Research, Re-evaluate and Reap the Rewards | Brittain Marketing blog
Monday, 23 January 2012 10:23
New business development requires a methodical and structured approach that relies on a relevant strategic plan. There is no doubt that direct communication with prospect companies is a proven route for businesses to engage with key decision makers. There is also solid evidence that such channels can assist in delivering your product and service propositions that in turn can help achieve growth plans.
The deliberation however, a dilemma for many marketers and sales professionals, is how do they position themselves in today’s market. More importantly, what do they say and how do they differentiate from their competitors; what are the messages they should deploy in today’s market?
All too often I have had businesses ask me to ‘get them results’ or ‘just solve their sales problems’. But have they spent any time thinking through what those problems are, and by that I mean the cause, not the symptoms? Do they truly know what their proposition is and whether this aligns with what their market wants?
So let me ask you a question: ‘When was the last time you took a step away from the day to day tactical marketing activities and re-evaluated your strategic approach?’
By this, I mean truly assessing your market dynamics; your market share, your competitor activity, the individual and collective buying motives and procurement cycles of your target audience, your perceived brand awareness and most importantly your product or service offering and the business solutions they now provide. Whilst this analysis may have formed the core prerequisites when the business was established, how often do you re-visit this analysis and truly research the changing environment and market place you are operating within? When was the last time you produced a comprehensive strategic review of your company and critiqued your current business model?
There is no doubt that the recession has, and will have changed key dynamics within your business and you will inevitably find yourself marketing and selling in more challenging and complex environments. Audiences are now more diverse, more demanding and more complex.
This may seem like an obvious and somewhat naïve statement, but in reality many companies I come across don’t fully understand their market position or the changing dynamics affecting their market growth potential. All too often I see a generic set of benefits being directed to a mass audience. The ‘audience’ being the by-product of a data list which is out of date and inaccurately profiled. One glove does not fit all!
What has happened to a structured, methodical and targeted approach?
The review of your strategic plan allows you to take a step back and truly understand where you sit today and where you need to be tomorrow. Significantly, it allows for an intelligent assessment of your product and service offering, matched to your current and potential target audience.
This level and depth of research will allow companies to accurately understand their growth opportunities and compile the correct message and campaign to target their decision makers. Market segmentation and audience profiling combined with relevant business solutions are the foundations for any new business communication plan.
We have seen such strategic execution being conducted by our own clients. Many of whom have invested the time themselves or commissioned us to re-evaluate their business, market place and competitors. The resulting success of such planning has allowed them to achieve sustainable business growth through effective tactical marketing campaigns.
Being competitive is the basis for market share growth - being a pioneer is critical for long-term success.
