‍The Problem:

Many brands dive into strategies without fully understanding what they aim to achieve.

For example, while working with a client to launch a loyalty program, we focused on key goals like increasing sign-up rates and improving retention through the program’s value. These were the primary metrics for the business. However, after further discussions, the goal shifted to focus on community building. While this is a valid objective, it required a completely different strategy.

This shift occurred because the key performance indicators (KPIs) were not clearly defined from the beginning. Setting a goal without specific KPIs leads to frustration, constant reworking of strategies, and a lack of direction.

One reason for this is that many brands don’t have clear data to inform their strategies, leading to frequent changes in strategic leadership and guesswork. Another common issue is that while data may be available, brands often struggle to extract meaningful insights. Without understanding the story the data tells, it’s hard to know which strategy to follow.

Why This Matters for Medium-Sized Brands:

From my experience navigating various challenges, the ultimate success for strategy starts with clarity and alignment. Unclear objectives result in wasted time, reworking efforts, and missed growth opportunities.

This risk is even higher for medium-sized brands. In a market where consumers are overwhelmed with options, these brands must stand out by being crystal clear about their value proposition. While luxury brands like Tiffany & Co. can rely on exclusivity, medium-range brands need to be more strategic in turning their objectives into compelling campaigns.

Key Takeaways:

To build a successful strategy, brands need a deep understanding of their positioning and the value they offer. This begins with setting clear KPIs and using data-driven insights to guide decision-making. These insights will determine the tactics and actions required to reach the desired outcomes.

My Advice for Medium-Sized Brands:

1. Set clear goals and KPIs: Define what success looks like and how to measure it before building the strategy.
2. Build a strategy based on data: Use customer and sales data to find the story behind the numbers. Strong analysis will help uncover the right opportunities which can be the foundations for your strategies.
3. Execute your strategy with activations: Once you have your strategy, move forward with campaigns and marketing efforts. These can be fine-tuned along the way, especially with AB tests, but your overall strategy, driven by data, should remain steady.

Conclusion:

The most important lesson here is the need for clear objectives in your strategy, especially for medium-sized brands. By using data effectively and aligning your goals with insights, you can stay ahead and create powerful strategies that drive growth.

If you need help defining your strategy or figuring out how to leverage your data, feel free to reach out!