Focusing on the Long Term

These days it is hard not to be distracted into obsessing on day to day activities. Understandably, people are worried about their own jobs, 401K account and future. It is all too easy for companies and senior management to get caught up in managing only tactics to make the numbers, at the risk of abandoning the long term strategy. It is critical at this time that senior marketing leaders become stronger brand advocates.

It is certainly a good and proper thing to pause, step back and reevaluate the opportunities and outlook presented by the economic downturn and eventual recovery. However, that should not result in a wholesale shift of the planning horizon to the next quarter or two. Ultimately, the long term will arrive and without being prepared is a fool’s errand.

The impact on brands from a focus on the immediate time frame can be disastrous and have unintended far reaching consequences. Regardless of the circumstances, you must retain the brand perception you have developed and honed over many years. For example, luxury brands that discount products to gain a short sales boost may forever change the brand essence and promise. Similarly, as consumers ‘step down’ to stretch their budgets, some brands and retailers will build habits and relationships that may be difficult to disrupt.

Regardless of the economic climate, brand marketing has been determined to be the most effective marketing strategy for long term success. Success is achieved as the result of the right message, delivered to the right audience in the right way that creates the right results.

Here are a few simple, yet timeless steps that marketers can apply to any business situation allowing them to keep perspective on both the near term and long term activities:

• Define your goals – Marketers usually define this change in the marketplace desired and will identify the measurement criteria and mechanism – brand awareness, buying habits, channel effectiveness, etc. among a specific audience segment

• Figure out what you have to do to reach your goals – the tactics and communication plans that will connect with your target customer – PR, advertising, sampling

• Execute the plan like crazy – prioritize, budget adequate resources, monitor and adjust