Monday, September 17, 2012
The Attention-driven Business (1)
Every business is the same in some respect; they need a steady supply of clients to flourish. And once they’ve got the customers, they still need to keep them for a sustainable business growth. This requires some form of drawing the attention of the prospective buyers, and also keeping the attention of already established buyers.
We all are in what I chose to call attention business. In other words, the cash flowing into your business presently is in direct proportion to the quality of attention you are generating from the market place per time. In today’s business environment, attention is money; big money! What most businesses are competing for day in, day out is nothing but attention. And those who know how to engender enough of it smile to the bank.
Basically, attentions come from what and how you are communicating to your target market, and the quality of what you are getting in return from them. But it requires skill and creativity for you to keep expanding your scope of attention-sphere. The higher the numbers of those you have in the sphere, the stronger your business strength and position.
Let’s look at this subject from this angle: those we celebrate in our society are people that have uncommon attention from the media and from the public than an average person on the street or within that locality. In the same way, to run a celebrated business, it has to get unusual attention in the marketplace different from those of the competition. It is only then that you can enjoy the market blessings. And the question would be how we do that amid massive chorus of sturdy competitors?
Generating attention in marketplace
One principal way I have discovered that an outfit could use to stimulate attention is by increasing its level of visibility. In the world of business, visibility is everything. It is the business that people see and hear often that they are drawn to. Visibility of any kind is suggestive; it creates a sort of subtle prompting, and sometimes a reminder whenever we think of using a variety of service-product that falls within that category. Great businesses understand this secret and they are taking advantage of it daily.
It is the duty of every business executive to make their product-service centre of attention in that segment of the market. Great businesses don’t just make noise; they make news by every slightest opportunity they may have or can create. They are on the lips of people, both customers and prospective customers, whose loyalty would be guaranteed with time.
I have come to the awareness that effective marketing is everything you do to attract and keep customers in your business. And it is a combination of logic (and sometimes intuition), and connecting them to synchronize with emotion of the buyer at all times. To realize this, one must make conscious effort to remain where their product-service must been seen at all times, tactically using every available cost effective marketing means.
Visibility builds credibility and increases ‘preferability’ and profitability. With consistent visibility, you can be the one everyone is talking about and sooner you become the one they enjoy doing business with. For instance, constant exposures through the media, press release, and PR involvement have the capacity to drastically reposition your business. Please make conscious effort to cultivate the craft. Your product-services don’t necessarily have to be the best; just tilt it at an angle where you’d always be seen as the best. After all, the observer’s perception is his reality.
It is a business myth to believe that good product sells itself. How would people buy what they know little or nothing about? Always keep it to heart that your business abilities and potentials are not as important as your visibility. It’s what people see that they feel, think, believe, support and profess. Great businesses generate discussion amongst people and groups. Visibility gives you access to people’s attention. Of course, we naturally move towards whatever we focus our gaze or attention on. Think about it.
Are your business ideas strong enough? Take them to the media, and better still, create your own media. The present channel of marketing via internet has simplified a lot of things. Don’t just be left out. Adopt every method possible to be constantly heard and seen. Announce yourself until the market starts announcing you.
Wednesday, January 12, 2011
Situational Marketing (4)
By promotional campaigns
Companies could stimulate their market presence through sales promotions and campaigns. This form of marketing works occasionally because it is in human nature to get something for nothing. (But not like the lottery or gambling kind of promotion that prevalent in our marketplace today where some enterprises almost extort their consumers). Andrew Griffiths quipped, ‘All businesses can have specials and all businesses should have specials because they make customers feel lucky and they tend to buy more’.
This mode of marketing should serve two main purposes. First is to reward your dedicated customers across the ranks of your clients, whose loyalties are needed to keep the business going. By doing this, you acknowledge that you appreciate their choice of choosing your product-service, in the midst of the growing competition, and hence you keep them for life. Always bear in mind that most customers have the habit of changing allegiance to any establishment that tend to offer them something that they can’t get elsewhere.
If you have clients who have identified with your business for a long time, this is one of the best ways to reward them. You know the effort you are making to get new customers why lose those you already have? Taking any client for granted has grounded many businesses. (And usually, this also whets the appetite of prospective customers).
Secondly, promotional campaigns could also lower the ladder to appeal to the minds of undecided buyers. This makes it easier to convert prospective customer to customers. And for the later, your promotional campaigns should be around your unique qualities, and more than the competition can offer. I must warn that no establishment should make it their main means of marketing or rather getting customers’ attention. But should serve as a way of adding to whatever marketing strategy that is on ground.
It makes a whole lot of sense for an outfit to introduce promotional campaigns once in a while, both to get the attention of prospective customer, and to retain the devotion of existing ones. From findings, promotions are just short-term marketing tool, and should essentially serve this purpose. This idea works most for a product-based business. And for a service-based outfit, they can creatively introduce it too. I want to ask, how much have you rewarded your loyal customers lately?
By direct / cold marketing
This is a very popular means in generating customers to whatever product-service that you sell. One of the ways to market is to talk to people. I am yet to see a thriving outfit that has not got marketers but I have seen those who didn’t market but are out of business today. Our marketing approaches differ, leading to the type of results that we get. Let’s also examine this segment of marketing.
One significant thing that counts in marketing is the customers’ perception of your product-service, and how those perceptions affect them emotionally. Your duty as a good marketer is to come-up with marketing messages that affects their perception and appeal to their emotions. But you have to understand your target market, especially your buyers, and communicate well your product-service. You’d short-change yourself if you don’t know who you are marketing to. It’s usually difficult to relate to a person you barely understand in any way. A good understanding of who is buying helps you to build the right platform to achieving your marketing objective effortlessly.
Marketing is basically a game of mental warfare; a battle of perception, and not of product or service. The rule of this game is manipulating consumers’ perceptions so as to appear as the best and also the most preferred. There are no best products, not even one; all that exist in the world are perceptions in the mind of the customer or prospect customer. But we can influence people’s perception by knowing first of all what they value, or what value means to them.
Buyers buy on value. And interestingly, value is subjective, and subjectivity is guided by perception. (You can re-read that again). Consequently, it is the duty every marketer to create a channel to influence people’s perception based on what they care about. This sometime might require you to play on people’s emotions not to manipulate but to win them over.
You would primarily need to determine your customer’s make-up and personal inclination to the product-service that he or she wants to buy. For instance, his personality and communication style, and then channel what you’ve got to meeting this unique make-up. As people differ, so are the strategies for reaching them. As we are different, so are our needs, expectations and drives. And anybody that addresses these needs have won our hearts! To help you understand your buyer better, here is my advice: listen, observe and follow through. You’d be astonished at what you will discover. Remember, it all begins in listening, and not just with your ears but your eyes and your body.
As I conclude, it’s very critical that we understand that there’s a new marketing horizon, and we’d have to cross this new business chasm by developing improved marketing means that would give us better returns. And this requires some element of ingenuity. After all, marketing encompasses everything you do to attract and keep customers in your business, and sometimes your activity-posture may change. We would have to combine logic (and sometimes intuition), and connecting them to synchronize with feelings of the buyers to achieve this intention. Thus, every establishment that really want to remain competitive in this dispensation should act fast by implementing their innovative ideas if they are going to have strong competitive position.
And more importantly, business people should ensure that any method that they adopt in marketing their product-service should reinforce their presence in the marketplace. I think we can still be a little bit tactical about our marketing approaches, and watch the positive effect that will follow. I think that the mainstream media dying? Don’t just get tied-up with what is popular; once in a while, try to experiment. Task your brain. It pays to do so.
Spending so much money on marketing is a waste when you don’t know how to effectively communicate to those who need your offerings. And like Morita Akio, Japanese business executive said, ‘Communication is the most important form of marketing’. At the root of excellent marketing is excellent communication skill. Marketing is about communication, and that entails talking and listening i.e. getting feedbacks.
The cash flowing into your business presently is in direct proportion to the quality of what you are communicating to the market, and also hoe they are receiving them. Marketing has been said to be an act of conversation, where the market is the conversation. A good relationship between you and the buyers is an indispensable tool to a productive marketing, whether it is done one by one, or on mass. My team and I would be unleashing some cutting-edge strategies on how to win the market war in our next business development training workshop. Feel free to me a mail if you are interested. Now that you know, it’s up to you to make the marketing side of your business to happen!
