Mediocre companies are caught in a perpetual quicksand of sorts (see our earlier post on Avoiding Tarpits) -- struggling to squeeze every dollar from the same target market they have sold the same products to using the same marketing approach for year after year.
As we have noted, that is a recipe for extinction because the landscape has changed. Those who do not adapt their marketing (using powerful strategies like Covenant Designs offers) are basically setting themselves up for bankruptcy. But the good news is change is possible, and right strategy can put you right back on the track to success, the sooner the better.
What sets successful companies apart from the pack is an understanding of the need to balance today’s performance with a robust strategy for the future. To offer the richest future, these madkting and advertising strategies need to have a wholistic approach -- engaging both in a quick sprint to the easiest short-term profits as well as a marathon mindset to doggedly pursue longer-term marketplace domination.
Your business' success strategy must be complete with a strategic plan, creative approaches to making the right things happen, milestones towards those goals, and a commitment to investing the necessary resources for long-term success even though short-term profitability might diminish.
Think of is as climbing to the pinnacle of your industry's profit share. Such a victorious mindset replaces an anxiety-ridden future with a forward-looking plans for successfully adapting to an ever-changing marketplace. Marketing’s purpose becomes two-fold:
(1) To generate immediate responses for today's cash-flow, and
(2) To implement smart strategy – planting seeds for tomorrow's cash-flow.
Analogy From Nature - Migrate With Your Customers
Now, I DO want you to dominate your profitshare, but I do not want business to be predatory. Nevertheless, the following analogy from Nature holds true: A Spider weaves a web (in strategic places) hoping its prey will come to it. A Lion follows the heards; as its food source moves, it also moves - adapting.
Likewise, to enjoy the lion's share of the profits, you too must adapt to your cutomers and prospect's movements. A lot of companies are struggling today for the basic reason that they have not sufficiently admitted that their landsape has changed, the heards are moving, and they too must move. Sadly, they are being left in the dust as a result.
But that does not have to apply to your business. Clearly, you need to MOVE WITH your customers and engage with them where they are today (using Video, using Social Media, using more Relational instead of Dictatorial marketing methods). Once you move with them, yes, set up attravtive value propositions in strategic places, but learn this process -- as your prospects migrate, you too must migrate. Keep your marketing dynamic and relevant.
If you want expert help with that, our marketing communications professionals are just a call away-- 972-822-3587.
Likewise, to enjoy the lion's share of the profits, you too must adapt to your cutomers and prospect's movements. A lot of companies are struggling today for the basic reason that they have not sufficiently admitted that their landsape has changed, the heards are moving, and they too must move. Sadly, they are being left in the dust as a result.
But that does not have to apply to your business. Clearly, you need to MOVE WITH your customers and engage with them where they are today (using Video, using Social Media, using more Relational instead of Dictatorial marketing methods). Once you move with them, yes, set up attravtive value propositions in strategic places, but learn this process -- as your prospects migrate, you too must migrate. Keep your marketing dynamic and relevant.
If you want expert help with that, our marketing communications professionals are just a call away-- 972-822-3587.
Long-Term Market Share Domination
First you must identify the factors that will impact your company’s long-term success. You might not have a perfect understanding of every competitive, economic, legal, sociological or technological force that looms on the horizon, but at least you will be alert to the possibilities.
Armed with information on the longevity and profit potential of your present market’s life cycle as well as budding market opportunities, you can begin positioning your business for tomorrow, today. Read our previous post stressing the key role that Innovation plays in this process.
From a front-line marketing perspective there are many ways to foster future business opportunities regardless of your business size or budget. Here are three of these ways:
1. Provide Platinum-Standard Customer Service. Your goal is always to exceed your customers’ expectations, but if you fall short, admit it. Many loyal repeat customers result from perfectly corrected errors.
2. Reward and Cultivate your Preferred Customers. Your best customers—those who are easy to work with, really like you and have a positive history with your company—are a goldmine of quality referrals. Strengthen existing relationships and build new ones by inviting these special clients and their guests to preview your innovations.
3. Create top-of-mind awareness. Not everyone needs your product or service today, but many will at some point. Capitalize on your vision about emerging needs and wants and new technologies and capabilities to get your product or service in front of tomorrow’s customers now.
Conclusion
It takes time for the seeds you plant today to germinate into future business. Foundational to all of this is the need to communicate effectively with your target audience. Consult with Promise Production Marketing Communications to learn how our technology and expertise can guide and boost these efforts.
Let us help position your company to enjoy the largest harvest from the many opportunities that lie ahead. Call 972-822-3587.
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