Is this market it sustainable for customers?
Maybe the market is not staying relevant enough to continue to serve customers in a way that solves their problems. If this is the case, who are you in this kind of market?
Are you one of the many providers doing the same things and making the same lame, empty promises to customers? Some would consider that risky. Others would consider that minimizing risk.
Are you an outlier in this market? Are you the company that is doing things a little differently? If so, why is this valuable? Why would a customer actually “write you a check” for it? Why would a customer come back?
Do customers know whether this market is sustainable to be able to solve their problems? If not, are you going to be the one to tell them? Maybe your company is the one to educate customers on how and why to do things differently.
If this is the case, you’ve just added an extra step in messaging, in customer acquisition, and in processes. That’s ok. Just make sure you’re going in with eyes open and able to attribute success to the same real business metrics the rest of the company is measuring against.
- Is this market sustainable in its own industry?
- Can you be sustainable in the market? How?
Regardless of your decision on whether to stay in a particular market, how do you position your company to be competitive and valuable at the same time?
Figure it out, because this is what it’s gonna take. Having this understanding gives you the ability to withstand market changes better than the competition. When you apply this understanding in communications, you become more attractive to customers and more threatening to competition.
This is part of real market strategy. Not tactical strategy…not advertising & promotional strategy…real, big-picture market strategy. It’s a lot of decisions. It’s not the sexy part of Sales & Marketing…but it’s the part that makes the sexy stuff actually work.
Get it figured out. Get it to your team. Apply it…every day. Keep refining it, mold it and shape it. Make adjustments. Keep going, but pay attention to it.
Don’t. Lose. Focus.
This is applied market strategy. This is what we do.