Framework > Execution
A key advantage of the Big Picture vis-à-vis traditional approaches to strategic marketing lies in the economies it brings to decision making: once the strategic decisions have been taken, executional decisions (products and services; pricing; distribution, and communications) flow out the framework. Implementation of this new disciplined approach to marketing strategy allows managers to continuously test hypotheses and learn from mistakes while replicating successes.
Targeting
Targeting is the process by which we describe the audience we want to reach through our execution and sales efforts. Within the Big Picture framework, the target audience is very specifically defined in terms of its behavioral, attitudinal and aspirational characteristics. The outcome of this module is a crisp profile of the customer or potential customer we are trying to reach through our marketing efforts.
Positioning
The positioning work draws from all the strategic elements of the Big Picture developed so far, coalesce into a single message to be delivered to the target audience. The positioning tool used in the framework effectively links attitudes, behaviors, and the company’s customer proposition or key takeaway. This module further explains how to develop positioning statements to both marshal internal tactical resources and guide the firm’s strategic advertising and communications efforts.
Product. In the product module, we explore how the strategic decisions made earlier in the Big Picture impact the product strategy—we distinguish between search, experience, and credence attributes of the product; these attributes are used differentially depending on the strategic focus we have chosen for the firm. A product portfolio review using the Big Picture framework uncovers opportunities to rationalize and improve the portfolio by identifying areas where greater alignment is needed between the firms positioning variables and its product and service offerings.
Pricing. Within the Big Picture we distinguish between pricing strategies and tactics. Pricing strategies are separated into value or competitive; while tactics can take the form of trial or continuity. The strategic focus of the firm determines the type of pricing strategy and the tactical approach the firm should adopt. We often find that pricing problems are intimately linked to other executional issues of the firm or a lack of a firm pricing strategy; once those issues are fixed our clients are able to restore their pricing power.
Channels. In achieving an optimal channel structure we need to consider the function of distribution channels from both an information and product-flow perspective. Distribution decisions and tactics are considered in light of the necessary alignment between the channel strategy and the firm’s overall strategy. We find that companies tend to take distribution channels as fixed, and fail to identify opportunities to better use their channels to further their strategic objectives. We encourage our clients to think broadly and creatively about opportunities to better manage their channels to improve, not just their performance, but the health and sustainability of their industries.
Promotion. A commonly held belief that the objective of advertising is to “sell” leads many companies to purchase advertising that is not aligned with the company’s strategy and is therefore ineffective in advancing it. In the promotional module we link the types of advertising objectives (awareness, information, image, behavior) to the choice of strategic focus already made earlier in the framework. The firm’s strategic focus also determines the number of target customers, and this information together with our communications objective and some basic information on our available media outlets, allows us to realign communications activities for greater efficiency and impact.