The OGSM framework is a means of creating a well-structured and actionable marketing strategy. Fundamentally, the OGSM framework allows businesses first to define what they want to achieve and then determine how they will get there. To provide direction for marketing teams, the acronym of OGSM (objectives, goals, strategies, measures) should be followed in sequential order. Here is a look at each in more detail.
Aspect
Description
Definition
The OGSM Framework, which stands for Objectives, Goals, Strategies, and Measures, is a management and strategic planning tool used to align an organization’s objectives with specific goals, strategies for achieving those goals, and the measures used to track progress and success. It provides a structured approach to translating high-level vision and mission into actionable plans.
Origin
The OGSM Framework has its roots in management and strategy development practices and is widely used in various industries and organizations worldwide. It is a versatile tool that can be adapted to suit the specific needs and goals of different businesses and sectors.
Structure
OGSM consists of four key components: – Objectives: High-level statements that describe what the organization aims to achieve. – Goals: Specific, measurable targets that support the objectives and define desired outcomes. – Strategies: The approach, plans, or actions that will be taken to achieve the goals. – Measures: Quantifiable metrics used to track progress and evaluate success in reaching the goals.
Purpose
The primary purpose of OGSM is to provide a structured and visual framework for strategic planning, execution, and performance management. It helps organizations articulate their strategic direction, define concrete goals, develop actionable strategies, and establish clear measures for tracking progress toward achieving those goals.
Application
OGSM is applied in various organizational contexts, including business, nonprofit, government, and startups. It is used for strategic planning, performance management, project management, and goal alignment. Organizations of all sizes and industries use OGSM to communicate and execute their strategies effectively.
Benefits
– Clarity: OGSM provides a clear and concise representation of an organization’s strategic direction. – Alignment: It ensures alignment between objectives, goals, strategies, and measures, fostering a common understanding among stakeholders. – Accountability: OGSM assigns responsibility for goals and strategies, enhancing accountability. – Measurability: The framework includes measurable metrics to track progress and success. – Adaptability: It can be adjusted as circumstances change or new opportunities arise.
Challenges
– Complexity: Developing an effective OGSM framework can be complex, particularly for large organizations or those with diverse operations. – Data Availability: Obtaining accurate and timely data for measuring progress can be challenging. – Execution: Implementing the strategies and achieving the goals can be challenging and may require adjustments over time.
Notable Users
OGSM is used by a wide range of organizations, including multinational corporations, small and medium-sized enterprises (SMEs), government agencies, and nonprofit organizations. Notable users and proponents include companies like Procter & Gamble and Coca-Cola.
In addition to marketingstrategy, the OGSM framework can also be used for broader strategic planning, product development, and sales.
While it is unclear who developed the OGSM framework, many believe it was first used by Japanese corporations in the 1950s and has its roots in Total Quality Management (TQM).
The framework arrived in the United States in the 1990s and was subsequently modernized by Procter & Gamble. Then CEO A.G. Lafley, who was credited with turning P&G around, recognized the need for a comprehensive tool that would align the company’s strategic objectives with its day-to-day operations.
Lafley led the development of the OGSM framework which meant P&G could prioritize its objectives, set specific and measurable goals, develop strategies to achieve those goals, and track progress via key performance indicators.
It was also seen as a way for the company to start a discussion about its strategic direction and bridge the gap between strategy and execution.
The OGSM framework ultimately became an essential part of Procter & Gamble’s ability to manage its global operations.
It also enabled the company to focus on its core brands and competencies, streamline operations, and deliver consistent growth and profitability.
Procter & Gamble’s version of the OGSM framework is, ideally, a one-page strategic document that succinctly outlines goals, strategies, plans, and measures.
It has since been adopted by other Fortune 500 companies such as Honda, Mars, MetLife, Starbucks, and Converse.
The four components of the OGSM framework
Objectives
In the first step, the overall objective should be defined.
The objective should be related to the purpose of the business, or its company mission and brand values.
