Written by Millionaire’s Digest Team Member: Quinn Frehner Founder
Reading ‘Blue Ocean Strategy’ by W. Chan Kim & Renee Mauborgne. My first attempt at reading this book was during my MBA days because it falls under the “must read” category for all business students. But then we had a project submission…you know what i mean (wink wink). I feel NOW is the right time for me to read this book because what i learn will not end up in a hefty answer sheet…it will be used in the current business environment!
I couldn’t agree more with the authors about the over emphasis on beat the competition strategy by companies who are trapped in the red ocean. No wonder the first few slides of all my presentations are competitor analysis. I am not saying that don’t keep an eye on your competition, their products, pricing and marketing approach but it is not exciting anymore to just up your game (enough to beat the competition) on the relative scale. Obviously the plan is not going to work for a very long time because your competition has been watching you all this while and planning their next move.
I understand the momentary sense of victory that teams and companies experience when they see sales rising by percentage points in comparison to the former market leaders but is that real victory?! consumers today are not the loyal kind, they are mindful explorers who hustle through the supermarket rows to find the right stuff for them. Offers excite them, discounts please them and yes don’t forget the service that follows.
So what then?
That’s what this book is about…
- Make competition irrelevant
- Create a leap in value for the customer
- Open new & uncontested market space
Sounds good but…Howzat??
Innovation is a buzzword these days and companies are trying hard to foray into this domain and join the “tech-forward” bandwagon. Interestingly, innovation cuts across business units and verticals in an organization. Production and storage innovation for instance can uplift a company’s operations but the consumer does not directly benefit from it. Also, technology innovations that are way ahead of its time and cost a fortune do not create value for customers.
Value Innovation is a critical strategy that aligns innovation with utility, price and cost positions to allow focus on both differentiation and low cost. The diagram above speaks volume and explains the concept beautifully. So next time I am surely going to include a slide on value innovation for my clients who are seeking strategies to grow their business and come out of the bloody red ocean.
what do you think?
It is my fourth month in Doha, Qatar and my first ever experience of staying and working in the middle east. Coming from India, where i got my education and started my career in marketing, I am now excited to explore this new part of the world and know it’s culture and traditions from of the eyes of a marketer.
Living here you cannot stay untouched from the flow of emotions during the holy month of Ramadan. It did not come to be as a surprise because a multi culture land like India certainly opens you up to different religious belief and practices. But here Ramadan becomes a part of your every day life during this one month.Be it the early morning work hours, the way you greet people, the sense of oneness in having a meal together…it leaves you feeling loved and blessed irrespective of who you are and where you come from.
While most people practice austerity and charity during this time, one cannot miss the loud festive marketing that lures you to the amazing sales and offers in the mall. When you step out on the streets there are ‘Ramadan Kareem’ wishes all around you…and they are mostly coupled with some great offer details that you wouldn’t want to let go. But this is not new, it is exactly the same during Diwali in India…from electronics to automobiles to gold… every store front is wishing you a prosperous Diwali and selling you stuff to make it prosperous.
But its not just material…Emotions are the driving force behind every festive season marketing. Case in point is surf excel ad, a well known and used detergent brand all over the world. Most surf excel ads beautifully capture how stains are effortless…both getting one and getting it off. But here is their Ramadan ad which instills in our mind the importance of kindness during this holy month. #NekiEkIbadat being the core messaging for this ad, I love how this ad pulls all the right strings of emotional attachment with the occasion and the brand. It is inspiring to watch and learn…
As a part of one of my on going projects with a leading construction company in Qatar, we are giving this 70+ year old brand a face lift. While this entire exercise will make a brilliant re-branding case study some day, today I want to concentrate on one very crucial part of content marketing that I believe is more important that we think it is. I have to admit that it was that one intriguing question by the client that got me thinking…for good!
Now, What is a ‘Company Overview’?
I am no batman so I googled this very question (we need a superhero with google-like powers). Surprisingly there was nothing much that would explain to me what a company overview is like I was a 5 year old (hellya! Denzel Washington). So I went for split and search and it kinda worked. So, an overview of a situation is a general understanding or description of the situation as a WHOLE. Obviously the situation here is a company and the task is to write a page that would describe the company as a WHOLE. Again in caps because that is the keyword!
You wondering why?! remember the intriguing question that my client asked…it was, “should we call the prepared content Company Overview, Company Introduction or Company Brief?”
The keyword helped me answer the question. A company overview is far more than an introduction or a brief. when you introduce yourself to someone it mostly is your name, where you come from, what company you work with and maybe a couple of more points if the other guy is really listening to you. There is much more information about you in store than what you give away in an introduction. I have had interviews where I was asked to “briefly” introduce myself! So a brief is strictly no dilly dally, cut to chase, say it in one breath scenario. I understand that my examples are conversation based and the case in point is about written content, but my objective is to differentiate between an overview, introduction and brief before we know to how to write one.