Tony Ajah is a highly consulted business growth strategist, and the Principal Strategist, TA Strategic Solutions, a Lagos-based firm that is into business growth and development. tony@ta-strategies.com ajahxt@yahoo.co.uk 01 958 7802
Companies could stimulate their market presence through sales promotions and campaigns. This form of marketing works occasionally because it is in human nature to get something for nothing. (But not like the lottery or gambling kind of promotion that prevalent in our marketplace today where some enterprises almost extort their consumers). Andrew Griffiths quipped, ‘All businesses can have specials and all businesses should have specials because they make customers feel lucky and they tend to buy more’.
This mode of marketing should serve two main purposes. First is to reward your dedicated customers across the ranks of your clients, whose loyalties are needed to keep the business going. By doing this, you acknowledge that you appreciate their choice of choosing your product-service, in the midst of the growing competition, and hence you keep them for life. Always bear in mind that most customers have the habit of changing allegiance to any establishment that tend to offer them something that they can’t get elsewhere.
If you have clients who have identified with your business for a long time, this is one of the best ways to reward them. You know the effort you are making to get new customers why lose those you already have? Taking any client for granted has grounded many businesses. (And usually, this also whets the appetite of prospective customers).
Secondly, promotional campaigns could also lower the ladder to appeal to the minds of undecided buyers. This makes it easier to convert prospective customer to customers. And for the later, your promotional campaigns should be around your unique qualities, and more than the competition can offer. I must warn that no establishment should make it their main means of marketing or rather getting customers’ attention. But should serve as a way of adding to whatever marketing strategy that is on ground.
It makes a whole lot of sense for an outfit to introduce promotional campaigns once in a while, both to get the attention of prospective customer, and to retain the devotion of existing ones. From findings, promotions are just short-term marketing tool, and should essentially serve this purpose. This idea works most for a product-based business. And for a service-based outfit, they can creatively introduce it too. I want to ask, how much have you rewarded your loyal customers lately?
By direct / cold marketing
This is a very popular means in generating customers to whatever product-service that you sell. One of the ways to market is to talk to people. I am yet to see a thriving outfit that has not got marketers but I have seen those who didn’t market but are out of business today. Our marketing approaches differ, leading to the type of results that we get. Let’s also examine this segment of marketing.
One significant thing that counts in marketing is the customers’ perception of your product-service, and how those perceptions affect them emotionally. Your duty as a good marketer is to come-up with marketing messages that affects their perception and appeal to their emotions. But you have to understand your target market, especially your buyers, and communicate well your product-service. You’d short-change yourself if you don’t know who you are marketing to. It’s usually difficult to relate to a person you barely understand in any way. A good understanding of who is buying helps you to build the right platform to achieving your marketing objective effortlessly.
Marketing is basically a game of mental warfare; a battle of perception, and not of product or service. The rule of this game is manipulating consumers’ perceptions so as to appear as the best and also the most preferred. There are no best products, not even one; all that exist in the world are perceptions in the mind of the customer or prospect customer. But we can influence people’s perception by knowing first of all what they value, or what value means to them.
Buyers buy on value. And interestingly, value is subjective, and subjectivity is guided by perception. (You can re-read that again). Consequently, it is the duty every marketer to create a channel to influence people’s perception based on what they care about. This sometime might require you to play on people’s emotions not to manipulate but to win them over.
You would primarily need to determine your customer’s make-up and personal inclination to the product-service that he or she wants to buy. For instance, his personality and communication style, and then channel what you’ve got to meeting this unique make-up. As people differ, so are the strategies for reaching them. As we are different, so are our needs, expectations and drives. And anybody that addresses these needs have won our hearts! To help you understand your buyer better, here is my advice: listen, observe and follow through. You’d be astonished at what you will discover. Remember, it all begins in listening, and not just with your ears but your eyes and your body.
As I conclude, it’s very critical that we understand that there’s a new marketing horizon, and we’d have to cross this new business chasm by developing improved marketing means that would give us better returns. And this requires some element of ingenuity. After all, marketing encompasses everything you do to attract and keep customers in your business, and sometimes your activity-posture may change. We would have to combine logic (and sometimes intuition), and connecting them to synchronize with feelings of the buyers to achieve this intention. Thus, every establishment that really want to remain competitive in this dispensation should act fast by implementing their innovative ideas if they are going to have strong competitive position.
And more importantly, business people should ensure that any method that they adopt in marketing their product-service should reinforce their presence in the marketplace. I think we can still be a little bit tactical about our marketing approaches, and watch the positive effect that will follow. I think that the mainstream media dying? Don’t just get tied-up with what is popular; once in a while, try to experiment. Task your brain. It pays to do so.
Spending so much money on marketing is a waste when you don’t know how to effectively communicate to those who need your offerings. And like Morita Akio, Japanese business executive said, ‘Communication is the most important form of marketing’. At the root of excellent marketing is excellent communication skill. Marketing is about communication, and that entails talking and listening i.e. getting feedbacks.
The cash flowing into your business presently is in direct proportion to the quality of what you are communicating to the market, and also hoe they are receiving them. Marketing has been said to be an act of conversation, where the market is the conversation. A good relationship between you and the buyers is an indispensable tool to a productive marketing, whether it is done one by one, or on mass. My team and I would be unleashing some cutting-edge strategies on how to win the market war in our next business development training workshop. Feel free to me a mail if you are interested. Now that you know, it’s up to you to make the marketing side of your business to happen!
Tony Ajah is a highly consulted business growth strategist, and the Principal Strategist, TA Strategic Solutions, a Lagos-based firm that is into business growth and development. tony@ta-strategies.com ajahxt@yahoo.co.uk 01 958 7802
Situational Marketing (3)
By word-of-mouse
Word-of-mouse is simply digitally augmented word-of-mouth. We can still refer to it as online marketing, or marketing via the internet. This method of marketing has been necessitated by the present business dispensation, which has been aided by technology. And it covers grounds where you may ordinarily not cover through the word-of-mouth, in an unprecedented dimension.
Promoting most businesses today would largely be digitally-influenced and digitally-enabled. The web-community is progressively changing the face of marketing from what we used to know a couple of years ago. And this change will continue to happen. We have more people customers and prospective customers we want to sell our product-services to online per time than anywhere else in the world! I’m thinking that marketing in this era should assume fresh posture too and not lag behind. After all, what actually is the reason for marketing if not to get in touch with people (in their numbers) with your valued-offerings? And what better way can we meet this objective? Thus, if we want our product-service to be found, we’ve got to take them to where majority of seekers seek.
What is this the idea of this word-of-mouse? You have surely heard about Facebook and may even have an account there. How did you get to sign-up? Have you seen their TV ad or billboard? But I can tell you that that idea called Facebook is booming (although there are other factors to consider). Let me borrow the words of Seth Godin, a marketing guru, ‘Facebook turned into an idea virus’.
The bottom-line is that someone you know and trust infected you with it. Imagine my business and your business spread across the world by word-of-mouse like Facebook, Yahoo or Google. You’d certainly be the richest Nigerians if you could discover ways to infect the right people with your product-services by word-of-mouse. If your product-service offers a solution to people, then express it using a viral platform.
Our concentration here is how you can spread the information about your offerings virally. To achieve this, it must be a product-service that could be captured or summarised as a valuable-idea, and would hence be spread as a virus! It’s then that marketing by word-of-mouse would be very useful and successful. (We’d examine this in details some other time).
The online marketing has got an advantage. It’s convenient, relatively inexpensive, fast, and gets to large number of people at the same time. (Indeed, today’s business landscape calls for it). To add to its benefits, you’d own your media platform that you can creatively control and influence the market at will. Those who have mastery of this art of marketing are smiling to the bank nowadays without fear of their rivalry.
Several changes have happened in our world by the advent of internet-technology. It’s obvious in the world today that virtual (internet) presence has come to validate our real presence, and also those of our product-services. There are certain product-services that could best be vended via word-of-mouse. Remember that online community is the largest community in the world today; more people spend time on internet that they do on TV and radios.
