The biggest challenge in my career is how to balance between short-term and long-term to drive a sustainable performance.
The issue is to be sustainably profitable you need a group of true passionate customers who believe in your brand. To achieve this level, it requires a continuous, smart, strategic brand and ‘know your why’ investment. Many companies are always under a pressure to deliver a right-now performance. To deliver the right-now performance, we have to concentrate most if not all resources to short-term sales and marketing activities.
And, because you have to come up with new promotions all the time to sustain the short-term results, you wouldn’t have the time and the energy to invest in the longer-term future. Worse, the cost of doing business is getting more and more expensive because you have to target new customers all the time. It’s basically a death spiral. We would keep on doing it until it eventually ends.
If people at the top don’t understand this dilemma, it’s going to be hard to change.