Yesterday, together with a couple of colleagues, we decided we were going to quit drinking. Not really, but the traditional New Year’s hangover can do that to you.
Others aim to lose weight, to start working out or simply to start enjoying life more. Everyone has their own resolutions for 2018. Companies do it a little differently: they set yearly targets.
In this article, we explain why it may be a good idea to evaluate your marketing and sales strategy too, while you’re at it. After all, what worked yesterday might not work today.
They say the definition of insanity is doing the same thing over and over again, and expecting things to change. Yet, it is also common advice never to change a winning team.
So which is right? No-one can predict the future, but the following checklist can help you determine when it is time for a change.
Your clients have evolved
The times they are a-changing. Yesterday, people were all over Pokémon Go and AR was to be the new marketing channel, while today no one cares anymore.
Today, mobile payments are becoming more and more common, while tomorrow everyone might want to pay with their cryptos.
And maybe the day after tomorrow the crypto bubble bursts and people will try to buy a loaf of bread with rabbit skins. The point is, people’s tastes, channel preferences, etc. are constantly evolving.
That’s why it’s important to frequently conduct market research and review your strategy accordingly.
Your industry got disrupted
You might be the incumbent brand of your industry, but if a challenger appears that is a lean growth machine and launches a full-frontal attack using new technologies and tactics, it is best to arm yourself against this kind of threat.
Consider repositioning your business to highlight your strengths over the new entrants, or use your financial advantages and adopt an aggressive pricing strategy to block the path for any possible disruptors.
Your targets have changed
As your product or brand matures, it enters different stages of its lifecycle. Meanwhile, the market growth and your relative market share may evolve too.
It’s a classic, but a tool like a BCG Matrix is still an excellent aid to determine which way to go with your product. For example, the market you’re in may have grown over time, so you’re no longer in a Star-phase, but a Cash cow-phase.
That means it may be time to start reaping what you’ve sown and focus on profits instead of on growth.
Your capabilities have changed
Businesses develop and evolve over time. Take for example IBM, which dominated the PC market for years, but is now one of the leading IT companies, having shifted drastically from hardware to software.
As your firm ages, you might develop different skill sets and gain more expertise in fields outside of your core business. That’s why it is wise to do a SWOT-analysis regularly. Who knows what you might discover?
In any case, this probably entails the need for an updated marketing and sales strategy. So don’t be coy and kill your darlings! You might gain a lot while doing so.
Devising a new marketing and sales strategy is not something to take lightly. Especially in today’s hyper-competitive and rapidly-changing environment, having a well though-out strategy is key. We can help you with this, with excellent strategic consulting.