This should call for a strategic action plan by the marketing arm of any outfit. I have experience a situation where buyers of certain product-services are more concerned about the marketer’s web-address among other valuable things. If getting through to people has tilted towards online, then, companies who are not maximizing their online presence are short-changing themselves unknowingly.
Viral marketing or marketing by the word-of-mouse is the future in the present, and one of the effective ways of promoting your business solutions. It’s true that technology has made marketing much simpler than what we used to know. But this can best function when you have the right people with the mouse, and target it at the computer screen of the prospective clients. If you get it right, the idea spreads and your cash flows without restraint!
It’s not every business that can be marketed online (for now). Marketing by word-of-mouse has also got its own demerits. Neither is it every product-service that needs online presence; everything depends on your intended scope of market and influence. You don’t necessarily have to have an online business but if you are building a global business, you should have an online presence. Does that make sense?
By advertising
It’s on record that for the last 100 years, the single best way to determine whether a company was going to get big or stay small was to look at its (size of) advertising. Time and time again, aggressive companies with great advertising—regardless of their industry—have managed to make the ads to pay-off; they grow and become profitable. In fact, such outfits used this means to dominate the market in the past but it’s not the same these days.
On a critical evaluation, the clutter in the marketplace has finally made advertising even less effective. I could say that a threshold may have been reached. And with hundreds of TV channels and cable stations, thousands of magazines and newspapers, access to countless radio stations (even on your cell-phones and online), dozens of bill-boards, and literally millions of websites (including blogs and portals), there’s just too much clutter to reliably interrupt people and break into their attention-web. These buyers, we should bear in mind, have other things that also occupy their attention and interest.
Before writing on this subject, I took time to listen to number of ads on TV, radio jingles, look at billboards and newspaper adverts with keen interest and curiosity. At the end of the day, I tried remembering the most striking ads and could hardly mention up to three in all. And amongst the three, only one could move me to action to patronise the product-service. I wouldn’t know if that was peculiar to me or so. Even at that, not a few establishments still believe that with adverts alone, they can control the market. Please, think again.
I am not saying that advertising doesn’t pay; you must be sure that it’s one of the good ways of marketing your product-service to a large audience. Like Steuart Henderson put it, ‘Doing business without ad is like winning at a girl in the dark. You know what you are doing, but nobody else does’. Those words should be kept to heart. However, organisation should do much more than using the conventional advertising. John Wannamaker, a British executive, once said, ‘I know half of my advertising works; I just don’t know which half’. That somewhat facetious comment reflects the fact that we are not certain when advertising has worked, and the magnitude.
Research in America has it that seventy-six to eighty percent of consumers don’t believe that companies tell the truth in advertisements. The figure could be more in Nigeria, yet a good number of product-services are marketed via ads. Dozens dramatically consider this method to be more powerful and positions their company and its product-service as clearly distinct from your competition. But it still looks like a guess work. There still exists the mediocrity of mass-marketing of some product-service through ads, and enlightened consumers are aware of this.
Advertising, by and large, does influence some buyers’ action by creating product-service alertness and also strengthening customers’ attitudes. It’s possible that the action a buyer has taken may have been persuaded by advertising seen long before the action. Before a product-service is positioned in the mind of a buyer, the customer must be aware of the product-service. It’s like expanding the scope of your leads; you wouldn’t know who may buy. One may be right to say that, the bigger your strategic-advertising-network the better for you. And it must surely contain creative-depth, be emotional and memorable.
On the other hand, organisations should run ads for different objectives: for information, especially of a new product-service; for persuasion, especially when the competition increases; for reminding the market of an existing product-service as it’s the case with Coke and Pepsi and similar multi-nationals. An outfit can also enhance or reinforce her corporate image using advertising, after all. If your purpose does not fit, it’s advisable that outfits look for other ways to promote their product-services.
Apparently, ads promote the image of a company’s product-service, and don’t really generate sales. I see it as a means of telling buyers ‘hear I am’. And it’s better for a product-service that this medium is most appropriate to spread the news about their offerings. Ads can help build brand-consciousness for a large corporation but I doubt if they really move them to action that much. Here’s a paradox if you want to grow big: you can’t grow without it. But you can’t grow with it alone, either.
Word-of-mouse is simply digitally augmented word-of-mouth. We can still refer to it as online marketing, or marketing via the internet. This method of marketing has been necessitated by the present business dispensation, which has been aided by technology. And it covers grounds where you may ordinarily not cover through the word-of-mouth, in an unprecedented dimension.
Promoting most businesses today would largely be digitally-influenced and digitally-enabled. The web-community is progressively changing the face of marketing from what we used to know a couple of years ago. And this change will continue to happen. We have more people customers and prospective customers we want to sell our product-services to online per time than anywhere else in the world! I’m thinking that marketing in this era should assume fresh posture too and not lag behind. After all, what actually is the reason for marketing if not to get in touch with people (in their numbers) with your valued-offerings? And what better way can we meet this objective? Thus, if we want our product-service to be found, we’ve got to take them to where majority of seekers seek.
What is this the idea of this word-of-mouse? You have surely heard about Facebook and may even have an account there. How did you get to sign-up? Have you seen their TV ad or billboard? But I can tell you that that idea called Facebook is booming (although there are other factors to consider). Let me borrow the words of Seth Godin, a marketing guru, ‘Facebook turned into an idea virus’.
The bottom-line is that someone you know and trust infected you with it. Imagine my business and your business spread across the world by word-of-mouse like Facebook, Yahoo or Google. You’d certainly be the richest Nigerians if you could discover ways to infect the right people with your product-services by word-of-mouse. If your product-service offers a solution to people, then express it using a viral platform.
Our concentration here is how you can spread the information about your offerings virally. To achieve this, it must be a product-service that could be captured or summarised as a valuable-idea, and would hence be spread as a virus! It’s then that marketing by word-of-mouse would be very useful and successful. (We’d examine this in details some other time).
The online marketing has got an advantage. It’s convenient, relatively inexpensive, fast, and gets to large number of people at the same time. (Indeed, today’s business landscape calls for it). To add to its benefits, you’d own your media platform that you can creatively control and influence the market at will. Those who have mastery of this art of marketing are smiling to the bank nowadays without fear of their rivalry.
Several changes have happened in our world by the advent of internet-technology. It’s obvious in the world today that virtual (internet) presence has come to validate our real presence, and also those of our product-services. There are certain product-services that could best be vended via word-of-mouse. Remember that online community is the largest community in the world today; more people spend time on internet that they do on TV and radios.
This should call for a strategic action plan by the marketing arm of any outfit. I have experience a situation where buyers of certain product-services are more concerned about the marketer’s web-address among other valuable things. If getting through to people has tilted towards online, then, companies who are not maximizing their online presence are short-changing themselves unknowingly.
Viral marketing or marketing by the word-of-mouse is the future in the present, and one of the effective ways of promoting your business solutions. It’s true that technology has made marketing much simpler than what we used to know. But this can best function when you have the right people with the mouse, and target it at the computer screen of the prospective clients. If you get it right, the idea spreads and your cash flows without restraint!
It’s not every business that can be marketed online (for now). Marketing by word-of-mouse has also got its own demerits. Neither is it every product-service that needs online presence; everything depends on your intended scope of market and influence. You don’t necessarily have to have an online business but if you are building a global business, you should have an online presence. Does that make sense?
By advertising
It’s on record that for the last 100 years, the single best way to determine whether a company was going to get big or stay small was to look at its (size of) advertising. Time and time again, aggressive companies with great advertising—regardless of their industry—have managed to make the ads to pay-off; they grow and become profitable. In fact, such outfits used this means to dominate the market in the past but it’s not the same these days.
On a critical evaluation, the clutter in the marketplace has finally made advertising even less effective. I could say that a threshold may have been reached. And with hundreds of TV channels and cable stations, thousands of magazines and newspapers, access to countless radio stations (even on your cell-phones and online), dozens of bill-boards, and literally millions of websites (including blogs and portals), there’s just too much clutter to reliably interrupt people and break into their attention-web. These buyers, we should bear in mind, have other things that also occupy their attention and interest.
