Doing business the same way and generating limited returns? If you could change the way business is done and deliver 2-3X in sales, what would hold you back? Fear from changing the way business is done and moving towards the unknown is daunting for many organizations. But ‘sticking to our knitting’ with incremental innovation mainly geared around product enhancements with slim if any returns isn’t going to cut it in today’s ultra-competitive environment. Re-branding? Consumers don’t care as they are becoming less loyal to brands. The competition is fierce, but you can win and here is how you can be on the top of your game:
Focus on Company Objectives… Not Your Competitors
To exceed on customer expectations and deliver results your organization will thank you for requires strong leadership and a willingness to take risk. Rather than focus on what competitors are doing, carving out your own unique path to enhance your offering is the best way to take market share. Waiting to react to larger competitors and letting them make the moves in the market will only ever lead to becoming second best. Taking the market by storm requires a shake up, not just of what you sell but how you sell it. Look to do things differently and let your competitors play catch-up where they have to play by your rules.
Find the Right Partners and Map Progress
It’s not going to be easy, and doing it by yourself is impossible. It requires a team both internal and external with channel partners who are in sync with you and want to win together. Doing things manually and the good old fashion way of using spreadsheets and labor is not scalable. A technology partner that can influence your entire sales channel and produce data to keep partners motivated to hit short and long-term goals is critical. Not everyone will be on board, especially right away, but when they see the results you’ve driven by acting to become more customer driven they will praise your efforts and reward you multiple times over.
Utilize Data to Drive More Results
Generating data is great but is the basics of any program and doesn’t create actionable insights. You need to move quick and having data at your fingertips to make informed strategy is important, the bus won’t drive itself. Having visibility into the entire program from end-to-end including customer data analytics could save a lot of wasted channel marketing dollars. A brand needs to understand how performance has been in the past to predict a better future. Data provides visibility into top seller, top SKU’s, demographics, etc. that allows the brand to adjust current and future programs accordingly.
Prioritize the Consumer
We are in a consumer driven economy, your focus should always be on the customer. The balance of power is shifting from retail buyers to consumers, but consumers still expect the modern conveniences of both online and physical retail. Consumers are buying more experiences and fewer products. Make shopping the experience with channel partners who buy into your vision and elevate dealer loyalty so the consumer journey points to your brand.
In-store shopping is making a comeback even among the youngest shoppers. More than half of Gen Z consumers prefer to shop in physical stores (58 percent), putting them on par with the oldest consumer groups. Catering to consumers and letting them buy how and when they want on their terms is how brand equity is being built. If your brand becomes complacent consumers will quickly find another company who can satisfy their needs. The only time you will find out is after its too late unless you have the right tools and processes in place to be successful.
