ISSN 1649-8127
Publication Date 11 August 2008
Many marketers and social media coaches write about the importance of market research in understanding your audience and what they not only need, but want, to invest in.
They also suggest you should have as part of your business plan a review of your competitors.
I can recall situations where business leaders are caught out by their competitors – often due to the arrogance of the ‘larger’ brand. It seems to these leaders that the ‘new brands on the block’ come out of nowhere to eat into their market share of the big brands and into their profit margins.
However, that need not be the case – if they take time to be connected to the market, understand their target consumer, listen to their sales people and then apply their insights to develop a strategic action plan.
In today’s increasingly competitive market place, one of the things I notice is companies previously in competition with each other are now coming together – not by merging, but to collaborate.
For example, I spoke recently to a friend of mine from the UK who is the Managing Director of a large consultancy practice. He mentioned his company is to launch a new programme here in Ireland in 2009. And he will achieve this by collaborating with a ‘competitor’ – someone offering similar services and programmes to his own organisation.
The reason they will collaborate is they both realise they will become stronger by working together than if each ‘fights’ for growth in their market share.
This collaboration, joint venture or strategic alliance (whatever you may prefer to call it) means they will be able to extend their reach into a market where neither at this time have a presence.
Now consider your business, can you immediately think of a company you believe would make a great strategic partner? An organisation with whom your business could extend its reach, grow market share, increase visibility and be seen as the company of choice by your clients and customers.
THIS WEEK’S ‘BIZ GROWTH’ ACTION STEPS
1. Take time out to consider who a great strategic partner for your business might be – what would they bring to the relationship and what do you have to offer in exchange?
This exchange needs to be perceived to be of equal value if you are to approach an organisation substantially larger, or one believed to have a better known reputation.
2. If you cannot think of an organisation immediately, why not undertake desk top research, perhaps even through your social networks both online and offline, to identify potential joint venture partners.
3. Before taking action and approaching a potential joint venture partner, learn as much as you can about them. What is going well in their business? What areas do you think they may be challenged about?
Take a look at their website, blog and any online footprint they have developed. Subscribe to their newsletter. This is sure to give you insights to where you might be able to collaborate.
Starting off with this research, your understanding of your target market and knowledge and confidence in what your company has to offer will help you lay a great foundation for exploring a potential joint venture that will benefit both your company and your competitor’s organisation, highlighting where you can together create value for your clients and customers.
TERMS OF REPRINT: You are welcome to publish this article in your own online ezine, blog or news letter, providing the article is printed in its entirety and is left unedited and you include the copyright notice and the following statement:
©Krishna De, 2008. All rights reserved. Reprinted from ‘BIZ GROWTH EXPRESS’, a Oneocean Ltd publication. If you would like to receive more articles just like this and enjoy access to free Masterclasses where you will discover how to bring your brand to life through traditional and social media platforms, then subscribe today at http://www.bizgrowthnews.com