Before writing on this subject, I took time to listen to number of ads on TV, radio jingles, look at billboards and newspaper adverts with keen interest and curiosity. At the end of the day, I tried remembering the most striking ads and could hardly mention up to three in all. And amongst the three, only one could move me to action to patronise the product-service. I wouldn’t know if that was peculiar to me or so. Even at that, not a few establishments still believe that with adverts alone, they can control the market. Please, think again.
I am not saying that advertising doesn’t pay; you must be sure that it’s one of the good ways of marketing your product-service to a large audience. Like Steuart Henderson put it, ‘Doing business without ad is like winning at a girl in the dark. You know what you are doing, but nobody else does’. Those words should be kept to heart. However, organisation should do much more than using the conventional advertising. John Wannamaker, a British executive, once said, ‘I know half of my advertising works; I just don’t know which half’. That somewhat facetious comment reflects the fact that we are not certain when advertising has worked, and the magnitude.
Research in America has it that seventy-six to eighty percent of consumers don’t believe that companies tell the truth in advertisements. The figure could be more in Nigeria, yet a good number of product-services are marketed via ads. Dozens dramatically consider this method to be more powerful and positions their company and its product-service as clearly distinct from your competition. But it still looks like a guess work. There still exists the mediocrity of mass-marketing of some product-service through ads, and enlightened consumers are aware of this.
Advertising, by and large, does influence some buyers’ action by creating product-service alertness and also strengthening customers’ attitudes. It’s possible that the action a buyer has taken may have been persuaded by advertising seen long before the action. Before a product-service is positioned in the mind of a buyer, the customer must be aware of the product-service. It’s like expanding the scope of your leads; you wouldn’t know who may buy. One may be right to say that, the bigger your strategic-advertising-network the better for you. And it must surely contain creative-depth, be emotional and memorable.
On the other hand, organisations should run ads for different objectives: for information, especially of a new product-service; for persuasion, especially when the competition increases; for reminding the market of an existing product-service as it’s the case with Coke and Pepsi and similar multi-nationals. An outfit can also enhance or reinforce her corporate image using advertising, after all. If your purpose does not fit, it’s advisable that outfits look for other ways to promote their product-services.
Apparently, ads promote the image of a company’s product-service, and don’t really generate sales. I see it as a means of telling buyers ‘hear I am’. And it’s better for a product-service that this medium is most appropriate to spread the news about their offerings. Ads can help build brand-consciousness for a large corporation but I doubt if they really move them to action that much. Here’s a paradox if you want to grow big: you can’t grow without it. But you can’t grow with it alone, either.
Monday, August 30, 2010
Situational Marketing (2)
Unless you find a more profitable way(s) to pass your marketing message across to your chosen market segment, your business or product-service would suffer for it. People are getting busier these days and don’t really have the time and patient to look at every product-service. They only create few rooms in their already flooded brains for just a few of them, wherever and whenever necessary. At times, I will be shock to hear that a particular product-service (I may need) has been around for ages. And I will ask myself, where I have been. Did you get the point I am making here? Marketers should do away with assumption, and apply what works to targeting its main buyers!
Hence, it behoves on organisations to adopt a marketing means that they can effectually manage, control and influence. The same marketing technique should equally give you utmost profit(s) for the effort. Never be lured into adopting a marketing method because others are doing it. More like me-too-marketing-approach. There’s no wisdom in doing so much and getting so little. Asking the right question before diving into the market would do an organisation so much good. Who actually are your prospective buyers? Where are they? Then formulate the right way to hit them with your well-aimed marketing messages.
There is the necessity for new approach of marketing thinking. Let’s call it contextual marketing or better still, situational marketing. It’s just a matter of time we would start measuring our ever-increasing marketing budgets with critical eye to evaluate its return on investment. That should be the bottom-line of any approach you may adopt to go about your marketing business. Nobody wants to run a business at a lost, not even Bill Gates or Warren Buffet.
Sergio Zyman, former marketing officer, coca-cola once taught, ‘Marketing is comprised of everything a company does from how its product is packaged, to how it is positioned in the eyes of the consumer through ad and promotion. All these things define the benefit to the user.’ But how many of us have got it, and are effectively using it? Firstly, you’ve got to know who your customers are and where they are, and then device a procedure to give them a superior service than the competition.
The essence of marketing is to have your product-service get to the end-user effortlessly, and also leave you with something profitable at the end of the deal. To achieve this, it’s necessary that one breaks out of the marketing clutter and then fashion a strong system to move most consumers to action. This might require your doing a little home work to know the system that is most appropriate for your kind of business. ‘The purpose of researching your market is to find out the subtler truths. Marketing research can help you spot opportunities and problems’. That is how Sarah White and John Woods wisely put it in one of their books. It’s very sad that nearly all of us are still engaged in what I would refer to as blind-marketing, even when it doesn’t pay us that much.
I want us to briefly assess some of the ways you can market your product-services and the advantages and limitations of each process. And whether that particular method was superlative for what you want to achieve in the market arena.
By word-of-mouth
Someone once asked this question to a group of individuals: ‘When forming an opinion of a company product-service, how credible would the information be from a staff of the company? What about the opinion of your friends and peers?’ It was so revealing that sixty-one percent trust and value the judgement of other people (like themselves) than those from the company or their representatives. This is very natural for most of us; we value thoughts and opinions of friends than those of strangers.
A survey by Edelman Trust Barometer in 2006 disclosed that word-of-mouth is seven-times more effective than newspaper advertising, five-times stronger than a personal sales pitch, and two-times as effective as radio advertising. And thirty-six percent of surveyed consumers reported learning of an innovation through word-of-mouth, while fourty-eight percent reported being influenced by word-of-mouth when making a purchase decision. (Some other statistical figures are even higher). Did you see that?
People trust peolpe, and by that I mean friends trust friends more than marketers, who are paid by their respective companies to serve as advocates to their various product-services. Inspite of everything, scores of business executives tend to over-rely on mass media advertising and under-rely on the reputational campaigns like word-of-mouth. Oftentimes, if people want to buy certain product, they first get the counsel of respected friends, neighbours or colleagues, who they think should have a better idea about the product-service. We still believe them even when they have little or no knowledge of what they are talking about. In fact, it has happened to me on numerous occasions.
Word-of-mouth is one of the finest forms of marketing, particularly if you know how to create a buzz using it (to boost the sale of your product-service). This is governed by the 90/10 rule: ninety percent of the world is influenced by the other ten percent. Or better still, Vilfredo Pareto’s 80/20 rule can’t be truer elsewhere than here. You get eighty percent of your business from twenty percent of you customers. I am saying this experientially. Think of the first time you visited a particular business outfit that was novel to, what largely brought you there was the testimony of a person (possibly friend or colleague), who may have had an experience with that particular product-service.
Another good thing about this mode of marketing is that it has the tendency of creating a ripple-effect. And often times, buyers here don’t come to make inquires (or do window-shopping) but to buy, or rather have an experience like their friends with your given market offering.
Obviously, the most successful product-services (or businesses) are those that spread and grow because of the customers’ relationship to other customers and prospective customers, and not because of the markets to the buyers. At the centre of every thriving business are the voices of customers, which resound louder than those of the sellers! A great mind summarised it thus: ‘The future belongs to marketers who establish a foundation and process where interested people cam market to each other...Ignite consumers networks and then get out of the way and let them talk’.
Nevertheless, it’s not every product-service that could be effectively dispersed by word-of-mouth alone but no establishment, no matter how big or small can do without it. This type of marketing has a way of giving credibility and enhance acceptance by the general public, no matter your business.
Hence, it behoves on organisations to adopt a marketing means that they can effectually manage, control and influence. The same marketing technique should equally give you utmost profit(s) for the effort. Never be lured into adopting a marketing method because others are doing it. More like me-too-marketing-approach. There’s no wisdom in doing so much and getting so little. Asking the right question before diving into the market would do an organisation so much good. Who actually are your prospective buyers? Where are they? Then formulate the right way to hit them with your well-aimed marketing messages.
There is the necessity for new approach of marketing thinking. Let’s call it contextual marketing or better still, situational marketing. It’s just a matter of time we would start measuring our ever-increasing marketing budgets with critical eye to evaluate its return on investment. That should be the bottom-line of any approach you may adopt to go about your marketing business. Nobody wants to run a business at a lost, not even Bill Gates or Warren Buffet.
