Short and long-term strategies need to be balanced both in terms of marketing strategy and in measurement of effectiveness. The advance of digital and social has created a growing focus on short-term impact. Emotion and personal connection are what generates long-term success.
Short-term strategies focus on immediate gain, for example a sales spike. In contrast, long-term strategies measure success over time – for example, the long-term price effects produced by a strong brand.
1. Short-termism creating a crisis in creative effectiveness
A new study by consultant Peter Field and the Institute of Practitioners in Advertising (IPA) found that creatively awarded campaigns are now no more effective than non-awarded ones – a significant change from earlier research that showed a large effectiveness advantage for creatively awarded work. The change is largely due to the obsession with short-term sales activations over long-term brand building – what Field calls “disposable creativity”. However, there are still high-performing creatively awarded campaigns, which are eight times more effective than their low-performing peers in terms of the number of business effects they generate, and almost sixteen times more likely to bring major profitability growth. These campaigns all take a more balanced approach to short and long-term objectives, including longer campaign duration.