What is market-focused business strategy?
It involves taking marketing activities out of the marketing department and making marketing part of everyone’s job.
Why is this important? Because your business doesn’t live in a vacuum. There are constant elements at play that will determine your success in two of the most crucial elements- whether you’re able to create sales growth and attract (and keep) talented employees. We consider both of these elements customers- external customers that buy your products and services and internal customers that are employees and your most valuable assets.
Keys to being market-focused include:
- Continuously gathering relevant information about your customers and your market
- Collecting and using data. This includes use of customer information in meetings, discussions with customers, distributing sales reports, databases, and generally collecting data in a systematic way.
- Continuously scanning the environment for information about government regulations and policies, technological changes, partners and competitors and their activities, and future industry trends. This allows you to stay proactive, taking advantage of shifts as they happen.
Information gathered should be regularly compiled in a usable form and shared in various ways- company blogs and newsletters, customer and market databases, and forums in your industry. Responding to your market is critical to being market-focused, and therefore, sustainable.
We use a phased approach to help clients be market-focused and sustainable. The results not only create clarity, but specific business objectives, and infrastructure that will take you to the next level.
Given the concept of internal and external customers, to be sustainable a company needs to be driven by:
- An understanding of what customers want
- Knowledge of how to meet the customers’ needs
- Delivery of the product or service customers want
This means that your entire team needs to be focused on business strategy based on market opportunities, customers, competition, and trends. That’s where we come in. We’re uniquely skilled at working with business leaders, business owners, and their key management teams to identify sources of issues, review the landscape, and identify opportunities to help companies position themselves in a way to accomplish their goals- both short-term and long-term.