Last years have been characterized by fast innovation, a high evolution of technology and growth of the social media channels. CEO s in different domains all around the world feel more than ever the pressure of the competition, the difficulty of differentiation and be present in a relevant way to their targeted audience of the consumer’s lives. How can a manager assure that 2017 will mean more success, more results and more profits for his or her business?
My answer is FOCUS! Simple, clear, and easy becomes harder and harder to achieve, but those businesses that are communicated in an accessible manner are the one that succeeds more.
A principle is so known and applied in management that will help you in implementing a focused approach is Pareto principle. In management practice, this principle explains that 80% of our results are obtained with just 20% of our resources. Even if we talk about our employees, our money or our assets, this principle can be applied in almost each domain of your company activity.
In the following rows, I will underline the importance of focusing on 3 domains for simplifying the way your business is perceived.
1. Focus on your best products
Each company has its diversity of products. Their products can be group according to the money they produce and the life cycle moment they are at. For instance, a product that has just been launched may be a star or a trial product. A star product will bring you large profits and will show a good trend in what concerns its future evolution. On the other side, an older product may experience a decline or an amazing success in its maturity evolution.
Concentrating the 80% percent of the companies resources on the few star products, or the products that bring great incomes to their maturity. Even if you have 20 products and only three of those are the successful ones, focusing in an efficient way will bring more income and will help you take care of the clientele that is more profitable.
2. Focus on the most suitable social media channels
Every year tens of new social media channels are launched. The dream of each CEO would be to be perfectly visible on all the channels where the targeted audience spends its time. The objective is not just inefficient, it is actually impossible.
Each business has one, two or three channels where their targeted audience spends most of their time. For instance, a human resource manager will spend more time on LinkedIn than on Twitter, based on his professional activity. A company that sells services suitable for managers, as a time management agenda, or app, would have more success in selling through a social media channel where the manager spend their time. On the other side, a company that sells ball dresses will have better results when it will promote on social media channel such as Facebook, Pinterest or Instagram, where teenage girls search for this kind of products.
On the other side being totally absent on large social media channels, where your audience spends less time, can be a great error. The solution for maintaining a proper balance in your promoting strategy is the following: focus 80% of your resource this year on the most suitable channel for your business and being present with 20% of your resources on the other, will help you achieve better results this year.
3. Focus on your marketers
More and more managers try to find influencers that would promote their business. Big companies invest large amounts of money on ambassadors of their brands, such as great actors, sports or other public persons. Having an influencer speaking about your brand is extraordinary, but not sufficient. It is not sufficient given to the fact it brings you spontaneous results. A powerful brand has to be built in a sustainable manner. The only way to do that is investing in a great marketing team. The 80% of your promoting budget should involve investment in your marketing team and just 20% in the influencers.
Why is your own team more important than influencers? There are several reasons. The most important reason is that your team will always know better your product and will be able to transmit relevant information to the consumers. Working 8 hours a day for promoting and developing it, your team knows the best, the strengths and the weaknesses of your product. In can transmit a more relevant message about the benefits and the solutions your product brings. Another reason is that a good marketing team is like the beating heart for a healthy organism, and is able to assure continuity. Each business that communicates constant, clear and transparent has more chances on functioning longer and having more success, no matter the domain or the market it is active on.
Focusing your resources might be a challenge, but it is a must as long as it simplifies your offer, allows you to have a concentrated communication and also it allows to invest more sustainable. More questions about how to improve your marketing strategy this year? Do not hesitate to contact our team. We will come with our best ideas for making your business more efficient and more successful.