Don't mistake planning for strategy with creating a budget

I have 6 updates for you this week.

1. On my mind

“A lot of companies mistake planning for strategy.

Here's how making a strategic plan typically goes:

Write down a fairly vague vision or mission statement. Maybe a financial goal to hit.

Make a HUGE list of projects and initiatives to ship. The list is only limited by affordability.

Translate initiatives into financials. This becomes the budget.

While this might create a thoughtful budget, it's not creating a strategy.

Most annual plans don't go into what the organization chooses not to do and why. It does not question assumptions. And it mainly focuses on what we can afford to do in this 1 year.

Guidelines for actual strategy:

Decide on which customers to target, and how to create a compelling value proposition for those customers.

A strategy involves a bet. This is uncomfortable because the outcome is unknowable. Hence many choose planning instead.

Write down the explicit logic of your strategic choices:  what do we believe about customers, about the future of our industry, about competition, about our capabilities.

If the logic is written down and then compared to the actual unfolding of events, managers will be able to see quickly when and how the strategy is not producing the desired outcome and will be able to make necessary adjustments

Planning should serve the strategy, not dominate it."

-Peep

2. New on the blog

Build vs buy: which is right for your business?

Is it always cheaper to buy software than build it? Here's a buy vs build framework that will help you consider cost and make an informed decision.

Developing a social media marketing strategy that builds loyalty and awareness

How has the social media landscape evolved? What is a good social media strategy? Here's how to grow your presence and create a community of loyal fans.

3. Upcoming events

Brands Dismantled: How personal video transformed the Bewilderbeest brand

Get a blueprint of how to Bewilderbeest grew their brand using personal video. Save your seat and join by Casey Hill on 9/29 11:00 AM CST

Brands Dismantled: How Momentive leveraged brand tracking research during their SurveyMonkey rebrand

Take a look under the hood at how Momentive leveraged brand tracking research during their rebrand from SurveyMonkey. Save your seat and join Morgan Molnar on 10/6 11:00 AM CST.

4. An update on the Brand Marketing Minidegree

Performance marketers need to learn brand marketing. Why? Because everyone is, once again, doing the same things. We all are scaling paid media, creating optimized websites and nurturing leads through content funnels and a CRM.

In a world where we all have the same tools, we can’t win with more data and slightly better optimization. Instead, we have to go back to what Bill Bernbach called “the last unfair advantage we’re legally allowed to take over our competitors” — creativity.

If you’re interested in going from standing still to standing out and establishing your brand identity as a moat for your organization we’re launching the Brand Marketing Minidegree on Sept. 22nd with ‘4 Days of Free’. 

• Day 1 - 9/22: Buy the Brand Marketing Mini and get Digital Psychology Mini too
• Day 2 - 9/23: Richard Millington’s book
• Day 3 - 9/24: CXL t-shirt
• Day 4 - 9/25: 1 free course of choice

Get all bonuses if you buy by Saturday the 25th, the party will end after, and yes, you'll still get the Digital Psychology and Persuasion Minidegree if you pre-order before launch day.

5. Latest episode on "How to Win"

Guy Yalif, Co-founder and CEO of Website Personalization and Conversion Optimization tool, Intellimize. We learn about identifying opportunities in highly competitive categories, hear a unique take on product-based differentiation, and find out how a strong values-based culture helped Intellimize grow and succeed. I weigh in with my thoughts on product-based differentiation, how to use brand as a moat, the advantages of having a narrow focus, and why you shouldn't be naive about the competition.

Stay tuned on Spotify, Apple Podcast or wherever you get your podcast!

6. Are you Speero's next B2B Marketing Manager?

Speero is searching for a board-skilled marketing manager to help promote the agency and reach their mission; to elevate experimentation. You'll need to be able to manage a range of marketing initiatives from producing exciting content to briefing designers for digital ad campaigns. Bonus points if you have knowledge of how experimentation works.

If you want to join one of the best experimentation agencies in the world, check out the remote job (European timezones) and apply 

Our address: 901 S Mo Pac Expy, Suite 150, Barton Oaks Plaza One, Austin TX 78746

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