For example, a business that offers corporate wellness training might have the objective of creating content around a healthy work/life balance.
The marketingstrategy may then seek to educate senior management on designing and implementing a wellness program across the entire organization.
Goals
To have a realistic chance of achieving the objective, it should be broken down into smaller goals.
Importantly, the goals must be clear and concise and easily trackable.
The corporate wellness company might aim for 2,000 website visitors a month, with 15% of those purchasing the program through an email marketing campaign.
Alternatively, the business may have a goal of directly contacting 300 other businesses per month and converting 5% of them to the wellness product.
Strategies
Strategies explain how the goals might be achieved.
To convert the 15% of website users into paying customers, the corporate wellness company needs to think about developing a buyer persona, hiring a copywriter, and creating targeted landing pages – among other things.
Measures
Measures help ensure that a business is moving toward its goals in a timely fashion.
In other words, measures are numerical benchmarks that use key performance indicators to provide guidance on strategy effectiveness.
The corporate wellness company might need six months of email marketing to convert enough clients to be profitable.
If that number of clients is 600, then the business can set a measure of at least 100 new clients per month.
How to create an OGSM strategy
Here is a general, four-step approach to creating an OGSM strategy.
Step 1 – Business assessment
The first step in any strategic planning process is an honest, objective assessment of the business. It is important to evaluate internal and external factors and use data to identify trends, potential opportunities, and areas where there is room for improvement.
Key assessment areas include:
Leadership.
Customers and competitors.
Growth, productivity, and resources.
People and culture.
Macro trends.
Process and information.
Organizational structure.
Strategy and investments, and
Strengths, weaknesses, opportunities, and threats.
The data from these assessment areas should serve as the foundation for the OGSM framework.
Step 2 – Define a future state
Next, it is time to define a future state based on the objectives and goals components of the framework. Together, these components help the company define its vision for success over the next 3 to 5 years.
The development of the business’s future state should be collaborative, inclusive, and multi-disciplinary. It is also important the objectives are aspirational but achievable.
Step 3 – Develop and prioritize the plan
To complete the one-page OGSM outline, the company needs to define strategies and measures.
The former can be devised by the team moving back to step one and prioritizing a list of six to eight strategies. In general, the shortlist should contain initiatives that address growth opportunities, take advantage of strengths, or close capability gaps.
Strategy development sessions can be exhaustive and may need to occur over multiple days with the team also convening to discuss key details and metrics.
Step 4 – Strategic plan alignment, execution, and management
In the final step, the plan must be executed organization-wide. Ideally, the work should be cascaded across the daily activities at various functions and levels.
This approach ensures the goals and strategies of each are linked and able to be tracked with measures related to the work in question. It also ensures that the broader strategic vision of the company does not change during the process itself.
Some also recommend that a management routine be established with meeting cadence and progress tracking. Routine activities can include:
Monthly progress meetings with initiative-based teams.
Biannual or annual meetings with leadership teams.
Consistent, periodic communication from leadership to managers and subordinates on organizational progress.
Lastly, it is important to establish charters that clarify what it means to accomplish a task or initiative and ensure work remains aligned with strategy. Details may include potential barriers, key milestones, required resources, and action plans.
When implemented correctly, alignment, execution, and management focuses the entire organization, drives a certain narrative, and alters the way the organization speaks or the language it uses.
Advantages of the OGSM framework
Short and simple
The OGSM framework is a short, simple, and concise one-page plan that is visible in the sense that it is easy to understand across all levels of an organization.
Goals linked to specific actions
Goals are explicitly linked to specific actions, which increases the chances that performance standards are met.
Adapted to context change
If conditions in the market or within an organization change, the OGSM framework can be adapted to suit.
Disadvantages of the OGSM framework
Negotiate competing goals
In some cases, the framework requires a degree of upfront cooperation as stakeholders negotiate competing goals and interests.
Large commitment
The OGSM framework also requires a large commitment of approximately 5 years, which may be unsuitable for businesses needing to react quickly to fluctuating internal or external factors.
