What's Your Strategy to Strategy?

 

Recently I reflected on what makes a good strategy, and not just for the sake of creating one, but the critical components that allow for a successful strategy. I’ve noticed over the last handful of years; the word “strategy” has been used far too loosely. It seems as though strategy has become the new filler for conversation, a way to sound intelligent or informed, but do people understand what makes sound strategy?

Strategy is meant to invoke action and or execution of a plan. Strategy is often used in business, but executing is the key difference between achieving one’s goals or looking down the barrel of empty promises. Strategy must be efficient, effective, and measurable. Throughout my career, I’ve seen marketing teams throw good money after bad ideas. The reason… you guessed it. A lack of strategy. They didn’t step back and ask WHY. “Why” does the consumer care about this product or service? “Why” does the company need to change its business model or culture? “Why” are we solutioning a problem that has yet to be defined? It starts with listening to your sponsors, stakeholders, and customers and asking the difficult question, “why”?

You can’t know all the answers to your customers’ problems unless you ask them “why.” The best strategists I have known throughout my career have been fearless in their pursuit of discovery. You don’t have to agree with every answer, and often, many of the answers you get may not have been thoroughly thought out. It’s okay to disagree with the “why” as long as you have the data to back it up. Ultimately, strategists should use strategy to help guide a conversation and stay focused on the goal. I’ve seen great strategies fail because the proper steps weren’t taken to ensure their success. Before you or the team get ahead of yourselves, think about RACI. If you’re not familiar, Google it, but this will solve many of those issues that surface as a good strategy is kicked off. Who owns or funds the strategy which ultimately requires execution? Who’s quarterbacking, who are the subject matter experts? Who needs to stay in the know? And with the exception of the sponsor or quarterback, think about who the players are throughout the execution of the project. Everyone loves coming up with ideas, but the good ideas don’t come if the team is unwilling to take the time and do the hard work upfront. It takes a team to realize a dream.

I would love to hear from folks regarding their experiences, successes or failures, and what you learned. Have you thought about the RACI when approaching a strategy?

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