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How To Lead Your Marketplace

With A Continuous Business Development, Marketing and Advertising Strategy

 

Those who approach the marketplace reactively are followers of the marketplace, and followers come in last.  


Those who approach their marketplace proactively lead their marketplace and marketplace leaders come in first.

 

Typically, businesses will cut their advertising when business slows.  As the saying goes, “When business is slow, advertising is the first to go.”  


However, this reactive advertising strategy produces certain negative consequences.

 

When you stop reminding people of who you are, they tend to forget you.  As a result, your business is bound to slow even further.  


When the marketplace rebounds, as it always inevitably does, you will NOT be the first one they think of when they realize that they have a need for the kind of goods or services that you provide, and they have the money to spend.

 

If you then step up your advertising when the market starts to rise, your advertising will prove less effective because you will be re-starting from a lower point of marketplace awareness.  Marketplace awareness of you will fall the longer your advertising remains diminished or on hold.

 

By maintaining an advertising strategy of continuous frequency, you maintain the highly cherished position of "top-of-mind awareness" of your brand in the marketplace.  You then garner the most business available during both the low and high market cycles.  


In other words, you become a market leader, which in and of itself adds to your credibility and, in turn, adds to your revenue even further.

 

To lead your marketplace, advertising should really be the first thing to STAY with.  Consistently reminding people of what you offer and of their want or need for it helps them to remember their want or need for it, and to continually associate your brand with their satisfaction.  


This means that you will continue attracting the most business during slow times, and it also means that you will attract the most business as the market place improves.

 

It can prove to be a better business strategy to reduce your staff, or to reduce the number of hours of your staff, even to reduce your product inventory, than to reduce your advertising, because you can always add more staff and more inventory, but if you reduce your advertising, you are likely to require even less staff and inventory as your business shrinks.

 

Business development activities follow an opposite pattern to the conventional, ill-conceived advertising strategy.  


When business is high, business owners tend to relax their efforts to drum up more business.  Then, when business goes through a low cycle, which is inevitable (because economic activity flows in cycles), they tend to step up their business development efforts.

 

This reactionary approach really prevents business from growing.  Just as business development efforts begin paying off, typical business owners halt those efforts.  This means that their high cycle will plateau that much sooner than if they were to continue their business development activities.

 

Businesses are like people in that they demonstrate habitual patterns.  By building a habit of continuous business development activities during high and low cycles, you make the high cycles higher and longer, and you make the low cycles higher and shorter.

 

One concern regarding business development during high cycles is that it demands so much attention, time and energy to keep up with your business that you don't have time or energy to spare on continuing to grow your business.  


This concern, known as “a rich man's problem”, is really no problem at all.  By doggedly reserving a portion of your time for continuous business development you will always find a way to adapt to more business.  Think of it this way: no restaurant ever went out of business because the line to get was too long.

 

Of course, advertising, marketing and business development alone are not enough to assure business success.  You also have to have the people and systems in place to serve the customers that “come through your door”.  


So an additional component to leading your marketplace is continuous employee training and development.  As you sharpen the skills, abilities and knowledge of your workforce to better serve your customers, you are at the same time building your word-of-mouth advertising.


Another component is creating the most positive workplace experience possible for your workforce. (See my article: How To Create A Peak Performance Workplace.)

 

To summarize this business owner success advice: To be the leader in your marketplace maintain a consistent, continuous strategy of advertising, business development, employee training and development, and workplace experience enhancement during the highs and the lows of the marketplace.

Learn more powerful strategies for business development, advertising and marketing to lead your marketplace.  

Provide your work team with motivational team building, leadership development, customer service and revenue generating workplace experience enhancement skills. 

Call 404-297-4043 or email for more information or to schedule a Bob Lancer motivational team building seminar, lunch-and-learn, private consultation or inspiring speaker event.

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