Strong leadership
The framework is reliant on strong leadership to ensure buy-in from all relevant stakeholders.
When to Use the OGSM Framework:
The OGSM framework is valuable in various scenarios within an organization:
1. Strategic Planning:
It is used for creating and communicating strategic plans that align with the organization’s mission and vision.
2. Goal Setting:
The OGSM framework helps set clear and measurable objectives and goals for various functions and teams within the organization.
3. Performance Measurement:
Organizations use OGSM to establish key performance indicators (KPIs) and measures to track progress toward strategic objectives.
4. Alignment and Communication:
The framework ensures alignment of goals and strategies across departments and facilitates communication of the strategic plan to all stakeholders.
How to Use the OGSM Framework:
Implementing the OGSM framework effectively involves several key steps:
1. Define Objectives:
Clearly define the overarching objectives that the organization aims to achieve. Objectives should be specific, measurable, achievable, relevant, and time-bound (SMART).
2. Set Goals:
Break down the objectives into specific and measurable goals. Each goal should contribute directly to achieving the corresponding objective.
3. Develop Strategies:
Identify the strategies or initiatives that will help accomplish the defined goals. These strategies should outline the actions and approaches to be taken.
4. Define Measures and KPIs:
Establish key performance indicators (KPIs) and other measures to track progress toward achieving the goals. Ensure that the measures are aligned with the objectives and goals.
5. Allocate Resources:
Allocate the necessary resources, including budgets, personnel, and technology, to support the execution of the strategies.
6. Implement and Monitor:
Execute the strategies according to the plan and continuously monitor progress. Regularly review KPIs and make adjustments as needed.
7. Communicate and Engage:
Communicate the OGSM plan and progress to all relevant stakeholders within the organization. Engage teams and individuals to ensure alignment and commitment.
What to Expect from Implementing the OGSM Framework:
Implementing the OGSM framework can lead to several outcomes and benefits:
1. Clear Direction:
The framework provides a clear strategic direction for the organization, helping all stakeholders understand the objectives and goals.
2. Alignment:
It ensures alignment of objectives, goals, and strategies across the organization, reducing conflicts and enhancing collaboration.
3. Measurable Results:
OGSM encourages setting measurable goals and KPIs, making it easier to track progress and evaluate the success of strategies.
4. Accountability:
By assigning specific goals and responsibilities, the framework promotes accountability among teams and individuals.
5. Effective Resource Allocation:
Organizations can allocate resources more effectively by focusing on strategies that directly contribute to achieving objectives.
6. Adaptability:
The structured approach of OGSM allows organizations to adapt and respond to changing market conditions and priorities more efficiently.
OGSM framework case study
Take the case of a company that is trying to increase revenue by 10%, which will be supported by the launch of a new product.
The strategy to archive that will be to launch a new marketing campaign which will be measured by tracking the sales of the new product lines.
Thus, this is how the OGSM framework will be structured:
Objective: launch a new product line.
Goal: target a 10% revenue increase next year.
Strategy: develop a marketing campaign for the new product.
Measure: enable a tracking systemto check the sales coming in from the new product line.
Key takeaways
The OGSM framework defines actionable marketing strategies with quantifiable success metrics.
The OGSM framework is an acronym for objective, goals, strategies, and measures. As the business works through each step to create a strategy, the level of detail and specificity increases.
The OGSM framework is effective and simple to understand. But it does require strong leadership over the log-term to keep stakeholders engaged and working toward a common goal.
Key Highlights
OGSM Framework Overview:
The OGSM framework is a structured approach to creating actionable marketing strategies.
OGSM stands for Objectives, Goals, Strategies, and Measures.
It helps businesses define what they want to achieve and how to get there.
Applicability Beyond Marketing:
The OGSM framework is not limited to marketing; it can be used for broader strategic planning, product development, and sales.
Origin and Evolution:
The origins of the OGSM framework are believed to date back to Japanese corporations in the 1950s, rooted in Total Quality Management (TQM).
