Tuesday, June 13, 2017

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The best marketing strategy in a volatile economy By Roy Osing

When the ground under you is constantly, nimbleness and dexterity are all that's keeping you from succumbing to the elements.

The critical function responsible for determining how an organization will move forward and contend with the unexpected is marketing.

Which, of the four following marketing strategies, do you think is the most appropriate in times of intense competition, uncertainty and random shock?

a) Leverage technology as the key differentiator. Lead the market with technical innovation

b) Push products aggressively using mass marketing tactics. Pursue maximizing sales volume by casting the net over as many potential customers as possible. 

c) Shrink product lines; focus on those with strong sales volume and healthy margins in an effort to sustain financial health.

d) Shift the imperative away from products to creating experiences for customers; seamlessly integrating individual products and services to deliver personalized value for individuals.

Chaos and instability in the environment requires that organizations stay close to their customers; to deepen relationships with them. To maintain their loyalty through times of turbulence.

Product flogging, cost control and a focus on technology will not "marry" you to your customer; creating memorable experiences for them will.

Experiences make people happy; they remember them. But the lustre of a new product or technology quickly fades. 

To more effectively serve the needs of their organization in new market realities, marketers need to refocus their attention; break the cycle of pushing products and technology. 

Build a new cycle where the objective is to integrate products and technology to create a value proposition based on the macro holistic needs of a customer rather than narrowly defined benefits.

Marketing "The Sports Weekend" that combines travel, hotel, restaurant, communications and recreation products would resonate with the target audience on an emotional level much more than pushing any single product element. 

Marketing "A Romantic Night Out" with restaurant, limousine, babysitting and an appropriate special gift would create positive feelings about the provider.

They would be remembered and they would be talked about. 

Stability for organizations in an unstable world can only be approached by delighting customers so they stay, not go.

Experiences are the means to that end; marketers must change their way


About Author

Roy Osing (@royosing) is a former President and CMO with over 33 years of leadership experience covering all the major business functions including business strategy, marketing, sales, customer service and people development. He is a blogger, content marketer, educator, coach, adviser and the author of the book series Be Different or Be Deadn’t want merely to be the best of the best….

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