When you have a new marketing team, the team begins with a high energy level and members are excited about the challenge being given to them. Generally speaking, after the first year, the team can experience a slump that could stall progress on the team’s marketing initiative or put an end to its future achievements. I guess after the freshness of being a part of a team has worn off, team members begin to raise the inescapable what’s-in-it-for me question. In the beginning, the chance to have more input in decisions might be adequate to keep the marketing team motivated. As the team moves further along acknowledgement of individual and group contribution might be sufficient to keep member interest high. But as a team’s efforts begin to show an impact on the bottom line, and then more is needed to encourage the team to continue at a high performance level.
There are other ways you can reaffirm the value of the marketing team and rejuvenate team spirit. Here are five-key ways to help teams that are experiencing burnout are:
Continue reading »
The term “profitable customer” can sometimes be quite subjective. To simplify this I have outlined the top six elements that will enable you to decide who the profitable customer is.
- When customers purchase high-margin products and services
- When they pay full price, don’t bargain for discounts, and do not ask you to amend the terms and conditions of the contract
- When they purchase through few large orders rather than many small orders
- When they do not cancel or amend orders
- When they pay in advance or pay on time without you chasing them for payment
- When they are happy with standard after sales service
You might think it’s pointless to identify future competitors when it’s hard enough trying to forecast sales and uncover existing competitors’ strategies. However, you need to take invisible competition into account when developing your firm’s long-term strategies or plans, especially plans for global expansion. In fact, just thinking about new, future competition is worthwhile for the following reasons:
- It facilitates the long-term view.
- It forces you to look beyond the obvious and evaluate new international players; disparate companies joining in a potential alliance, joint venture, or merger.
- It helps you identify future business-building opportunities for your own company.
This link between what people considered two very disparate companies spurred thinking about competition we cannot easily envision, or what is called “Invisible Competition” Competition isn’t really invisible, of course. But we often face competition we don’t expect, and we all can too easily overlook important signs of competitive activity. We can use the term “invisible competition” as a framework for thinking about a changing competitive landscape, new competitors, or future competition in a new light. Invisible competition can come from a new domestic company, an international company entering key markets, or a new joint venture, alliance, or merger that creates a new threat, industry shift, or paradigm change. The creation of new or invisible competitors is often stimulated by: new technology, favourable economic conditions, changes in market dynamics, changes in the attitudes or vision of competitors’ executives, or changes in consumer demographics or target audiences.
Continue reading »
