Who are your customers and what do they want?
The strategic foundation of any business
A strategic plan is an integrated process for defining an organization’s strategy or direction, and making decisions on allocating its resources to pursue this strategy. The planning includes the use of its capital and people over a five to ten year period. Strategic planning is the formal consideration of an organization’s future course. Strategic planning deals with questions such as:
- What do we do?
- For whom do we do it?
- How do we excel?
- How can we beat or avoid competition?
In strategic planning, two major considerations are innovation and marketing. Some businesses have unfortunately separated the two. In fact, Peter Drucker (1985) stated, “The business has two and only these two basic functions: marketing and innovation. Marketing and innovation produce results, all the rest are costs.” When planning strategically, learning what consumers want when they want it, is very important because marketing messages are in abundance causing them to be much more diluted than in the past. Reaching audiences is difficult in today’s information highway overload.
Today and in the not so distant past, traditional method of collecting primary research took months or longer. Surveying and polling were grueling tasks for market researchers. Responding to change and the needs of consumers was costly and time consuming.
The good news is that social media is now allowing marketers to discover new ways to innovate products and services simply by listening to consumers. This is achieved through forums, feedback, customer reviews, and social media networks. It’s actually easier today to research what consumers want than it was in the past.
The key things that you need to do in today’s new age of consumer-centric marketing are:
- Think about other business models or products in other industries – develop ways you can apply a really good idea to your company.
- Use Web 2.0 strategies to be able to connect with consumers – let the market lead product development.
- Be active with product or service development – create what consumers want, when they want it and you’ll boost sales.
- Consider multiple streams of income – we can no longer put all of our eggs in one basket. Strategic planning allows us to explore concepts based on multiple industries over a period of time so that our companies are more cutting-edge.
- Start planning – if you do not have the skills to plan, you may need to hire a strategic planner or specialist. If you are a new business, you should still have strategic planning sessions. Brainstorm ideas and think globally.
Putting your ideas on paper in the form of a strategic plan is the best thing you can do for your business. Always consider innovation and marketing as investments not costs. You’ll soon learn what consumer’s want, when they want it and you’ll be able to respond quickly. Ultimately, your business will thrive.
Trisha Ahlman is the CEO of Augment Marketing Group and has nearly 20 years experience in marketing for corporations and small businesses. She sits on several creative and strategic development boards nationwide. “Inspired by growth” from its inception, Augment’s mission is to inspire growth in all businesses large or small when developing strong brands. We believe in inspiring, learning and growing please contact for more information: trisha@augmentgroup.com.