Procter & Gamble (P&G) modernized the framework in the 1990s, under the leadership of CEO A.G. Lafley.
P&G used the OGSM framework to align strategic objectives with day-to-day operations.
OGSM Components:
Objectives: Defining the overarching purpose or mission that the business aims to achieve.
Goals: Breaking down objectives into specific, measurable, and trackable targets.
Strategies: Outlining the plans and approaches to achieve the set goals.
Measures: Establishing numerical benchmarks and key performance indicators to track progress.
P&G’s Influence and Adoption:
P&G’s version of the OGSM framework is a concise one-page strategic document.
Other major companies like Honda, Mars, MetLife, Starbucks, and Converse have adopted the OGSM framework.
Creating an OGSM Strategy:
Step 1: Business Assessment – Evaluate internal and external factors, strengths, weaknesses, opportunities, and threats.
Step 2: Define a Future State – Establish objectives and goals for the next 3 to 5 years collaboratively.
Step 3: Develop and Prioritize the Plan – Define strategies and measures to achieve goals.
Step 4: Strategic Plan Alignment, Execution, and Management – Cascade the plan throughout the organization, establish routines, and maintain alignment.
Advantages of OGSM:
Short and Simple: The concise format is easily understood across all levels of an organization.
Goals Linked to Actions: Clear linkages between goals and actions increase the likelihood of meeting performance standards.
Adaptability: The framework can be adapted if conditions change.
Disadvantages of OGSM:
Negotiating Competing Goals: Stakeholders may need to negotiate competing goals and interests upfront.
Long-Term Commitment: The framework requires a commitment of approximately 5 years, which may not suit businesses needing quick reactions.
Strong Leadership: Effective implementation depends on strong leadership for stakeholder buy-in.
Case Study Example:
Objective: Launch a new product line.
Goal: Achieve a 10% revenue increase in the next year.
Strategy: Develop a marketing campaign for the new product.
Measure: Implement a tracking system to monitor sales from the new product line.
Key Takeaways:
OGSM framework offers actionable strategies with quantifiable metrics.
The framework progresses from objectives to goals, strategies, and measures.
Strong leadership is essential for long-term engagement and goal alignment.
Related Frameworks
Description
When to Apply
OGSM Framework
OGSM (Objectives, Goals, Strategies, Measures) is a strategic planning framework that helps organizations align their objectives with actionable goals, strategies, and measures. It provides a structured approach to setting priorities, allocating resources, and monitoring progress towards achieving strategic objectives.
When developing strategic plans, setting organizational objectives, defining key goals and strategies, or establishing performance measures to track progress and ensure alignment with organizational priorities.
Balanced Scorecard (BSC)
BSC is a strategic management framework that translates an organization’s vision and strategy into a set of balanced performance measures across four perspectives: financial, customer, internal processes, and learning and growth. It helps organizations monitor performance and align strategic objectives with operational activities.
When aligning strategic objectives with key performance indicators (KPIs), assessing organizational performance, or communicating strategy and performance metrics to stakeholders across the organization.
Hoshin Kanri (Policy Deployment)
Hoshin Kanri is a strategic planning methodology that focuses on aligning organizational goals and objectives with actionable plans and initiatives. It emphasizes continuous improvement, cross-functional collaboration, and the use of PDCA (Plan-Do-Check-Act) cycles to drive strategic execution.
When cascading strategic objectives throughout the organization, aligning departmental goals with organizational priorities, or implementing continuous improvement initiatives to achieve strategic objectives.
SWOT Analysis
SWOT Analysis is a strategic planning tool used to identify an organization’s strengths, weaknesses, opportunities, and threats. It helps organizations assess internal capabilities, external market dynamics, and competitive positioning to inform strategic decision-making and goal setting.
When conducting strategic assessments, identifying key drivers and barriers to success, or formulating strategies to capitalize on strengths and opportunities while mitigating weaknesses and threats.
