“Once More, With Feeling” is a well-worn phrase and the title of several movies, songs and albums. In general, the accepted meaning is to repeat something but with increased emotion.
The company’s holiday strategy is already in place and their action plan is running. Their marketing strategy is also set for next year and set to go. What is there to reprise?
For starters, the economy of our country, as well as the world, is shifting. There are tariffs and trade wars going on and frequently changing. Plus, we have a major election on the horizon, not to mention fears of a possible recession. It’s against these backdrops that it is highly advisable that companies revisit their strategy and action plans for 2020.
Regroup and Reconsider
For starters, they can begin by bringing out the plan for 2020. Get their team together and revisit the strategy and tactics for the coming year. Ask them to identify and rank two or three financial goals they hope or even expect to exceed next year. Test their chosen tactics to meet or exceed these goals. Are they still realistic in light of the changing environment? Are they flexible enough to change should the landscape change?
Might new modifications that reflect and respond to the current economic or political landscape enhance chances of greater success? Is anything missing or might the addition of something else make the goals more attainable?
At the team meeting, also bring up and encourage the concept of disruptive innovation. Some companies jump so fast and so far ahead of their customers that they produce and introduce products that are too sophisticated and not understood by their customers. This can leave a huge hole in the market for a competitor who recognizes the growing and ongoing need for the product that customers can get attached to.
Disruptive innovation can interrupt market share when a new company generates similar products with some of the same features that compete with the industry leader but at lower prices.
This kind of disruption can also occur in the high-tech area as well. If applied to the above example, a new tech company bringing a similar product to market with just a few of the best new features at a lower price, will often capture a sizeable market share within a short period of time.
If part of a company’s 2020 plan includes going after a larger share of market from a competitor, are there certain products they’ve introduced that are better? How soon could the company incorporate just some of the better parts of the product and sell it at a lower price?
What might the company’s market research tell them about their chances of success and acceptance? If they hosted a focus group, what might they learn about the best features they should offer? And what would convince customers to jump to their product over their competitors?
To succeed doesn’t necessarily mean having to be first with a product or service. If a company can improve on an existing product and feature things that are important to customers at a better price, they have a good shot at capturing or even expanding their market share.