There is a popular quote that says, “If it ain’t broke, don’t fix it.” What is the advice when something is broken? How does one detect malfunctions and what specific methods and strategies can be used to repair them? Many companies have challenges answering these questions when evaluating their current marketing strategies and tactics. Companies become comfortable with strategies that have worked in the past, resulting in a potential reduction in proficiency. The marketing approach that worked yesterday may be ineffective today due to changes in industry trends, customer aptitude, government regulations and evolving technology. A thorough analysis of your organization’s marketing approach will position you to identify an eventual breakdown in your marketing mix. Evaluate these key points to determine if your organization’s marketing tactics could use a little “fixin.”
Decide if your company is implementing a market-driven strategy. Market driven organizations are defined by their capacity to sense and respond effectively to movements in their industry or market. They are able to answer questions related to customer aptitude, buyer trends and consumer propensity to respond to specific marketing campaigns. The focus is to increase customer value through adequate information acquisition, information distribution and thorough diagnosis. After information is collected, disseminated and assessed, the organization must coordinate a plan that responds to consumer behavior.
Assess the external competitive environment as it relates to future marketing turbulence. The turbulence of the external environment (developments outside the company) must be identified and scaled in an effort to determine if your company’s marketing approach matches current industry trends. Turbulence defines how aggressively and promptly competition is responding to consumer needs and movement in a particular market segment. Conduct a Google search to classify competitor activities related to product offerings and marketing tactics.
To gain competitive advantage, a company must understand its customer base better than competitors in that market segment.