Business Killer: Status Quo
Business Killer: Status Quo
Posted on 09/23/2010, by
DMC
Could there be anything more likely to make a business boring, predictable or less relevant than following the status quo. If the last decade has taught us anything shouldn’t it be that we can either evolve with the times or get crushed by them? For full disclosure there are few business that fall more easily into the “that’s the way we’ve always done it” trap more often than ad agencies. However, I’m not here to rant on my agency brethren.
Maintaining the status quo means a lack of thought leadership, a vulnerable brand identity and a market share taken for granted. Customers and prospects will ALWAYS find new ways to get by what you're selling them. And they’ll either do it in cheaper, more efficient ways. Or they’ll do it themselves. The point is rational, unemotional, analytical evaluation of every business – and business process – on a regular basis is a healthy thing. Here are a few ways to make sure you aren’t stuck in the trap.
Talk to your customers – often
No one knows more about the value and weaknesses of your company and products (or services) than the people who are paying money for them. And listen carefully to what they have to say – the vast majority of the time they want to keep doing business with you. They’ll just want to know they’re being heard and their concerns are being taken seriously. You’ll find the change they require is often incremental and you may even discover new areas of revenue generation that will ultimately lead to ... new customers.
Gain some outside perspective
One of the great things about working with a third party – whether a consultant or agency – is the viewpoint they can bring from not having to live your business day in and day out. Separation yields perspective. Choose a good vendor to help you look at your market/offerings/company again and you may very well find it a breath of fresh air. And make sure you allow that person/team to objectively challenge your thinking, your current assumptions, your tactics. If you choose a competent third party – and authentically empower them – the likelihood you’ll get back greater value increases exponentially.
Execute
Were I forced to choose a single business skill above anything else it would be the ability to execute. It is what will separate winning and losing ... small gains in market share and achieving an exit strategy. Especially in small, emerging companies we see too much planning and not enough executing. The market will give you all the data and feedback you need, if you have something in the field to offer. It’s one of the primary foundations of good marketing – test, test and retest. Getting something the field will proivde you with more validation – and more opportunities to execute.
Great ideas can come from anywhere inside (or outside) of the organization. Be open to hearing them, validate what you’ve heard and deliver.
