 Sometimes it’s good to step back and assess how things are progressing.
We’re often told by business owners and executives that they know exactly what they should be doing to grow their business, but consistent execution is difficult.
Ask yourself the following questions to gauge your commitment to executing on key marketing and business development activities:
Growth Objectives
- Are you on track to achieve your revenue and profit plan? If not, what are you doing to ensure you don’t fall short?
- How are you performing in the areas that drive your growth? Are you measuring your performance in these areas?
Segmentation
- Are you targeting the right customers - for that matter are you focused on targeting specific markets or customer types?
- Have you developed a data base of prospects that meet your segmentation criteria?
- Have you validated that your chosen segment(s) present enough of an opportunity to allow you to achieve your growth objectives?
Market Analysis
- When was the last time you asked a typical prospect how they make a buying decision?
- When was the last time you asked a typical prospect how they perceive you and your competitors?
- When was the last time you asked a typical prospect what information they require to make an informed buying decision?
- What are your competitors doing to better service their customers?
- What are your competitors doing to market their businesses?
- What are your competitors doing that’s superior to what you’re doing?
Positioning and Differentiation Strategy
- Have you validated that your Positioning and Differentiation Strategy truly makes you unique?
- What are you doing to innovate your business?
- Are you committed to delivering unique or superior value and staying ahead of your competitors?
Marketing and Sales Process
- Have you mapped out an end to end process to:
- Generate the leads you require to fill your sales pipeline?
- Educate your prospect through the decision making cycle?
- Optimize your close (conversion) rate?
- Leverage your existing customer base?
- Have you developed all the marketing and sales tools to support your marketing and sales process?
Marketing Communications Plan
- Have you developed a marketing communications plan and schedule to consistently execute marketing activities?
- Have you allocated enough money to execute your plan and, if so, are you consistently executing?
- Are you measuring the results of your marketing activities?
- Does your marketing communications - the things that your prospect hears or sees about your business - capture the attention of your prospects?
- Does your marketing communications clearly differentiate you from your competitors?
These questions will help you determine whether you are doing the things you know you should be.
It’s all about consistent execution - the key is to make the commitment and to stick with it. This is what creates traction and momentum, and ultimately leads to the predictable and sustainable growth that marketing and business development efforts are supposed to drive.
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