Who we are and how we behave has changed drastically. This raises the question for many organizations of what they can undertake to not only safeguard their business, but also to steer it forward.
The low touch environment is shaping new customer behavior and challenges forcing companies to reconsider their value proposition. As a natural reaction, they take immediate actions. Such tactics, however, only serve to protect businesses. To steer an organization forward deeper understanding and bold thinking is needed. Map your current challenges, size them and explore new opportunities to conquer the market. It is only by reconsidering the fundamentals and adapting them to this new era you will be able to take your business to new heights.
Three Things Not To Do In Changing Times
- Don’t (only) rely on tactics. Tactics such as Growth Hacking, Artificial Intelligence and Influencer Marketing will only impact your business on the short-run. By orchestrating both strategic and tactical changes you will ensure a lasting impact.
- Don’t be swayed by buzzwords such as Digital Transformation, Paradigm Shift and Disruption. These have a role in change, but are not a goal in itself.
- Don’t pull focus, remain rational. Link your marketing and sales activities to a clear intent. Only when streamlining your initiatives, you’ll be able to take steps to move forward.
What You Should Do Instead
1. Clarify Your Intent
Before determining what to do, get clear on why you are doing it. Conduct market research and gather customer insights. How has the market evolved and who are your (new) competitors? Who is your target audience and what do they run into? How do your customers behave and what is the (customer) experience they expect along their journey?
Performing market research and gaining insight in the customer’s behavior and expectations is crucial.
Customer research showed us the real value of 5G lies in its added value to the customer rather then in its technical advanteges. Based on that, we implemented a new strategy and value proposition.
When defining your company’s intent, it becomes clear how to segment and target your market and how to model your business.
As a result a customer-centric mission and vision will translate in a customer-centric strategy.
2. Define The Infrastructure
Understanding your real intent enables you to make the right choices when establishing your marketing and sales plan. It will guide you in your go-to-market strategy and lead-generation approach and inform on how to (cross)sell and which data, systems and platforms to use.
3. Only Then, Decide On The Right Tools and Tactics
Finally, how you define your intent will give direction to the tactics and tools you implement. It will determine the impact you will have on both the front-end (what your customers see) and back-end.
The diagram below shows the best path to steer your company through these challenging times and ensure business growth.
Want to find out more about this approach?
Have a look at our recent webinar where Minds&More partner Pieterjan Kempynck elaborated on this topics from a strategic point of view.
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