Sergio Zyman, former marketing officer, coca-cola once taught, ‘Marketing is comprised of everything a company does from how its product is packaged, to how it is positioned in the eyes of the consumer through ad and promotion. All these things define the benefit to the user.’ But how many of us have got it, and are effectively using it? Firstly, you’ve got to know who your customers are and where they are, and then device a procedure to give them a superior service than the competition.
The essence of marketing is to have your product-service get to the end-user effortlessly, and also leave you with something profitable at the end of the deal. To achieve this, it’s necessary that one breaks out of the marketing clutter and then fashion a strong system to move most consumers to action. This might require your doing a little home work to know the system that is most appropriate for your kind of business. ‘The purpose of researching your market is to find out the subtler truths. Marketing research can help you spot opportunities and problems’. That is how Sarah White and John Woods wisely put it in one of their books. It’s very sad that nearly all of us are still engaged in what I would refer to as blind-marketing, even when it doesn’t pay us that much.
I want us to briefly assess some of the ways you can market your product-services and the advantages and limitations of each process. And whether that particular method was superlative for what you want to achieve in the market arena.
By word-of-mouth
Someone once asked this question to a group of individuals: ‘When forming an opinion of a company product-service, how credible would the information be from a staff of the company? What about the opinion of your friends and peers?’ It was so revealing that sixty-one percent trust and value the judgement of other people (like themselves) than those from the company or their representatives. This is very natural for most of us; we value thoughts and opinions of friends than those of strangers.
A survey by Edelman Trust Barometer in 2006 disclosed that word-of-mouth is seven-times more effective than newspaper advertising, five-times stronger than a personal sales pitch, and two-times as effective as radio advertising. And thirty-six percent of surveyed consumers reported learning of an innovation through word-of-mouth, while fourty-eight percent reported being influenced by word-of-mouth when making a purchase decision. (Some other statistical figures are even higher). Did you see that?
People trust peolpe, and by that I mean friends trust friends more than marketers, who are paid by their respective companies to serve as advocates to their various product-services. Inspite of everything, scores of business executives tend to over-rely on mass media advertising and under-rely on the reputational campaigns like word-of-mouth. Oftentimes, if people want to buy certain product, they first get the counsel of respected friends, neighbours or colleagues, who they think should have a better idea about the product-service. We still believe them even when they have little or no knowledge of what they are talking about. In fact, it has happened to me on numerous occasions.
Word-of-mouth is one of the finest forms of marketing, particularly if you know how to create a buzz using it (to boost the sale of your product-service). This is governed by the 90/10 rule: ninety percent of the world is influenced by the other ten percent. Or better still, Vilfredo Pareto’s 80/20 rule can’t be truer elsewhere than here. You get eighty percent of your business from twenty percent of you customers. I am saying this experientially. Think of the first time you visited a particular business outfit that was novel to, what largely brought you there was the testimony of a person (possibly friend or colleague), who may have had an experience with that particular product-service.
Another good thing about this mode of marketing is that it has the tendency of creating a ripple-effect. And often times, buyers here don’t come to make inquires (or do window-shopping) but to buy, or rather have an experience like their friends with your given market offering.
Obviously, the most successful product-services (or businesses) are those that spread and grow because of the customers’ relationship to other customers and prospective customers, and not because of the markets to the buyers. At the centre of every thriving business are the voices of customers, which resound louder than those of the sellers! A great mind summarised it thus: ‘The future belongs to marketers who establish a foundation and process where interested people cam market to each other...Ignite consumers networks and then get out of the way and let them talk’.
Nevertheless, it’s not every product-service that could be effectively dispersed by word-of-mouth alone but no establishment, no matter how big or small can do without it. This type of marketing has a way of giving credibility and enhance acceptance by the general public, no matter your business.
Thursday, August 26, 2010
Situational Marketing (1)
Without any doubt, the business of marketing forms the bed-rock of any budding establishment. You will agree with me that every business rises and falls on its position and reputation in the marketplace. I have closely observed how a number of companies (and individuals) make frantic efforts to sell their product-services in the marketplace, and they use several procedures to achieve this purpose. While some succeed, some others don’t. And I’d wonder how we can better approach this marketing business and make it a little bit easier, and also create a win-win proposition for all the parties involved in the matter.
We wouldn’t neglect the fact that there shouldn’t be one way of marketing a given product-service. It’s perceived that the more of them you have and, the better for you and your product-service, and the better you might possibly edge-out the competition. After all, different buyers have peculiar things that motivate them to buy, and you may not know the one that would work.
However, there should be a company’s primary channel of marketing its offerings to its target market for maximum returns. It’s not every enterprise that may have the resources to integrate all the known marketing mix (wherever it’s necessary). It’s on this ground that I am compelled to put down this piece of work, and it’s based on some of my market and marketing experiences.
Let me begin by asking us this question: what do you consider as the best form of marketing? I’m sure that there would be several answers as there are diverse marketing situations. The hyper-competition in the market arena is not helping issues either; every business outfit wants to dominate the market. This has made countless companies and individuals to be under pressure, spending so much money to get their product-services across to the presumed-buyers. Sadly as it may appear, many of these wonderful product-services barely reach the ultimate end-users quite effectively.
It also gives me much concern whenever I see establishments spend millions in marketing campaigns – in advert, radio jingles, TV commercials, bill-boards, and what have you. And I’d question if they do recover from some of these crazy ,and somewhat extravagant expenses. Well some of them could be justifiable but my reservation is, how much do they get in return after all, since some of them don’t rationalise the investment made. In business, it’s not how much you spend but how much you make.
Research has it that more money is practically wasted in marketing than in any other human activity (outside government). That’s crazily amazing! If companies have discovered better ways of reaching their target market, they’d spend pretty less, rather than do what look more like trial and error.
Obviously, some of what certain organisations do is more or less counter-productive, and occasionally may fail to appeal to those at the receiving end. For instance, some companies spend millions of naira to interrupt people with ads they don’t want and with product-services that they don’t need. Or another that mounts bill-boards across the streets that passers-by are blind to. Quite a number of these things rarely work nowadays. Remember, you are not the only one bombarding the buyers’ brains, in the name of marketing!
Nevertheless, writing off all marketing expenditures because most of the time they don’t work isn’t the right answer, either. There must be a way out of this marketing-maze. I sampled the opinions of buyers of some of the things being marketed through several means before coming up with this article. So, I’d be taking it from the consumers’ point of view, and I think every good business or marketing executive should take this very seriously in developing their subsequent marketing plans. In the market place, it’s not what you think that matters but what the people think and do about what you are giving to them. That is why someone warned, ‘Marketing is so basic that it cannot be considered a separate function. It is the whole business seen from the point of view of its final result, that is, from customer’s point of view.’
In my own opinion, unless organisations find a more cost-effective way to get their product-services to their primary consumers, their businesses are certainly endangered. Marketing must be contextual for it to deliver the desired result. I see it as a whole work of art and science, (except that one wants to trail behind in the marketplace).
The buyers of these product-services are getting busier each passing day. They barely have time for any product-service, especially new ones, and so give small room in their over-crowded-media-hyped brains for few (known product-services). Therefore, anyone who must grab an appreciable market-shared must adopt a strategic means to register their presence in the business arena. (It’s difficult to sell to a man who isn’t interested to either look or listen).
Marketing, indeed, is abroad discipline, and its environment is so dynamic that anything can happen. And each day provides us with what works, and what does not work. It now makes sense to me when Dina El Tabey, a marketing guru remarked that, ‘Marketing is about continually trying new ideas and refining ideas’.
You can’t do today what created marketing buzz yesterday, because there’s no way that’s going to create more buzz today. Peter F. Drucker suggested that, ‘Crises in organisations occur because the assumptions on which the organisation has been built and is being run no longer fit reality; an organisation’s survival lies in its ability to learn and adapt quickly. Plans must be altered at the very time they are implemented’. I think this is mostly true in our present marketing circumstance.
On a more practical note, my team developed a marketing strategy for certain business establishment some time ago. Initially, they were scares at our approach, which was unconventional (but it’s the approach that suit the occasion). Nonetheless, at the end the outfit were so amazed at the result. Interestingly, they saved good money! What’s my point? The game of marketing must fit the present realities for it to deliver what you want. People might doubt the process but not the result.