Scenario Planning
Scenario Planning is a strategic foresight tool that involves identifying and analyzing multiple plausible future scenarios to anticipate uncertainties, risks, and opportunities. It helps organizations develop robust strategies and contingency plans to navigate future challenges and capitalize on emerging trends.
When anticipating future market conditions, assessing strategic risks and opportunities, or developing adaptive strategies and contingency plans to mitigate risks and seize opportunities in uncertain environments.
SMART Goals Framework
The SMART Goals Framework is a mnemonic acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. It provides criteria for setting clear, actionable goals that are well-defined, quantifiable, realistic, and time-bound. It helps individuals and organizations set objectives that are focused and attainable.
When setting specific objectives and measurable goals, ensuring they are achievable and relevant to organizational priorities, and establishing timeframes for achieving them to drive accountability and track progress effectively.
OKR Framework (Objectives and Key Results)
The OKR Framework is a goal-setting methodology that aligns organizational objectives with measurable key results. It emphasizes clarity, focus, and transparency in setting ambitious goals and tracking progress. It enables organizations to prioritize initiatives and drive alignment across teams towards achieving strategic objectives.
When setting ambitious objectives and key results aligned with organizational priorities, fostering transparency and accountability in goal setting and tracking, or driving alignment and focus across teams towards common strategic outcomes.
PESTLE Analysis
PESTLE Analysis is a strategic tool used to analyze external factors that may impact an organization’s performance and operations. It examines Political, Economic, Social, Technological, Legal, and Environmental factors to identify opportunities and threats in the external environment.
When assessing external market dynamics, identifying macroeconomic trends and regulatory changes, or evaluating industry forces and market drivers to inform strategic decision-making and goal setting.
Ansoff Matrix
The Ansoff Matrix is a strategic planning tool used to identify growth strategies by analyzing potential combinations of market penetration, product development, market development, and diversification. It helps organizations assess strategic options for expanding their market reach and increasing revenue streams.
When evaluating growth opportunities, assessing market entry strategies, or diversifying product offerings and market segments to expand market share and drive business growth.
Value Stream Mapping (VSM)
Value Stream Mapping is a lean management tool used to visualize and analyze the steps and processes involved in delivering value to customers. It helps organizations identify inefficiencies, bottlenecks, and waste in the value stream to optimize process flow and improve overall performance.
When analyzing workflow processes, identifying value-added activities and waste, or optimizing process flow and resource utilization to enhance operational efficiency and customer satisfaction.
Account-based marketing (ABM) is a strategy where the marketing and sales departments come together to create personalized buying experiences for high-value accounts. Account-based marketing is a business-to-business (B2B) approach in which marketing and sales teams work together to target high-value accounts and turn them into customers.
Ad Ops – also known as Digital Ad Operations – refers to systems and processes that support digital advertisements’ delivery and management. The concept describes any process that helps a marketing team manage, run, or optimize ad campaigns, making them an integrating part of the business operations.
Venture capitalist, Dave McClure, coined the acronym AARRR which is a simplified model that enables to understand what metrics and channels to look at, at each stage for the users’ path toward becoming customers and referrers of a brand.
Affinity marketing involves a partnership between two or more businesses to sell more products. Note that this is a mutually beneficial arrangement where one brand can extend its reach and enhance its credibility in association with the other.
As the name suggests, ambush marketing raises awareness for brands at events in a covert and unexpected fashion. Ambush marketing takes many forms, one common element, the brand advertising their products or services has not paid for the right to do so. Thus, the business doing the ambushing attempts to capitalize on the efforts made by the business sponsoring the event.
Affiliate marketing describes the process whereby an affiliate earns a commission for selling the products of another person or company. Here, the affiliate is simply an individual who is motivated to promote a particular product through incentivization. The business whose product is being promoted will gain in terms of sales and marketing from affiliates.
The bullseye framework is a simple method that enables you to prioritize the marketing channels that will make your company gain traction. The main logic of the bullseye framework is to find the marketing channels that work and prioritize them.
