Tag: Strategy

Categories
Marketing Management Strategy

Marketing Plans: Plan the Plan and Work the Plan

IT man versus salesmanphoto © 2009 Frits Ahlefeldt-Laurvig | more info (via: Wylio)
I was once asked by a business owner, “What do I need to do to move my company from a loss position to one of profits?”  I told her the answer was easy: increase revenues and decrease expenses.  I explained that the implementation was the hard part.

There were a few key steps along the journey to creating a marketing plan to elevate the firm to the next level. The points below are mainly focused only on the revenue side of the equation.  Equal care and analysis are needed to manage expenses.

Vision: We started with the owner’s vision for the business.  Then, we compared and contrasted the owner’s vision with what the employees described.  We identified and explored mismatches, overlaps and gaps.  The outcome was a vision everyone shared and agreed was correct for moving the business forward.

Strengths, Weaknesses, Opportunities, Threats (SWOT): I met with the owner and staff to assess the firm’s strengths, weaknesses, opportunities and threats that would need to be dealt with to achieve the vision.  Aside from enumerating and measuring many factors, we created an action plan list by responding to these two queries:

1.      To shore up major weaknesses and avoid major threats, we will take the following actions …

2.      To build on our strengths and opportunities, we will take the following actions…

Value Propositions: Informed by the vision, the SWOT helped identify today’s customers as well as tomorrow’s customers. These two groups are not always the same.  A value proposition was created for each type of target customer.  Unique Selling Propositions (USPs) were created for each group to guide the sales effort.

Marketing Plans: The Vision, SWOT action steps and Value Propositions including USPs all feed into a Marketing Plan.  The plan encapsulates the best thinking about where the company is today and where it is going over the next 1-3 years.  The plans help you establish the actual tactics and marketing tools you will use to acquire and retain customers.

Implementation/Management: The owner and employees MUST agree on what the tactics are, who owns them, what is to be delivered and by when.  The owner or key employee must manage the process and the deliverables. The oversight ensures timely completion of the necessary work to implement the entire Marketing Plan.

The Takeaway:

A thorough planning process will result in actionable ideas to keep the firm moving profitably toward its goals.  Plan the plan and work the plan.

That is what we discussed.  How about you?  Please comment below.

1.      Are there other steps to the process that you would add?

2.      Do you feel one of the steps is the most critical?

3.      Do you plan the plan and work the plan?

If you would like to contact me, you may do so by visiting my LinkedIn page, following me on Twitter,  or e-mailing me at rcberman2 (at) yahoo (dot) com.

Categories
Innovation Strategy

Innovation: Where Can I Find It?

Business Model Trianglephoto © 2006 Alexander Osterwalder | more info (via: Wylio)

Innovation needs to be part of a company’s culture or DNA.  Some industries seem to have more innovation than others whether it is a process or other reasons.  To learn more about industry variations I spoke with Jatin DeSai.  He is the CEO of The DeSai Group.

1. What are the most innovative industries?

High-Technology, Biomedical, Energy, Software and Consumer Products.  A student going to college today should study science and engineering or engineering and business to take advantage of the convergences in the next 20 years.

As an example, the raw science and engineering know how will help to eliminate infectious diseases in the future.  What is missing are the systems and processes.  India and China add tremendous uncertainty and large scale new business models in every industry. They have their own problems, but both are trying to cash in on this unprecedented opportunity to dominate the West. Youth and young adults should capture this opportunity before they get left behind.

2. What industries are ripe for innovations?

The least innovative are the most  ripe.  They will be hurting so badly that they will need to get out of the chaos.  Some industries such as Healthcare, Financial Services (insurance and banking), Pharma, Oil/Coal/mining, Aerospace (especially defense contractors) and alcohol & beverages are where we are focusing.

We predict, that water will the next oil by 2040.  There are serious water shortages.  More desalination plants are coming on line.  Think about the heavy cost of distribution in beverages.  Companies are taking gray water and turning it into clean water at their own plants. Due to climate changes to our planet, water will become a very precious commodity. The lower on the pyramid will suffer greatly. Humans cannot survive without water for more than 48 hours. There is a huge opportunity for innovation here.

3. The media often portrays Silicon Valley as the center of innovation in the US.  Is that true?  If not, where are the centers of innovation?

The largest three centers of innovation it the US: Silicon Valley, Boston/Route 128 Corridor and Research Triangle. Overseas, India has centers in Bangalore, Chennai, Hyderabad and Mumbai, with upcoming places like Noida near New Delhi.  China has Shanghai, Beijing, and Xi’an for the aerospace industry.

4. What is the next big thing in innovation?

Innovating is bigger than a program.  The sexiness will die in 3-5 years because markets will get back into the growth mode and create real jobs.

The next big thing is in the Social Business Model. Our recent article about 20 big insights about the future called “What will Happen in 2011?”  details some ideas.  Cloud Computing is accelerating trends.  We will see much deeper relationship driven models instead of just running on numbers.

Generation Y is very smart and connected, but have not found a way to have personal relationships since many of their interactions are online, not in person. The connectedness will allow companies to have more contractors or free agents versus employees on the payroll.

The Takeaway:

Industries can be more or less innovative depending upon their mindset, geography , technology and culture.

That is where to find innovation.  Where do you find it?  Please comment below.

1.      Do you agree or disagree with the list of the most innovative industries?

2.      Do you think Silicon Valley is the center of innovation in the US?

3.      What other industries would you add to the “ripe for innovation” or “most innovative” lists?

If you would like to contact me, you may do so by visiting my LinkedIn page, following me on Twitter,  or e-mailing me at rcberman2 (at) yahoo (dot) com.

