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Three Key Considerations
A sudden shift in global market forces constitutes a shift in strategy
for most organizations. For some, the current market climate presents
a world of opportunity and for others it’s an exercise in survival. In either case, there are three key aspects of
strategy that matter most.
1. Target Market Focus
If you’ve been forced to reduce staff and expense budgets to offset revenue declines, fewer resources suggest a narrower market focus that places greater emphasis on areas of strength – those segments where you can most easily generate revenue and customer success, all things considered. Of all the segments you serve, determine which ones can most easily justify buying your products in today’s climate, and then throw everything you have at the top two or three.
If you’re one of the lucky ones who’ve been presented with a world of opportunity by the current market forces, resist the temptation to be everything to everyone. Determine your target market priorities according to segments where you’re currently strongest as well as those who can most easily justify the need. Align all sales, marketing and product initiatives accordingly. Playing from a position of strength is a strategy that never disappoints.
2. The “A-list” of Your Target Customer CEO’s
The priorities of your target customer CEO’s have undoubtedly changed as the market has shifted. Beyond cost containment and revenue initiatives, do you know how CEO priorities have changed for your target customers? Do you know what the new a-list looks like? If not, don’t waste any time figuring it out. Here’s why.
The top priorities of CEO’s become the to-do lists for those reporting to the CEO and on down. Since most products and services address operational issues, it’s imperative you connect the dots between your products and the operational initiatives most closely linked to the CEO’s top priorities. There’s always a connection.
For example, as oil skyrocketed to $140 a barrel this past summer, fuel conservation quickly became a top priority of every airline CEO. The subsequent operational initiatives ranged from fuel conservation training for pilots to replacing components that reduce weight to pricing tactics that discourage customers from packing extra bags. Think of the many products and services that would be of value to airlines to support fuel conservation initiatives.
3. Product Initiatives
When the market experiences a sudden shift, the worst of all possible product strategies is a smattering of small enhancements across all product lines. Why? This approach offers no high-impact solutions to a market in need, and worse yet, offers your company no chance to grow or even sustain revenue.
For any product development projects that aren’t too far out of the gate, a temporary halt may be in order. The conclusion of exercises 1 & 2 above should drive all product initiatives. Reexamine priorities across all product lines collectively and marshal resources to only those products that can make a significant impact on the a-list of your target customer CEO’s.
More revenue is sure to follow.
If you’re tired of strategy meetings that never result in clear-cut decisions, let ZIGZAG Marketing facilitate your next strategy meeting. We’ll help you see the obvious, drive the discussions to a few key decisions and create an action plan with clear objectives that everyone can understand and support.
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to facilitate your next strategy meeting.
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