple.com.
    • Weaknesses: Where is your product or service vulnerable to the competition?
    • Strengths: What does your product or service do best?coschedule.com

     

    Promotion

    • While the brand may have created the guide specifically for paid promotions, it could also repurpose a high-performing blog post into a downloadable ebook.blog.hu.bspot.com.

    Digital market

    • In a 34-second clip, the brand showed how their product performed before and how it now functions following some material changes.
    • itrefers to the digital assets your brand or company owns — your website, social media profiles, blog content, or imagery.blog.hu.bspot.com.

    High level

    • Sure, you can push out a campaign that speaks high of your product. You can put money towards great promotions to spur positive reactions, but free speech is free at the end of the day. Moreover, with the unparalleled power of social media and review sites, it is not very smart and foolish for a brand to center its entire marketing strategy and place all of its trust in referral marketing.
    • People can indeed make referrals of their own accord, but some brands do what’s known as ‘seeding,’ where a kind of ‘buzz’ is created, and consumers are encouraged or influenced to reference a company.info.hurree.co positively.
    • Besides the humor and the spunky brand personality, the brand has taken advantage of this concept of transparency. As a result, the brand has a quirky voice, and its values are transparency, sustainability,y, and comfort.m.ayple.com.
    • Spotify’s critical marketing efforts focus on how the brand differs from other services, allowing users to discover new music quickly and even filter tracks and genres.
    • It could incorporate discount codes, summer sales, and referral programs, or you could even let your brand, product, or service speak for itself. I’m hoping to build awareness.s.ixads.net.
    • The brands lend their collective credibility to increase the perception of the product or service’s value, so consumers are more likely to pull to pay more at retail.
    • Co-branding is a marketing methodology in which at least two brands join together to promote and sell a single product or service.we.idert.com.
    • You have goals your team needs; you meet and know the channels where your brand will be active and the tactics you’ll execute. Every brand has a voice, and it impacts how potential customers.cosch.edule.com perceives everything you do

     

    • Your marketing plan is the specific actions you’ll take to achieve that strategy.
    • There acriticalseven critical steps to crafting a successful marketing strategy: Build your marketing plan, create your buyer personas, identify your goals, select the tools, review your existing resources, audit and plan a media campaign, and lastly, execute your strategy.blog.hu.bspot.com.
    • These aren’t strategies; these are particular ways to grow your sales, which would all be included as more extensive a larger set of marketing strategies inside your marketing plan.m.ayple.com.
    • The 4P’s of the marketing mix (Price, Product, Place, and Promotion) represent the tools marketers can leverage while defining their marketing strategy to create a marketing plan.en.wiki.pedia.org.
    • Although “marketing strategies” might seem relatively straightforward, there can often be confusing when establishing whether you’re creating a marketing strategy, marketing plan, or marketing tactic.
    • Like a marketing plan, your marketing strategy should cover the five “Ps” of marketing […]sixads.net
    • Click or scroll to learn about the strategies that match your business situation and explore the best approaches to deploy for your business’s marketing plan.we.idert.com.

     

    • Digital marketing campaigns are your digital marketing strategy’s building blocks and actions that move you toward a specific end goal.
    • Similar to marketing strategies versus marketing tactics, “digital marketing strategy” and “digital marketing campaign” are also often interchanged.blog.hubspot.com
    • If you’re a company/startup owner or marketer, you need an excellent digital marketing strategy to hit your goals.
    • The top digital marketing strategies change with the consumer and technology trends of the day.m.ayple.com.
    • Whatever your goals are, having them laid out as part of your digital marketing strategy is essential.
    • If it’s online, it should be covered by your digital marketing strategy.s.ixads.net.
    • Digital Marketing Strategy: Could encompass all digital marketing (e.g., PPC, SEO, paid and organic social media, email — all things digital).coschedule.com

     

    • This approach provides a structured timeline for your activity which will help communicate plans among colleagues.
    • While a spreadsheet can be efficient for mapping your digital marketing strategy, that approach can quickly become messy and overwhelming.blog.hu.bspot.com.
    • Yet others point to research showing that many practitioners find the approach overly theoretical and not applicable to their business.
    • The approach became known as the positioning school because of its emphasis on locating a defensible competitive position within an industry or sector.en.wiki.pedia.org.
    • Take a look at three different brands and how their approach drove their success — all understood their customer’s actual needs, their products’ place in the market, and how to meet those needs in ways their competition hadn’t considered.cosch.edule.com.

     

    • At this point, you have your brand story, value-to-market-to-market strategy, and a professional to run your marketing efforts.
    • Targeting is where you determine which customer segment you want to focus your marketing efforts on.m.ayple.com.
    • Although internal marketing will be less vital for SMBs, it can be a critical part of the marketing efforts for large companies.
    • It’s similar to the marketing strategies you would expect to see in a news or media organization and can be essential for brand publishers or advertisers to keep their marketing efforts and ideas in focus.s.ixads.net.
    • Ready to ramp up your marketing efforts but unsure of where to begin?
    • It’s much more strategic, using methods like online retargeting to personalize marketing efforts.we.idert.com.