While writing a ‘Company Overview’…
- List out the keywords that describe your business and its core values
Company overview is no longer confined to the pages of a business plan or a tedious report. It is one of the first things we read about when we enter a company website. With the growing acceptance and demand for SEO responsive websites, the content has to reflect the meticulous usage of keywords that will contribute in increasing the quality of your website. This is called “On-Page” SEO, a topic for my upcoming post.
Finding the right set of keywords for your business is a very crucial step and i encourage it to be a time taking one. The process includes interviewing the founders, present top management and conducting a competitor analysis and secondary research. Tools like Google Adwords Keywords Planner should be used to filter out the most relevant keywords.
Once you have listed out 10-15 keywords for your business, try and incorporate all or most of them in the company overview while maintaining the flow of information.
- Figure out the key components that must be included
Think of it as a 2 minute business presentation to a set of people who have never heard about your company till that very moment. What are the most important aspects of your company that they should know about?, Where can they locate you?, When did you start this company? and how are you the best in what you do? Writing a company overview is simply answering these questions in the most accurate way possible. In short, it should contain the What, Where, When and How of your company
- Follow this basic structure
Company History – provide the back story, including date of founding and who were the founders
Management Team – details about the top management and their key roles
Legal Structure and Ownership – how you’ve decided to structure your company
Locations and Facilities – Details on your work spaces and diversity
Mission Statement – A concise statement on the guiding principles of your company
So, get started on writing a company overview that will get you noticed.
Apple Music is “Distractingly good” and so is this ad.
To see Taylor Swift sing a song by another pop star while running on a treadmill is new. But then comes the distraction…wait for it. When you collect your jaws from the ground you realize that it is kinda funny 🙂
It is clean and effective. Love this one!
It is interesting to see the transition in “intelligent marketing” norms. Big data, a few years ago, was all about collecting information wherein the efforts were directed towards identifying each of your existing and potential consumers. While it certainly sharpened the consumer segmentation and targeting, but pasting the same marketing content to all does no justice to the rich collection of data. It is now that we have started to mold the marketing contents, product offerings and communication patterns to closely align it with what they do. It is almost like a democratic form of marketing with all the right prepositions connecting “people” and what we call people based marketing.
Came across this article on use of big data for reaching the right people at the right time, and what people based marketing does NOT mean. So here is the link to the article under good reads category:
The purpose of my blogs is to take inspiration from my everyday chores, events, scenarios and try to relate it to those marketing lessons which were once crucial to clear college tests with flying colors. That was back in the post-grad days when tests were taken (simple) and now I am put to test everyday in real business situations (not that simple). Marketing jargon, fancy presentations topped with promising case studies can be an impressive start for your marketing career but you have got to produce results. That is usually the unwanted question or exclamation mark while evaluating your marketing campaign.
One of my favorite dialogues from House of Cards puts it just right…”One has to be smart to know what they don’t know.” So when going gets tough ask yourself what you have been pretending to know all this while because now is the time to actually know it!
This post is about the four pillars of every marketing campaign that are often misused, overused, underused or used fr no reason at all. It’s the GOST…Goal, Objective, Strategy, Tactic.
Or more precisely business goal. This is a very long term of view of what the business should become or should accomplish. Goals are meant to be ambitious and to some extent far fetched that can keep the work force motivated forever. for example, the goal of a cooking oil company would be to become the number 1 cooking oil of the world. Even if the brand ends up being the least used cooking oil in its geographical region, the goal will always be same.
When your boss asks the objective behind your strategy…make sure you have a number in mind. That’s right, objective is where you define the way to achieving the business goal using concrete and justified numbers. Taking the above example, when the cooking oil company comes to me with the goal…it expects me (the marketer) to figure out HOW?
So one of the objectives would be to double the sales in one year. If we are presently we are selling 100 bottles we have to increase the sales to 200 bottles. There can be multiple objectives in a campaign. Like in this case, the new cooking oil company might want to achieve considerable brand awareness as a part of this campaign.
This according to me is the most misused word of all! so now you know that growing your business is not a strategy and so is increasing product sales. Strategy is a critical bridge that connects you to the objectives and subsequently the goal. when i say bridge…picture one of those hanging bridge connecting two mountain cliffs and not the concrete modern day bridge just to maintain the thrill of this crucial step 😀
It is true that strategy can make or break your campaign that’s because it answers the very important WHY? Strategy should answer why you are doing what you are doing and if the answer is not aligned with your objective and goal…you know what’s wrong. For example, sampling would be a good marketing strategy for increasing the sales of cooking oil. And so would be reviews by influential cooks and food connoisseurs. Strategy constitutes multiple steps that individually and all together contribute to coming close to the goals.
Tactics will take you to the white board and multicolored excel sheets. That’s because when you are working on your tactics you need every little detail to action the campaign. If the cooking oil company plans to use sampling as a strategy to let people try out their product for free, the tactics would include the plan of action to make this happen. For example, where to give free samples – malls, hypermarkets, mini marts ,etc. key locations to target, number of stalls and other minute details.
Hope you have got the GOST figured out now and with the basics in place the result will be… YOU ON TOP!!