A man said, ‘Marketing changes its focus from equilibrium management (why and how markets settle own) to disequilibrium management (why and how markets are constantly changing through the development of competitive products and production processes)’. Every business day opens us up to other sides of marketing or the market that we possibly may not have thought of before now. I am sure you will agree with that. So, let you action show your conviction.
There are several marketing approaches. And each marketing communication has got its advantages as well as slight disadvantage, or better still limitations. Not every product-service would, or rather should be marketed by advert or radio/ TV commercials. Neither is it wisdom to market some others solely by word-of-mouth, bill-boards or even online. What is most important is whether your method is suitable for the current market situation, and also if it is actually reaching your intended market. How do we determine the one that works? That is, the one reaches our target buyers. We would try to look at that in the next issue.
Tony Ajah is a highly consulted business growth strategist, and the Principal Strategist, TA Strategic Solutions, a Lagos-based firm that is into business growth and development. tony@ta-strategies.com ajahxt@yahoo.co.uk 01 958 7802
We wouldn’t neglect the fact that there shouldn’t be one way of marketing a given product-service. It’s perceived that the more of them you have and, the better for you and your product-service, and the better you might possibly edge-out the competition. After all, different buyers have peculiar things that motivate them to buy, and you may not know the one that would work.
However, there should be a company’s primary channel of marketing its offerings to its target market for maximum returns. It’s not every enterprise that may have the resources to integrate all the known marketing mix (wherever it’s necessary). It’s on this ground that I am compelled to put down this piece of work, and it’s based on some of my market and marketing experiences.
Let me begin by asking us this question: what do you consider as the best form of marketing? I’m sure that there would be several answers as there are diverse marketing situations. The hyper-competition in the market arena is not helping issues either; every business outfit wants to dominate the market. This has made countless companies and individuals to be under pressure, spending so much money to get their product-services across to the presumed-buyers. Sadly as it may appear, many of these wonderful product-services barely reach the ultimate end-users quite effectively.
It also gives me much concern whenever I see establishments spend millions in marketing campaigns – in advert, radio jingles, TV commercials, bill-boards, and what have you. And I’d question if they do recover from some of these crazy ,and somewhat extravagant expenses. Well some of them could be justifiable but my reservation is, how much do they get in return after all, since some of them don’t rationalise the investment made. In business, it’s not how much you spend but how much you make.
Research has it that more money is practically wasted in marketing than in any other human activity (outside government). That’s crazily amazing! If companies have discovered better ways of reaching their target market, they’d spend pretty less, rather than do what look more like trial and error.
Obviously, some of what certain organisations do is more or less counter-productive, and occasionally may fail to appeal to those at the receiving end. For instance, some companies spend millions of naira to interrupt people with ads they don’t want and with product-services that they don’t need. Or another that mounts bill-boards across the streets that passers-by are blind to. Quite a number of these things rarely work nowadays. Remember, you are not the only one bombarding the buyers’ brains, in the name of marketing!
Nevertheless, writing off all marketing expenditures because most of the time they don’t work isn’t the right answer, either. There must be a way out of this marketing-maze. I sampled the opinions of buyers of some of the things being marketed through several means before coming up with this article. So, I’d be taking it from the consumers’ point of view, and I think every good business or marketing executive should take this very seriously in developing their subsequent marketing plans. In the market place, it’s not what you think that matters but what the people think and do about what you are giving to them. That is why someone warned, ‘Marketing is so basic that it cannot be considered a separate function. It is the whole business seen from the point of view of its final result, that is, from customer’s point of view.’
In my own opinion, unless organisations find a more cost-effective way to get their product-services to their primary consumers, their businesses are certainly endangered. Marketing must be contextual for it to deliver the desired result. I see it as a whole work of art and science, (except that one wants to trail behind in the marketplace).
The buyers of these product-services are getting busier each passing day. They barely have time for any product-service, especially new ones, and so give small room in their over-crowded-media-hyped brains for few (known product-services). Therefore, anyone who must grab an appreciable market-shared must adopt a strategic means to register their presence in the business arena. (It’s difficult to sell to a man who isn’t interested to either look or listen).
Marketing, indeed, is abroad discipline, and its environment is so dynamic that anything can happen. And each day provides us with what works, and what does not work. It now makes sense to me when Dina El Tabey, a marketing guru remarked that, ‘Marketing is about continually trying new ideas and refining ideas’.
You can’t do today what created marketing buzz yesterday, because there’s no way that’s going to create more buzz today. Peter F. Drucker suggested that, ‘Crises in organisations occur because the assumptions on which the organisation has been built and is being run no longer fit reality; an organisation’s survival lies in its ability to learn and adapt quickly. Plans must be altered at the very time they are implemented’. I think this is mostly true in our present marketing circumstance.
On a more practical note, my team developed a marketing strategy for certain business establishment some time ago. Initially, they were scares at our approach, which was unconventional (but it’s the approach that suit the occasion). Nonetheless, at the end the outfit were so amazed at the result. Interestingly, they saved good money! What’s my point? The game of marketing must fit the present realities for it to deliver what you want. People might doubt the process but not the result.
A man said, ‘Marketing changes its focus from equilibrium management (why and how markets settle own) to disequilibrium management (why and how markets are constantly changing through the development of competitive products and production processes)’. Every business day opens us up to other sides of marketing or the market that we possibly may not have thought of before now. I am sure you will agree with that. So, let you action show your conviction.
There are several marketing approaches. And each marketing communication has got its advantages as well as slight disadvantage, or better still limitations. Not every product-service would, or rather should be marketed by advert or radio/ TV commercials. Neither is it wisdom to market some others solely by word-of-mouth, bill-boards or even online. What is most important is whether your method is suitable for the current market situation, and also if it is actually reaching your intended market. How do we determine the one that works? That is, the one reaches our target buyers. We would try to look at that in the next issue.
Tony Ajah is a highly consulted business growth strategist, and the Principal Strategist, TA Strategic Solutions, a Lagos-based firm that is into business growth and development. tony@ta-strategies.com ajahxt@yahoo.co.uk 01 958 7802
Monday, April 19, 2010
The Second coming of Business (Part 1)
At the end of last century, everybody was apprehensive of what the new millennium would hold. One word became a buzzword, and that was being ‘Y2K compliant’. Not few of us were talking about that because of the fear of the so called ‘millennium bug’. (I know that you can recall that, and was probably were compliant by one way or the other). I can still remember that the economical aspect of our lives was on major area people expressed considerable fear and anxiety.
It’s quite a decade ago, and a lot of things have drastically changed in our world, and particular in the business world. The vicissitudes have come much rapidly at a terrifying rate than we thought possible with so much unpredictable happenings. The high rate of unemployment, the closing down of so many companies, the crashing down of the stock market, the merging and acquisition of companies, are all indication that it’s purely business unusual, and not forgetting also the emergence of dozens of technology enabled and internet-based businesses, and more. We are yet to see the end of this ironic revolution that has begun.
Of course, no one could have imagined that the world would witness an economic holocaust, or even thought about it at the degree at which it came and has been sustained. More business surprises would still emerge in this new season. Quote me. But it would favour only those who are better prepared for the ‘surprises’.
I can then say that the year 2000 marked a new business dispensation, and ushered in the redefinition of so many business models and assumptions, until the advent of this recession. And this would herald the coming of a new style and way of ‘businessing’ like never before.
Several world events (usually disaster and recovering from such unfortunate incidents) have reshaped the events of the world. The other day it was the September 9/11 bombing of the Twin Towers in America, which by a closer look has changes ‘businessing’ across nations and continents. Times magazine of September 9, 2002 said about the incident, ‘It may someday be said that the 21st century began on September 11, 2001...’ I wouldn’t know how true they were, but there is an element of fact in that statement.
The stage is now set for a much more ‘reinvented-business’ life. So many methods of doing business like we have known them are gradually phasing out; it would be a sorry case for those who are still tied to ‘known customs’. The year 2010 is very strategic for the commencement of the next phase of business; somewhat like the evolution of the next stage of the ‘business life-cycle’. The current global crisis would change the business landscape. Remarkably, the change has started. We are going to have a more renewed economic system that would be fashioned to suit the demand of the times. More so, we are going to do almost everything new sometimes, as the occasion demands!
