Wednesday, March 25, 2009

Business and Marketing Strategy

Earlier this month, we talked about the Key Elements to Basic Strengths but skipped the business and marketing strategy technobabble and saved it for another day which is today’s entry.  

Business strategy doesn’t mean very much without marketing strategy.  You can have a good business strategy for a product or service but without an effective marketing strategy, the business strategy won’t go very far.  The key to any successful strategy is the unique value proposition you execute on and actually deliver to the customers.  The thing is, there’s nothing more challenging and more dynamic than creating, supporting, and maintaining these unique value propositions.  

A company’s most important asset other than their people includes their relationship and reputation in the marketplace and their customer base.  But regardless of the strategy or manner in which a company tries to create a certain experience for their customers, to entice them, to simply deliver best in class type of service of great value, or a blend of any of these elements, the competitors are working on taking advantage of certain opportunities to pry these customers and take business opportunities away.  In order to prevent this or at least minimize the possibility is to successfully secure and expand new and existing relationships with your customers.  For example:  there’s been many times when companies that are rich in intellectual capital who have significantly under leveraged this important asset at the market and customer interfaces.  For the competitor, this opens up a wide-array of opportunities to tap into these customers and take the business.  

Few weeks back, I was talking to an executive and we discussed knowledge-based CRM where you design and build as an integral part of a business this intellectual capital or the knowledge, experiences, expertise, and processes and integrate them within your customers’ processes.  This is not only a proactive measure but also a way of partnering with your customers.  It is also known as first-mover advantage play, so get going!