Market Strategy is an asset meant to be leveraged for a business to be more competitive. It drives the functions of the revenue side of business: Sales, Marketing, Business Development, Relationships and Networks.
A temptation in developing strategy is to apply best practices – looking at what works for similar businesses in similar industries. Unfortunately, this rarely works.
When applying best practices, there is an assumption that, “if it works for them, it will probably work for us…”
The problem is that two companies are rarely at the same place with reputation, brand equity, resources, existing assets and capabilities. These are all key linchpins that are instrumental in the success of initiatives on the revenue side of business.
Human nature also must be factored in. What are you and your team willing to do and not willing to do? What are you willing to pay for and not willing to pay for?
There are many, many tactics, platforms and approaches that can take a business to an entirely new level, but they won’t work if the organization is not willing to do the work or write the check.
There is also much risk in applying best practices…a me-too mentality.
Differentiation plays a big role in being competitive. The risk in trying to rubber-stamp best practices is that the business just becomes one more instead of one better.