Towards the end of 2009, I took some time to search and study the business trends of the 2010 (and presumably in the next decade), and I was thrilled with amazement! There were so many feedbacks as there were so many business situations where they apply; although most of them were outside the shores of this country. We, however, should not take anything for granted in this globalised age, where what affects one nation has the tendency of affecting the whole world.
One thing was so obvious from my findings: the new era of business has just surfaced even beyond what the ordinary eyes and mind could perceive. And most of them have been born out of necessity that the current business experience brings. But how many of us could recognise this fundamental business eye-opener?
To be ahead of the game, you’ve got to be compliant, much more than you did at the break of this century. I want to break this piece of work down in the most practical ways so as to make it relevant to you and your trade. The big question now is, how do you position yourself to being one of the major players in the current business progression? ‘Life’, Wallace Stevens observed, ‘is the elimination of what is dead’. The same could also be said of every progressive business. And we are already seeing the need for it.
Business as we see it today is still in the process of becoming. We’ve come so far to go further, and must take bold steps and responsibility to getting there. How do we set this in motion? Alan Alda said something I liked. ‘Begin to challenge your own assumptions. Your assumptions are your windows on the world. Scrub them off every once in a while, or the light won’t come in’.
This business times would be preceded by some many changes that only those who understand and play by the rules would rule. Here are some of the things you should acquaint yourself with. Like Tzu Sun admonished, ‘We have heard of stupid haste in war, cleverness has never been seen associated with long delays’. So, let’s set things in motion then.
Align to the change
The time of crisis is often times for change. One language that would echo louder than any other is change! The business world, I want to say again has changed. This change shouldn’t be viewed as a threat but as an opportunity. In the words of Warren Bennis, ‘Change cannot be viewed as the enemy, for it is instead the source of organisational salvation. Only by changing themselves can organisations get back into the game and get to the heart of things. All organisations, especially those that are growing, walk a tightrope between stability and change, tradition and revision’.
At any time of change, only those who adapt to the demand of the times remain secure and also relevant. Like you already known, every aspect of our business life is constantly in the state of flux. This has become more obvious now than before. So, we can’t stand within, and make progress without.
There is always a demand for change and progress. One of the reasons is because of possibilities that exist when we do or because of changes in the external world as we have met it today that asked for it. Please, don’t ever be forced to change but flow with the change and run your business. The later is usually advantageous.
Rapid and apparently crazy changes take place today in the business environment at a startling rate. Your business security lies in your ability to respond to those changes intelligently. If you would be sincere to yourself, you can still do more than you have done. And to do more than what you have done, you have to become more of who you are or even who you were not. Just be new!
You have to begin to form new business perspective; the present one is overdue for change. So much ‘busy-ness’, little ‘busi-ness’. There could be no better way of forcing you and me to change than by what we now witness. This is the best time to re-write them. (I have begun in my circle of influence. What about you?)
Another world of business opportunities is knocking on the door, or rather has pulled in. Remaining where you are, and doing things the way you’ve always done them may be very costly. Joel Barker, the author of the book Future Edge remarked, ‘When a paradigm shifts, everyone goes back to zero. Your past success means nothing.’ There is a paradigm shift in the business arena, and it’s still shifting. Without proper alignment you trail behind. I challenge you to do one important thing; be flexible in spirit, soul and body.
One of the primary keys to remaining in business is flexibility. Flexibility is a good business virtue. You have to be flexible enough to respond appropriately to whatsoever change that may come your way. To enable you to make the most of the emerging trend, you have to make necessary adjustments. This would certainly require your learning, unlearning, and relearning some business skills, wherever necessary. Do them so as to secure the future of your business. Businesses do not stand still; they may fall behind some times. But those that succeed do so by continuously improving their operations.
There may be so much to change, but begin by changing conventional business boundaries. As the saying goes; we grow only when we push ourselves beyond what we already known. I think it’s another time for us to grow in business, and grow fast for that matter. And for that to happen, change is inevitable. ‘Living with change’, a wise man observed, ‘need not imply insecurity, but rather developing new forms of security’. I can’t wait to secure my business position. What about you?
For all I know, change means growth, and every growth comes with change. It’s so obvious then that adapting to the ever-changing present is the sure security for the unpredictable future.
At the end of last century, everybody was apprehensive of what the new millennium would hold. One word became a buzzword, and that was being ‘Y2K compliant’. Not few of us were talking about that because of the fear of the so called ‘millennium bug’. (I know that you can recall that, and was probably were compliant by one way or the other). I can still remember that the economical aspect of our lives was on major area people expressed considerable fear and anxiety.
It’s quite a decade ago, and a lot of things have drastically changed in our world, and particular in the business world. The vicissitudes have come much rapidly at a terrifying rate than we thought possible with so much unpredictable happenings. The high rate of unemployment, the closing down of so many companies, the crashing down of the stock market, the merging and acquisition of companies, are all indication that it’s purely business unusual, and not forgetting also the emergence of dozens of technology enabled and internet-based businesses, and more. We are yet to see the end of this ironic revolution that has begun.
Of course, no one could have imagined that the world would witness an economic holocaust, or even thought about it at the degree at which it came and has been sustained. More business surprises would still emerge in this new season. Quote me. But it would favour only those who are better prepared for the ‘surprises’.
I can then say that the year 2000 marked a new business dispensation, and ushered in the redefinition of so many business models and assumptions, until the advent of this recession. And this would herald the coming of a new style and way of ‘businessing’ like never before.
Several world events (usually disaster and recovering from such unfortunate incidents) have reshaped the events of the world. The other day it was the September 9/11 bombing of the Twin Towers in America, which by a closer look has changes ‘businessing’ across nations and continents. Times magazine of September 9, 2002 said about the incident, ‘It may someday be said that the 21st century began on September 11, 2001...’ I wouldn’t know how true they were, but there is an element of fact in that statement.
The stage is now set for a much more ‘reinvented-business’ life. So many methods of doing business like we have known them are gradually phasing out; it would be a sorry case for those who are still tied to ‘known customs’. The year 2010 is very strategic for the commencement of the next phase of business; somewhat like the evolution of the next stage of the ‘business life-cycle’. The current global crisis would change the business landscape. Remarkably, the change has started. We are going to have a more renewed economic system that would be fashioned to suit the demand of the times. More so, we are going to do almost everything new sometimes, as the occasion demands!
Towards the end of 2009, I took some time to search and study the business trends of the 2010 (and presumably in the next decade), and I was thrilled with amazement! There were so many feedbacks as there were so many business situations where they apply; although most of them were outside the shores of this country. We, however, should not take anything for granted in this globalised age, where what affects one nation has the tendency of affecting the whole world.
One thing was so obvious from my findings: the new era of business has just surfaced even beyond what the ordinary eyes and mind could perceive. And most of them have been born out of necessity that the current business experience brings. But how many of us could recognise this fundamental business eye-opener?
To be ahead of the game, you’ve got to be compliant, much more than you did at the break of this century. I want to break this piece of work down in the most practical ways so as to make it relevant to you and your trade. The big question now is, how do you position yourself to being one of the major players in the current business progression? ‘Life’, Wallace Stevens observed, ‘is the elimination of what is dead’. The same could also be said of every progressive business. And we are already seeing the need for it.
Business as we see it today is still in the process of becoming. We’ve come so far to go further, and must take bold steps and responsibility to getting there. How do we set this in motion? Alan Alda said something I liked. ‘Begin to challenge your own assumptions. Your assumptions are your windows on the world. Scrub them off every once in a while, or the light won’t come in’.
This business times would be preceded by some many changes that only those who understand and play by the rules would rule. Here are some of the things you should acquaint yourself with. Like Tzu Sun admonished, ‘We have heard of stupid haste in war, cleverness has never been seen associated with long delays’. So, let’s set things in motion then.
Align to the change
The time of crisis is often times for change. One language that would echo louder than any other is change! The business world, I want to say again has changed. This change shouldn’t be viewed as a threat but as an opportunity. In the words of Warren Bennis, ‘Change cannot be viewed as the enemy, for it is instead the source of organisational salvation. Only by changing themselves can organisations get back into the game and get to the heart of things. All organisations, especially those that are growing, walk a tightrope between stability and change, tradition and revision’.
