Short-Term Vs Long-Term Goals, Who Wins?
In an era of instant gratification and quarterly reports, well, sometimes weekly, a critical question that often hounds marketers is whether they have the luxury to prioritise long-term gains over short-term results. This recurring tension between immediate performance and sustainable growth has often ignited varied perspectives within the marketing community, with strong arguments from both sides.
At the 18th edition of the BW Marketing Whitebook in Mumbai, we were graced by leading brand builders to share their perspectives on this. For Deepali Nair, Group CMO, CK Birla Group, the long-term KPIs matter. But in the last fifteen years, in domains like financial services, consumer tech, and healthcare businesses, where marketing is helping in the acquisition of businesses, the short-term goals have done better. "When we look at past brands, they were built mostly by chance, whereas brands built now are built by design," she feels.
“In a category like FMCG, where there are huge opportunity gaps for a new brand to grab it and get the trial generated, the short-term may seem like a shortcut. This is the reality of how the consumer is purchasing,” states Suresh Chand, Vice President and Head Marketing, Snacks, Noodles and Pasta, ITC.
"Long-term campaigns build a brand and reduce price elasticity. Short-term components like volume, counting, and quick transition have long-term effects on the short-term campaigns, and acclimation of short-term campaigns necessarily does not impact long-term goals," said Puneeth Bekal, Director, Area Marketing, Mastercard. He also adds, "In marketing strategies, if things are done in pieces, it adds value to the larger number."
Jyoti Kumar Bansal, Chief Brand and Communication, CSR Sustainability, Tata Power, explains how the short term is often leveraged to generate a habit or behavioural change when it comes to enforcing the trial. "It also reinforces how important long-term is, as if it is not consistent on short-term offers and value, it will not result in long-term value, especially for the brands in the newer category," she mentions.
The decision between short-term and long-term focus is not a binary choice. A successful marketing strategy requires a balanced approach that considers both immediate needs and future aspirations.
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