Categories
Innovation

Innovation: A Look at the Global Picture

The vision : sense : ideas created the UAE and Dubai, the vision and inspiration to do something new, better, higher and indeed stronger was the driving force! Enjoy! :)photo © 2010 UggBoy UggGirl | more info (via: Wylio)
Innovation was United States and Western European centered for many years.  The innovation process has changed when we consider countries around the world like China, India and Brail.  Jatin DeSai, CEO of The DeSai Group shared with me his thoughts about the internationalization of innovation.

1. Is innovation different around the world?

Yes, to a certain extent. Two examples are China and India.  China has a production focus.  They want to be the world’s most innovative for manufacturing plants. India has a service focus.  They want to be the most innovative in back office, integration and processes. They are reinventing business processes and technologies to create new solutions.

2. What countries are the most innovative? Why?

The US is still the most innovative in many ways.  It is far ahead in R&D.  By definition you cannot innovate unless you are doing pure research.  The US needs to invest more in R&D to keep its advantage as other countries are spending more than ever before to try and close the gap. US Companies are also spending more by setting up R&D in other countries such as India, Israel, and Brazil. This will create interesting tension, opportunities and challenges for US in the future.

Other countries approach innovation on an industry basis.  Scandinavia and Norway, in particular, focus on solar, green and sustainability.  They are very good at building Eco systems.  That is driven by their focus on systems, design, quality, and sustainability.

Germany was an early high quality manufacturer. The machining precision and strong educational system for design has created a world-class Eco system there.

Brazil is focusing on several areas.  Green approaches are used to build the largest electric grid for vehicles as well as the most ethanol stations.  They have an advanced policy around the environment.  Their other focus is Lifestyle and Fashion.  There is lots of money flowing between Madison Avenue and Brazil.  In the next 5-10 years Brazil will also be an interesting player in the entertainment industry.

3. What industries are the least innovative? Why?

Highly regulated industries are the least innovative.  For example, Insurance, Financial Services and Pharmaceuticals.  Others like transportation, oil, energy and coal rely on old processes and technologies.

4. You work with diverse industries and multiple countries.  How easily do your concepts translate to these different constituencies?

Our work is industry agnostic.  Our framework works well across all of them.  We have identified 30 boxes that any company in any industry can innovate. Therefore, it is only the company’s “game” (mindset) along with current strategic intent that will determine which boxes to innovate now and in the future. Best innovators innovate in almost every box. As an example, in Pharma, 6-7 years is the product development cycle while a toy company must constantly innovating with a 9-12 month cycle.  Contrast those with a fertilizer company where half of the business is government subsidized.  They may not use innovation to create a new product for 10-20 years.

The Takeaway:

Innovation is truly a worldwide phenomenon.  Engage colleagues and vendors in other countries to learn how they are tackling innovation.

Those are the questions and answers.  What do you think?  Please comment below.

1.      Do you feel innovation is growing, the same or decreasing around the world?

2.      How do you engage colleagues and vendors to learn how they tackle innovation?

3.      Have you changed your innovation process based upon the changing landscape in other countries or industries?

If you would like to contact me, you may do so by visiting my LinkedIn page, following me on Twitter,  or e-mailing me at rcberman2 (at) yahoo (dot) com.

 

Categories
Social Media

17 Social Media Mistakes to Avoid

Mistakes With Social Mediaphoto © 2009 Mykl Roventine | more info (via: Wylio)
Small businesses have jumped headfirst into the Social Media Pool.  Do they know how to swim or just tread water?

They might be starting to sink if they are making a number of these mistakes.

1.      Participating in too many networks or vehicles.

2.      Not fully completing profiles on each network.

3.      Selling instead of informing prospects and potential prospects.

4.      Too aggressively contacting people and thus, having your content thought of as SPAM.

5.      Delegating planning to others without giving it “the once over.”  Use your gut to check it out.

6.      Friending people just to turn around and pitch them your product or service.

7.      Not clearly defining your reasons for using Social Media.

8.      Not measuring the ROI of your Social Media efforts.

9.      Getting defensive about comments made on your blog, Facebook Fan Page etc.

10.  Not having a clear distinction between personal and professional online identities.

11.  Not learning and evolving strategy based upon earlier efforts.

12.  Lack of a Social Media calendar.

13.  Thinking Social Media is the “silver bullet” for what ails the firm.

14.  Not monitoring or limited monitoring of your blog, web site, Twitter account etc.

15.  Not regularly adding new information to your web site, blog, Facebook Fan Page etc.

16.  Employing same tactics for each Social Media vehicle.

17.  Not balancing the need for technology with the need to respond, interact and engage.

The Takeaway

Social Media is a wonderful opportunity for your firm.  Make a plan, implement and adjust as necessary to leverage properly your efforts.

That is the list.  Over to you.  Please add your comments below.

1.      What else would you add to the list?

2.      How successful do you feel your Social Media strategy has been?

3.      What will you do next with your Social Media strategy?

If you would like to contact me, you may do so by visiting my LinkedIn page, following me on Twitter,  or e-mailing me at rcberman2 (at) yahoo (dot) com.

Categories
Strategy

Employee Engagement: A Real Life Example Leveraging SWOT Analysis

Engagement Pyramidphoto © 2010 fogfish | more info (via: Wylio)
SWOT Analysis is a valuable tool if you ask the correct questions.  I like to have the staff at companies go through some exercises to prepare them for the SWOT Analysis.  We learn how much they know about the business as well as potential strengths, weakness, opportunities and threats.

The post How Much Do Your Employees Know About Your Business? details the seven exercises I have utilized.  Here are the actual responses from the Flower and Gift Shop to visualize how the analysis works.

What I found when asking about current product lines, what percentage of sales and profit each represented and the future direction of each product line I was told the following.

Continue reading “Employee Engagement: A Real Life Example Leveraging SWOT Analysis”