4 Steps to Premium Strategy for Premium Brands
Product innovation? Check.
Secured distribution? Check.
Market Need? Check.
Competitive Position? Check.
Appropriate Price? Check.
Now what? Cue the first planning meeting….
Well, definitely a website.
Yep, and we’ve got to have good sales collateral for the trade.
We won’t sell anything without some awareness. How ‘bout a TV spot! No, wait, radio is cheaper. Or maybe a billboard? Those digital ones might be cheap…
Yeah, yeah, let’s do that! But wait, it won’t look cheap, right? I mean, we’re more premium than the cheap stuff…
What about a sales promotion? Or a sponsorship of something cool. No, I’ve got it — a promotion that leverages a sponsorship of something cool.
Yeah, with a viral video so we don’t have to pay for it!
Yeah! You know all social media is free, so we should definitely get on Facebook and Twitter too.
But we’ve got to track everything back to sales. We can’t do that without paying for social media, can we…
If you’re reading this blog, you have probably been in that meeting more times than you can remember. The organization is ready to launch a new product, steal market share, increase margins, etc., so the marketing team gets together to brainstorm. Everything is ready to go, and everyone just has to figure out how to tell the market that we are here to serve its unmet need.
It’s exciting! The possibilities are endless, and we all know that during a brainstorm “there are no bad ideas.” It’s fun! No spreadsheets here—just a whiteboard, some unhealthy snacks, excessive caffeine intake and the group’s collective imagination. Often times several good ideas come from these sessions, and the group leaves excited about the possibilities of putting together our new campaign.
Then the questions begin:
- How much of this can we afford?
- Our brand is premium. Are we doing things that a premium brand would do?
- What will management think?
- How can we sell in the new ideas?
- What’s the ROI? Can we even measure that for everything in our plan?
- Are there other metrics besides ROI that are important this year?
- Will all of this really help us meet our objective? Really?
At Warren Douglas, our strategy team guides premium brands through a deceptively simple four step process to answer these types of questions and provide a roadmap that shows the path from objective to tactics. Without a lot of detail, the four steps are as follows:
- Define the Core Objective
- Identify Measurable Goals
- Articulate Strategies
- Align Tactics
Check back to hear how these four steps can help make a strategy work for a premium brand—perfect for the proactive brand manager.
Question of the day: What have you found to be effective in making sure tactical plans will ultimately support the larger corporate objective for the upcoming plan?