Brand building is the set of activities that help companies to build an identity that can be recognized by its audience. Thus, it works as a mechanism of identification through core values that signal trust and that help build long-term relationships between the brand and its key stakeholders.
According to inbound marketing platform HubSpot, brand dilution occurs “when a company’s brand equity diminishes due to an unsuccessful brand extension, which is a new product the company develops in an industry that they don’t have any market share in.” Brand dilution, therefore, occurs when a brand decreases in value after the company releases a product that does not align with its vision, mission, or skillset.
The brand essence wheel is a templated approach businesses can use to better understand their brand. The brand essence wheel has obvious implications for external brand strategy. However, it is equally important in simplifying brand strategy for employees without a strong marketing background. Although many variations of the brand essence wheel exist, a comprehensive wheel incorporates information from five categories: attributes, benefits, values, personality, brand essence.
The brand equity is the premium that a customer is willing to pay for a product that has all the objective characteristics of existing alternatives, thus, making it different in terms of perception. The premium on seemingly equal products and quality is attributable to its brand equity.
Brand positioning is about creating a mental real estate in the mind of the target market. If successful, brand positioning allows a business to gain a competitive advantage. And it also works as a switching cost in favor of the brand. Consumers recognizing a brand might be less prone to switch to another brand.
Business storytelling is a critical part of developing a business model. Indeed, the way you frame the story of your organization will influence its brand in the long-term. That’s because your brand story is tied to your brand identity, and it enables people to identify with a company.
Content marketing is one of the most powerful commercial activities which focuses on leveraging content production (text, audio, video, or other formats) to attract a targeted audience. Content marketing focuses on building a strong brand, but also to convert part of that targeted audience into potential customers.
One of the first mentions of customer lifetime value was in the 1988 book Database Marketing: Strategy and Implementation written by Robert Shaw and Merlin Stone. Customer lifetime value (CLV) represents the value of a customer to a company over a period of time. It represents a critical business metric, especially for SaaS or recurring revenue-based businesses.
Customer segmentation is a marketing method that divides the customers in sub-groups, that share similar characteristics. Thus, product, marketing and engineering teams can center the strategy from go-to-market to product development and communication around each sub-group. Customer segments can be broken down is several ways, such as demographics, geography, psychographics and more.
Developer marketing encompasses tactics designed to grow awareness and adopt software tools, solutions, and SaaS platforms. Developer marketing has become the standard among software companies with a platform component, where developers can build applications on top of the core software or open software. Therefore, engaging developer communities has become a key element of marketing for many digital businesses.
A digital channel is a marketing channel, part of a distribution strategy, helping an organization to reach its potential customers via electronic means. There are several digital marketing channels, usually divided into organic and paid channels. Some organic channels are SEO, SMO, email marketing. And some paid channels comprise SEM, SMM, and display advertising.
Field marketing is a general term that encompasses face-to-face marketing activities carried out in the field. These activities may include street promotions, conferences, sales, and various forms of experiential marketing. Field marketing, therefore, refers to any marketing activity that is performed in the field.
interaction with a brand until they become a paid customer and beyond.
Funnel marketing is modeled after the marketing funnel, a concept that tells the company how it should market to consumers based on their position in the funnel itself. The notion of a customer embarking on a journey when interacting with a brand was first proposed by Elias St. Elmo Lewis in 1898.
Funnel marketing typically considers three stages of a non-linear marketing funnel. These are top of the funnel (TOFU), middle of the funnel (MOFU), and bottom of the funnel (BOFU). Particular marketing strategies at each stage are adapted to the level of familiarity the consumer has with a brand.
A go-to-market strategy represents how companies market their new products to reach target customers in a scalable and repeatable way. It starts with how new products/services get developed to how these organizations target potential customers (via sales and marketing models) to enable their value proposition to be delivered to create a competitive advantage.