     

    • Social media marketing is a vital part of any digital inbound marketing strategy, and there are many things that you could do.
    • It is a critical point to consider before executing your inbound marketing strategy.m.ayple.com.
    • Email marketing can be an excellent example of an inbound marketing strategy.
    • An inbound marketing strategy is about pulling customers in and driving traffic to your website or products.s.ixads.net.
    • Inbound Marketing Strategy: This encompasses strategies that pull customers in — rather than using disruptive tactics, such as traditional advertising.coschedule.com

     

    • This process involves much of the same process: You need to evaluate your existing paid media across each platform (e.g., Google AdWords, Facebook, Twitter, etc.) to figure out what’s most likely to help you meet your current goals.blog.hu.bspot.com.
    • What process does she go through in this stage?mayple.com?
    • Essentially, a company buys or “sponsors” a link that appears as an ad in search engine results when keywords related to their product or service are searched (this process is commonly known as search engine marketing or SEM).weidert. com

     

    • Sometimes marketers and eCommerce owners get lost in the weeds, in the bits and bytes.m.ayple.com.
    • Simultaneous customer lifetime value models can help marketers conduct “what-if” analyses to forecast what potential scenarios arise from possible actions and gauge how specific actions might affect such variables as the revenue-per-customer and the churn rate.en.wiki.pedia.org.
    • And the research backs this up, with 313% of marketers being more likely to report success when they have a documented marketing strategy than those without.s.iResearch research from CoSchedule in 2019 showed that marketers who document process are 313% more likely to say their work is practical.
    • People commonly think this equals strategy: the “stuff” that marketers create, rather than the planning behind it.cosch.edule.com.

     

    • But the benefits don’t stop at SEO.blog.hubspot.com.
    • A disadvantage of using a diversification strategy is that the benefits could take a while to start, leading the business to believe the system strategy is ineffective.
    • Another benefit of using this strategy is that it leads to a larger market for merged businesses. It is easier to build a good reputation for a company when using this strategy.en.wiki.pedia.org.

     

    • buyer persona is an example of your ideal customer.
    • There acriticalseven critical steps to crafting a successful marketing strategy: Build your marketing plan, create your buyer personas, identify your goals, select the tools, review your existing resources, audit and plan a media campaign, and lastly, execute your strategy.blog.hu.bspot.com.

     

    Template

    • Buyer personas represent your ideal customer(s) and can be created by researching, surveying, and interviewing your business’s target audience.
    • Organize your audience segments and make your marketing stronger with templates to build your buyer personas.blog.hubspot.com
    • Building buyer personas: These are essentially character descriptions of either an average or ideal customer.coschedule.com

     

    • A buyer persona is an example of your ideal customer.blog.hubspot.com.
    • Buyer personas represent your ideal customer(s) and can be created by researching, surveying, and interviewing your business’s target audience.blog.hubspot.com.
    • Now that you’ve identified your perfect customers, will you go to reach them?
    • The second tool we recommend for you is defining your personas – or in other words, asking who your ideal customer, your target customer, is to the smallest details.m.ayple.com.
    • Building buyer personas: These are essentially character descriptions of either an average or ideal customer.coschedule.com

     

    • At this point, your market research and planning should help you visualize how your strategy will be executed – and by which teams.
    • Use SEMRush for PPC, building and measuring an effective social media strategy, content planning, and even market research.blog.hu.bspot.com.
    • As part of your market research, you should also investigate where your customers spend their time online and offline.s.ixads.net.

     

    • Stick with it (and use some of the resources we’ve included in t. Over and over time, research and customer feedback will help you refine your strategy to ensure you’re spending most of your time on the marketing channels your audience cares about a suitable the suitable template can help you build a marketing plan that identifies your budget for the year, the initiatives your marketing organization needs to tackle, and the marketing channels you’ll use to implement those initiatives.blog.hu.bspot.com
    • We’re on the digital marketing portion. Hide. It contains three parts – deciding on your creative & messaging, selecting the marketing els you’ll be using, and deciding on a strategy and a marketing budget for each channel.
    • The STP framework helps brands identify the marketing channels and strategies required to market their product or service to their customers.m.ayple.com successfully.

     

    • Do you want to drive more website traffic?sixads.net?
    • Search engine marketing, or SEM, is tool companies use to grow their website traffic through paid online advertising.
    • Social media marketing focuses on providing users with content they find valuable and want to share across their social networks, resulting in increased visibility and website traffic.we.idert.com.

     

    • A guiding policy for dealing with the challenge […]blog.hubspot.com
    • “Essentially a formula for how a will compete, its goals, and what policies will be needed to carry out these goals.” […]en.wikipedia.org
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