A wise mentor of mine told me: “If you’re not growing, you’re dying”. It’s true. In business (and life), if we are not planning and executing growth plans, then we are losing market share. If we are not pushing ourselves to stretch, then we are staying the same. This is why we need to turn to Strategic Marketing in order to grow.
It’s All About Strategic Marketing
Smart business leaders and marketers are very strategic about their growth. They keep it simple. They keep it focused. They leverage existing customers. And they grow adjacently by not attempting to ‘boil the ocean’ and going after a part of the market that they know little about.
What NOT to Do If You Want Growth
Here is a Venn Diagram that I use to show marketers and business leaders where to focus and how to plan for growth…
From the Venn Diagram above, here is what I see all the time in the world of businesses that are underperforming…
- Lack of understanding of who the target customer is. The total market size may be enormous, however, strategic marketing involves understanding that not every potential customer out there should be your customer. Some take too much effort which means that your culture is not built to serve them well. Taking on customers that are not a fit ALWAYS leads to frustration, losing money, and pissed-off former customers.
- Your competitor’s advantage. You cannot be all things to all people. Stop trying to be. Be different. Be OK with your competitor having some success in the market.
- Too much focus on competitors and thinking you need to be just like them. Yes, you need to understand your competition but you should never (ever) waste energy copying them. It is a huge distraction for your team.
- Competing head-to-head with competitors. When you do that, your customers have trouble seeing your value versus your competitor’s and the results are a price war.
- Your market advantage. This is where you are successful. It is easier to serve customers because this group of clients aligns with your culture and values. And oh yes, you make more money here!
- Finally, your next market focus. When you plan for growth, plan to grow adjacently in the market. Never, for example, be an organization that engineers state-of-the-art medical devices and also builds amusement parks. Stick to your DNA and plan your growth there. You will spend less time, money and resources being successful. Your team will execute more successfully because they don’t have to learn something drastically new.
Robert Murray is a Vancouver, BC based Business Strategy Consultant, partner at Incrementa Consulting Inc., #1 Best Selling Author, and International Keynote Speaker. For further advice, insight and inspiration on how to unlock your inner leader, follow Robert on Twitter, LinkedIn and Facebook.
, Business Strategy
, Robert Murray
, Robert S. Murray
, Strategic Marketing
, Strategic Planning
, Vancouver BC