The term “greenwashing” was first coined by environmentalist Jay Westerveld in 1986 at a time when most consumers received their news from television, radio, and print media. Some companies took advantage of limited public access to information by portraying themselves as environmental stewards – even when their actions proved otherwise. Greenwashing is a deceptive marketing practice where a company makes unsubstantiated claims about an environmentally-friendly product or service.
Grassroots marketing involves a brand creating highly targeted content for a particular niche or audience. When an organization engages in grassroots marketing, it focuses on a small group of people with the hope that its marketing message is shared with a progressively larger audience.
Growth marketing is a process of rapid experimentation, which in a way has to be “scientific” by keeping in mind that it is used by startups to grow, quickly. Thus, the “scientific” here is not meant in the academic sense. Growth marketing is expected to unlock growth, quickly and with an often limited budget.
Guerrilla marketing is an advertising strategy that seeks to utilize low-cost and sometimes unconventional tactics that are high impact. First coined by Jay Conrad Levinson in his 1984 book of the same title, guerrilla marketing works best on existing customers who are familiar with a brand or product and its particular characteristics.
Hunger marketing is a marketing strategy focused on manipulating consumer emotions. By bringing products to market with an attractive price point and restricted supply, consumers have a stronger desire to make a purchase.
Integrated marketing communication (IMC) is an approach used by businesses to coordinate and brand their communication strategies. Integrated marketing communication takes separate marketing functions and combines them into one, interconnected approach with a core brand message that is consistent across various channels. These encompass owned, earned, and paid media. Integrated marketing communication has been used to great effect by companies such as Snapchat, Snickers, and Domino’s.
Inbound marketing is a marketing strategy designed to attract customers to a brand with content and experiences that they derive value from. Inbound marketing utilizes blogs, events, SEO, and social media to create brand awareness and attract targeted consumers. By attracting or “drawing in” a targeted audience, inbound marketing differs from outbound marketing which actively pushes a brand onto consumers who may have no interest in what is being offered.
Integrated marketing describes the process of delivering consistent and relevant content to a target audience across all marketing channels. It is a cohesive, unified, and immersive marketing strategy that is cost-effective and relies on brand identity and storytelling to amplify the brand to a wider and wider audience.
The marketing mix is a term to describe the multi-faceted approach to a complete and effective marketing plan. Traditionally, this plan included the four Ps of marketing: price, product, promotion, and place. But the exact makeup of a marketing mix has undergone various changes in response to new technologies and ways of thinking. Additions to the four Ps include physical evidence, people, process, and even politics.
Marketing myopia is the nearsighted focus on selling goods and services at the expense of consumer needs. Marketing myopia was coined by Harvard Business School professor Theodore Levitt in 1960. Originally, Levitt described the concept in the context of organizations in high-growth industries that become complacent in their belief that such industries never fail.
Marketing personas give businesses a general overview of key segments of their target audience and how these segments interact with their brand. Marketing personas are based on the data of an ideal, fictional customer whose characteristics, needs, and motivations are representative of a broader market segment.
Meme marketing is any marketing strategy that uses memes to promote a brand. The term “meme” itself was popularized by author Richard Dawkins over 50 years later in his 1976 book The Selfish Gene. In the book, Dawkins described how ideas evolved and were shared across different cultures. The internet has enabled this exchange to occur at an exponential rate, with the first modern memes emerging in the late 1990s and early 2000s.
Microtargeting is a marketing strategy that utilizes consumer demographic data to identify the interests of a very specific group of individuals. Like most marketing strategies, the goal of microtargeting is to positively influence consumer behavior.
Multichannel marketing executes a marketing strategy across multiple platforms to reach as many consumers as possible. Here, a platform may refer to product packaging, word-of-mouth advertising, mobile apps, email, websites, or promotional events, and all the other channels that can help amplify the brand to reach as many consumers as possible.
Multi-level marketing (MLM), otherwise known as network or referral marketing, is a strategy in which businesses sell their products through person-to-person sales. When consumers join MLM programs, they act as distributors. Distributors make money by selling the product directly to other consumers. They earn a small percentage of sales from those that they recruit to do the same – often referred to as their “downline”.
