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Managing and Marketing in the Age of Turbulence
29-Jul-2010
This growth tip features lessons from the book “Chaotics” by Philip Kotler and John Caslione – in which the
authors address the major changes in the marketing landscape:
Customers are better
informed.
They are empowered. They can find out almost anything about any product,
service, company or person - by searching the Internet and asking questions of
their social networks. You must develop a new mindset of always being on
hot standby to respond to customer concerns and issues.
Competitors can copy you
faster.
Competitive advantages have a much shorter life today, shortening the
innovator’s return on investment (ROI). Research your customers more
frequently now because their needs and wants are in flux. Don’t get caught
relying on old “tried-and-true” offers that no longer resonate.
Focus on all that’s safe
and emphasize your core values.
Do everything possible to communicate that continuing to do business with you
is safe. Sell customers products and services that continue to make them feel
safe - and spend whatever it takes to do it.
Don’t discount your best
brands.
If you want to appeal to more frugal customer needs and wants with lower prices
- create a new, separate and distinct offering under a new brand name.
Save the strong; lose
the weak.
Do not waste time or money on marginal brands or service offerings that are not
supported by market-leading value propositions, and a solid customer base with
strong growth prospects. Companies must remain focused on their core
business, and satisfying their target customers - paying particular attention
to their best customers.
90 Day Strategic Planning.
Strategic planning should be conducted at three-month intervals, rather than
reviewed and adjusted once a year. More stakeholder representatives should be
included in the discussion and decision making process.
Break large
organizations down into smaller, flatter groups.
To achieve faster reaction times, accountabilities should be driven down to the
lowest possible level. However, these smaller groups must connect and meet with
all the other groups in the organization on a regular basis to remain aligned.
Dual vision.
Companies need to operate with one eye focused on the short term - and the
other eye focused on the long term.
Short term is about managing the present. It should include projects
related to improving the current core business, and meeting the needs of
today’s target customers with excellence and authenticity.
Long term is not about performance improvement – rather it is about forgetting
the past and reshaping the business to compete more effectively in the future.
Often, this demands bold, disruptive strategic moves away from the present to
reorganize and reshape the company for future success.
Stephen Lynch
Chief Operating Officer - Global Operations
RESULTS.com
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