At any time of change, only those who adapt to the demand of the times remain secure and also relevant. Like you already known, every aspect of our business life is constantly in the state of flux. This has become more obvious now than before. So, we can’t stand within, and make progress without.
There is always a demand for change and progress. One of the reasons is because of possibilities that exist when we do or because of changes in the external world as we have met it today that asked for it. Please, don’t ever be forced to change but flow with the change and run your business. The later is usually advantageous.
Rapid and apparently crazy changes take place today in the business environment at a startling rate. Your business security lies in your ability to respond to those changes intelligently. If you would be sincere to yourself, you can still do more than you have done. And to do more than what you have done, you have to become more of who you are or even who you were not. Just be new!
You have to begin to form new business perspective; the present one is overdue for change. So much ‘busy-ness’, little ‘busi-ness’. There could be no better way of forcing you and me to change than by what we now witness. This is the best time to re-write them. (I have begun in my circle of influence. What about you?)
Another world of business opportunities is knocking on the door, or rather has pulled in. Remaining where you are, and doing things the way you’ve always done them may be very costly. Joel Barker, the author of the book Future Edge remarked, ‘When a paradigm shifts, everyone goes back to zero. Your past success means nothing.’ There is a paradigm shift in the business arena, and it’s still shifting. Without proper alignment you trail behind. I challenge you to do one important thing; be flexible in spirit, soul and body.
One of the primary keys to remaining in business is flexibility. Flexibility is a good business virtue. You have to be flexible enough to respond appropriately to whatsoever change that may come your way. To enable you to make the most of the emerging trend, you have to make necessary adjustments. This would certainly require your learning, unlearning, and relearning some business skills, wherever necessary. Do them so as to secure the future of your business. Businesses do not stand still; they may fall behind some times. But those that succeed do so by continuously improving their operations.
There may be so much to change, but begin by changing conventional business boundaries. As the saying goes; we grow only when we push ourselves beyond what we already known. I think it’s another time for us to grow in business, and grow fast for that matter. And for that to happen, change is inevitable. ‘Living with change’, a wise man observed, ‘need not imply insecurity, but rather developing new forms of security’. I can’t wait to secure my business position. What about you?
For all I know, change means growth, and every growth comes with change. It’s so obvious then that adapting to the ever-changing present is the sure security for the unpredictable future.
Sunday, March 14, 2010
The Ultimate Business Strategy
Every business activity is a game and fundamentally a game of strategy. A lot in business today depends on strategy. Like you already know, a strategy converts your intentions into the desired accomplishment. Joel Ross and Michael Kami, two management experts remarked in one of their book that,’ without a strategy, the organization is like a ship without a rudder, going around in circles. It’s like a tramp; it has no place to go’. That could be why John Collins also taught that, ‘Competing in the marketplace is like war. You have injuries and casualties, and the best strategy wins’. You sure have got a business strategy. Don’t you?
In truth, strategies are not something that you hope for, but something that you work for. And this has to be based on response(s) on the present realities in the market place. Getting to where you are going requires knowing where you are, and how much is required to move you on, and in what direction. A map is not functional until you know where you are on it. The same is true in your business strategy.
You can’t win a game you haven’t defined based on the prevailing business truth. Each business situation is a classroom opportunity to learn about what works and what does not work. You had your strategy quite alright, but how helpful has it been to you? Let me relate this to something we can easily grasp.
Every game has its own rules and its own definition of victory. No matter what the game is, there is always a scoreboard. In sports, everybody understands the importance of the scoreboard – players and spectators alike. Anytime I came in the middle of a match (when my favorite team plays), I first look at the score line, before settling down to enjoy the rest of the game. I know that you do the same, consciously or unconsciously. That would at least give you a clue on why they play the way the play, and so becomes baffling when a losing party cares less about the scores; playing as if nothing has happened or was at stake.
Think about how a basketball team approaches a game. Before the competition starts, the team spends much time planning. Players sometimes study hours of game films and spend days figuring out what their opponent is likely to do, and they decide the best way to win. And come up with detailed game plan. As the game begins, the game plan is very important, and the scoreboard means nothing (of course, everything was going to begin from zero). But as the game goes on, the game plan means less and less, and the scoreboard becomes more and more significant. This is simply because; the game is constantly changing (and in most cases the scores also). By now you must have know your opponent better, their strengths and weaknesses, and what to take advantage of. A man once taught, ‘If you know the enemy (your opponent) and know yourself, you need not fear the result of a hundred battles’. That would be a plus to those who have got the eyes.
The scoreboard is essential to understanding, evaluating, adjusting, re-strategizing, and hence winning. Even if you are half way into the game, you can look at the scoreboard and assess the situation well. ‘The scoreboard’, John Maxwell once said, ‘provides a snapshot of the game at any given time’. I quite agree with him. It’s from there that you learn better what to do, or possibly what not to do. You may work so hard, but without a feedback that comes from the scoreboard, you wouldn’t know how well you are doing and how to improve. Changes are made considering what the rival is doing (or likely to do). So, you can counter whatever scheme he has got. Have you got a business scoreboard? What does it read now?
The game plan (initial strategy) tells what you want to happen. But the scoreboard tells what is happening; where you are doing it right or wrong. Victory here hinges on your ability to convert what’s on ground to your benefit. Here, you have to employ the scoreboard strategy, which by all means is the ultimate business strategy. Peter Drucker was right when he taught that, ‘Planning is an intellectual exercise. Until it becomes actual work, you have done nothing’. Most of what many organizations called strategy’ is nothing but mere plans. And I am saying this out of experience. (I hope you are not one of them). While there is need for plans, it’s very dangerous to totally rely on them to face your everyday business challenges without making most important modifications.
Obviously, strategies have to accept new fundamentals and new horizon. An organization’s strategy is partly planned and partly responsive to changing circumstances. Effective strategy looks at what is happening now in the light of what you want to achieve. No team can ignore the reality of its situation and still win; making key adjustments is the secret of winning in every game, even in business.
According to Frank Tarkenton, American management consultant, ‘Business is a game where the clock never stops and the score can change everyday’. It’s laughable how some businesses in Nigeria want to make it without a scoreboard, which they care less about. How would you know if your business is on line without the scoreboard? You may be working hard, but without a true market-response, you wouldn’t know how well you are doing. The scoreboard gives you that insight. Let’s come up with a law. I decide to tag it the law of scoreboard and it states that, businesses can make deliberate adjustments and move on when it knows where it stands. Period. You use the information from the scoreboard to know when to concentrate on what you are doing right, what to get rid of the irrelevant things.
It behooves on you to develop a strategic framework to analyze information to understand your position, pin point your competitive advantage, define the scope and depth of your impact in the market, decide where you want to focus your resources, identify priorities and possibly implement changes. Toughness in business means mental concentration and willingness to pay true attention to performance and to correct it through measurement and reinforcement. That I think is simple business intelligence.
Someone likened tactics (or strategy) like water; water shapes its course according to the nature of the ground over which it flows. That’s tactical, or what do you think? Tzu Sun also quipped, ‘He who can modify his tactics in relation to his opponents, and thereby succeed in winning, may be called a heaven-born captain’. The same added, ‘Whether to concentrate or divide your troops must be decided by circumstances’. What else can I say?
Always remember that the scoreboard strategy is dynamic. Nothing kills a business faster like rigidity in your methods and approaches. That which worked today might not certainly guarantee success tomorrow. Be creative about it – know what and where to adjust and consolidate, and what to pay less attention to.
On a final note, it doesn’t just take strategy to win; it takes the scoreboard strategy. Making key adjustments is the secret of winning in life and in business. You can’t win without a strategy, but you can lose with one, except the scoreboard strategy. The later often produces the winning magic you business needs to break-even. What are you waiting for to start using it? Join my team and me as we unleash strategic moves on how to unlock your next business gain. Send me a mail if you are interested. What are you waiting for? It's up to you to make your business happen! It’s a new day.
Tony Ajah is a Business Growth Strategist. He is the Principal Strategist, TA Strategic Solutions, a Lagos-based firm that is into business growth and development.
www.ta-strategies.com tony@ta-strategies.com ajahxt@yahoo.co.uk 0805 140 3056
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