The Net Promoter Score (NPS) is a measure of the ability of a product or service to attract word-of-mouth advertising. NPS is a crucial part of any marketing strategy since attracting and then retaining customers means they are more likely to recommend a business to others.
Neuromarketing information is collected by measuring brain activity related to specific brain functions using sophisticated and expensive technology such as MRI machines. Some businesses also choose to make inferences of neurological responses by analyzing biometric and heart-rate data.
Neuromarketing is the domain of large companies with similarly large budgets or subsidies. These include Frito-Lay, Google, and The Weather Channel.
Newsjacking as a marketing strategy was popularised by David Meerman Scott in his book Newsjacking: How to Inject Your Ideas into a Breaking News Story and Generate Tons of Media Coverage. Newsjacking describes the practice of aligning a brand with a current event to generate media attention and increase brand exposure.
A microniche is a subset of potential customers within a niche. In the era of dominating digital super-platforms, identifying a microniche can kick off the strategy of digital businesses to prevent competition against large platforms. As the microniche becomes a niche, then a market, scale becomes an option.
We can define pull and push marketing from the perspective of the target audience or customers. In push marketing, as the name suggests, you’re promoting a product so that consumers can see it. In a pull strategy, consumers might look for your product or service drawn by its brand.
Real-time marketing is as exactly as it sounds. It involves in-the-moment marketing to customers across any channel based on how that customer is interacting with the brand.
Relationship marketing involves businesses and their brands forming long-term relationships with customers. The focus of relationship marketing is to increase customer loyalty and engagement through high-quality products and services. It differs from short-term processes focused solely on customer acquisition and individual sales.
Reverse marketing describes any marketing strategy that encourages consumers to seek out a product or company on their own. This approach differs from a traditional marketing strategy where marketers seek out the consumer.
Remarketing involves the creation of personalized and targeted ads for consumers who have already visited a company’s website. The process works in this way: as users visit a brand’s website, they are tagged with cookies that follow the users, and as they land on advertising platforms where retargeting is an option (like social media platforms) they get served ads based on their navigation.
Sensory marketing describes any marketing campaign designed to appeal to the five human senses of touch, taste, smell, sight, and sound. Technologies such as artificial intelligence, virtual reality, and the Internet of Things (IoT) are enabling marketers to design fun, interactive, and immersive sensory marketing brand experiences. Long term, businesses must develop sensory marketing campaigns that are relevant and effective in eCommerce.
Services marketing originated as a separate field of study during the 1980s. Researchers realized that the unique characteristics of services required different marketing strategies to those used in the promotion of physical goods. Services marketing is a specialized branch of marketing that promotes the intangible benefits delivered by a company to create customer value.
Sustainable marketing describes how a business will invest in social and environmental initiatives as part of its marketing strategy. Also known as green marketing, it is often used to counteract public criticism around wastage, misleading advertising, and poor quality or unsafe products.
Word-of-mouth marketing is a marketing strategy skewed toward offering a great experience to existing customers and incentivizing them to share it with other potential customers. That is one of the most effective forms of marketing as it enables a company to gain traction based on existing customers’ referrals. When repeat customers become a key enabler for the brand this is one of the best organic and sustainable growth marketing strategies.
360 marketing is a marketing campaign that utilizes all available mediums, channels, and consumer touchpoints. 360 marketing requires the business to maintain a consistent presence across multiple online and offline channels. This ensures it does not miss potentially lucrative customer segments. By its very nature, 360 marketing describes any number of different marketing strategies. However, a broad and holistic marketing strategy should incorporate a website, SEO, PPC, email marketing, social media, public relations, in-store relations, and traditional forms of advertising such as television.
Gennaro is the creator of FourWeekMBA, which reached about four million business people, comprising C-level executives, investors, analysts, product managers, and aspiring digital entrepreneurs in 2022 alone | He is also Director of Sales for a high-tech scaleup in the AI Industry | In 2012, Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy.
