Excellent execution of
an adequate plan will produce stronger results than adequate execution of an
excellent plan. Who will implement your
changes?
Sustainability
is based on your company’s ability to consistently attract and retain buyers
due to their perceived value from doing business with you. I find it compelling to discover the
underlying CEO tendencies that have helped their companies to reach their high-water
mark. 80% advertise, have a website and a social media presence, but they are driven
by transactions. This short horizon approach requires frequent adjustments that
interrupt momentum and elevate stress levels.
Less than 20% take the time to develop strategic marketing and business
development into core competencies.
Your
marketing environment includes controllable customer facing attitudes, processes
and programs along with the uncontrollable external environment of competition,
technology, social, economy and regulation. Consistent diligence and investment
are required to nurture this environment in order to improve image,
productivity and financial results in a managed fashion.
Which Elements Should Be Raised to The Next Level in
Your Company?
1. Convert
your account list into an asset portfolio of ideal
customers
- An excellent customer experience [CX] is key to a business model of repeat buyers and referrals.
- Identify and differentiate most valuable customers from other buyers.
- Relationship building is a full-time job - not only during the proposal and selling process.
- Understand customer lifetime value so you can objectively budget resources to find new buyers.
2. Manage
and innovate an asset portfolio of the right products and services
- A product/market matrix identifies opportunities for market penetration, market development and product development strategies.
- Track GP by product line or service family to identify the expense model that each can support.
- A buyer’s services experience can only be judged during and after service delivery. Consistency across each touchpoint from pre-sale consultation thru post-sale support is essential.
3. Build
and manage an asset portfolio of ideal partners
- Recruit, train, communicate and manage to ensure that employees and channel partners have the satisfaction, attitude, skills, and commitment needed to build and sustain customer loyalty.
- Allow services buyers to participate in personalization needs. Standardization, rituals, automation and training will optimize consistency and high CX touch points.
- Inside and field sales teams operate within the marketing environment.
- Build a complementary partner portfolio of companies that espouse your values as you satisfy pragmatic buyers who want a total solution.
4. Pricing
- Track GP to understand the incremental contribution to overhead and profit from each sale.
- Your brand’s unique value proposition may earn a price above the median for your category.
5. Promotion
- Internal marketing must motivate employees and partners to be valuable grass roots members within your marketing environment.
- Influence buyers by referrals, past experiences and marketing campaigns.
- Introduce buyers to early adopters, opinion leaders and reference groups to reduce their risk.
- Create raving fans who tell stories so people will visualize how your benefits could apply to them.
- Adjust your marketing mix to balance capacities when demand fluctuates [changing economy, day of week, time of day or season].
