Are you still relevant?
End of February already? By now most businesses will have hit the ground running with a focus on key goals and outcomes. But before you get into full stride, ease off for a minute, take heed and think about this important marketing question that might play a crucial part in determining your overall strategy and direction… is your business or brand still relevant to your customer?
Many businesses get caught up in the cut and thrust of getting back ‘to it’ in a new year and who can blame them? Naturally they’re eager to get back in the saddle, push ahead on the achievements of last year or build on opportunities cultivated in the previous 12 months.
For many businesses this implies a ‘business as usual’ mindset – ‘same as last year’ but with a strategic outlook that adds roughly 25% to the profit margin right?
While this approach might work for 4 to 5 years, strategically you’re running the risk of marginalising your own business and furthermore you’re missing the crucial point – and that’s to remember your businesses’ positioning and relevance in the market.
Failure to consider this in your marketing and business plans and you’ll soon find yourself left behind as customers and clients gravitate to other more innovative or relevant businesses (without you even knowing why).
As it is with ‘mastering your marketing’ it all comes back to knowing your customer and importantly evolving your offering as your customers evolve too.
For more clarity simply ask yourselves the following questions:
• What are the long-term trends affecting your industry? Social, technological,
political, financial etc…
• What has happened in the market recently that could change the bearing on your offering?
E.g. Security is more of a perceived issue for most people around the globe today.
For a local example down here in Melbourne how often have you heard ‘Crimsafe’ radio spots for property security doors? Crimsafe’s tagline is ‘keeping your home & family safe’. So if you sell ‘regular’ screen doors what are you doing to combat/overcome this fear factor or market positioning
• What has happened/changed in your customers’ lives that could have an impact on the way they perceive and purchase your offering?
E.g. Are customers generally more aware of security and the need for protection, more importantly are they willing to pay for it, or are they downsizing, retiring, starting a family, renovating, investing or wanting to protect their assets? How does your offering fit into this dynamic and does it need to be re-positioned? All of this info helps to paint a clearer picture of your customers state of mind, lifestyle and stage in life. Critically this info will also allow you to determine how relevant your offering is to your existing and future customers – and therefore the potential success of marketing your business.
Just remember – stay relevant and you’ll stay competitive!
Your Marketing Man,