Recessions are inevitable. Start preparing for the next one now, and build a marketing engine that will drive growth no matter the economic climate. Be your customers' first call when they're ready to buy.
There is nothing magical about marketing. It’s straight-up, process-driven work. The fundamentals are the same for every organization. The difference is how they are executed. Execution is the great leveler of brands.
Avoid the Obvious: Where Are Your Customers Going?
Walter Gretzky coached his son to "Skate where the puck is going, not where it's been." The same advice can be used in business. Set your business up to go where your customers are going, not where they’ve been. Let your competitors chase after the obvious. How can you innovate in your industry to find a new niche or category that hasn't been served before?
Strategies can change, but values don’t. Your company’s values are the glue that holds it together. If you tamper with your values you risk crashing your brand, and jeopardizing or even destroying your business.
Samsung vs. Apple. Samsung delivers an amusingly biting attack on Apple ‘fan boys’ waiting in lines for technology they’ve “had for a while.” But as amusing as the ads are, they are misguided. Facts don't sell.
A lot of time and effort is wasted developing the wrong niche markets. When building a niche strategy ask 3 key questions. 1. Is there a market? 2. Can you compete and win? 3. Will a market leadership position endure?
Vertizontal Marketing: The Halo Effect of Niche Marketing
A vertizontal strategy combines specializing in a specific niche—the vertical—while still taking on general clients—the horizontal. This approach is highly effective for professional services firms operating in regulated environments like accounting, legal, insurance or financial services.