In the 21st Century, business is booming. The field of opportunity is broader than it’s ever been. The cost to gain entry is lower, and the rewards of capturing a market are huge. Technological advances reduce overhead while new marketing tactics increase profits. This fertile ecosystem offers abundant opportunities, but it also encourages the proliferation of rivals.
When the playing field is crowded, businesses have to take calculated risks to differentiate themselves from challengers. If you’re not actively expanding your market, you can be sure comparable businesses will begin to muscle their way into your territory. It’s an inevitable consequence of competition.
Strategy is how you utilize your resources to expand your market control.
The word ‘strategy’ has military origins. It means, literally, how I lead my armies. On a crowded battlefield, a general uses logic to analyze available resources, including material and information. From this data, he constructs an action plan to achieve his ultimate goal of victory over the other side.
However, strategy isn’t based on logic alone. A general has to project his action plan into an unknown future and predict possible obstacles and outcomes. Insight-driven imagination plays an important role in strategy. Knowing what I know about my competitor, knowing what I know about the landscape, our resources, et al., what is likely to happen next month or next year?
A media strategy isn’t much different from a military strategy. In both cases, two or more competitors are struggling to capture a territory. The team with the smartest strategy is the team that wins. In business, it’s a fight that often has to be won time and again, making media strategy a constantly evolving action plan.
A discovery period leads to boundary-pushing insights.
A winning media strategy is rooted in a thorough survey of the situation. It includes an honest assessment of business challenges as well as a visionary evaluation of opportunities. Being able to uncover less obvious openings requires a knowledge of market environment, the marketplace, the competition, your customers, and even your competitors’ customers.
Insights enable more accurate predictions.
Through the discovery process, you turn up untapped potential and uncover likely landmines. This allows you to make more accurate predictions about which tactics will create the greatest ROI.
Intelligent forecasting is the cornerstone of a winning strategy.
Marketers use these insights to forecast the most efficient, effective pathway to your ultimate business goal: victory over the competition. This clear, logical vision of the future explains why a particular media strategy makes sense. Without it, you’re wasting your media arsenal without gaining any ground.
Morgan & Co. are master strategists.
When you partner with Morgan & Co., your media strategy is built and driven by analysis, insight and intelligent forecasting. Backed by cutting-edge technology and data, our team of media experts capitalize on every opportunity to maximize your marketing and media spend to grow your business. Contact us to begin constructing a smarter media strategy that will lead you to success.
