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Written by Norman Wright Jr.
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Wednesday, 04 June 2008 15:09 |
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If you are already familiar with Dimension X you know by now that we are very passionate about our core philosophy, "Anybody can build weapons of war ...Strategies win the battle!" Most of our clients have come to realize the importance of this truth and have integrated it in to their businesses. However, it has become very clear that not everyone can build an effective & executable strategy.
To help you in your quest to have a more powerful plan of attack, I have outlined the 3 most common reasons why business executives fail with their strategies;
- Inconsistent Execution
When Bob McClelland (one of my partners) and I meet with business owners, inevitably he will make the statement "Create your plan then work your plan". Sounds simple enough doesn't it? Well, you would be surprised at the number of business executives that quickly stray from what they have deemed to be a "good strategy". They tell us "we are too busy to keep up with what we have planned" or "the items in the plan where important at the time, but things have changed". Statements like these are red flags to us. What they are really telling us is that they haven't identified or outlined real attainable Strategic Objectives in their strategy and/or they (or members of their team) lack the skills/desire to stay on task. We aren't saying that plans shouldn't change. In fact we believe they should change, but the Strategic Objectives shouldn't. Strategic Objectives need to be the anchors that keep everyone on course and aligned. It is very important to identify your Strategic Objectives and make sure they are realistic and don't let ANYTHING keep you from staying on course... Work Your Plan!
- Lack of "REAL TIME" Intel
Perception is reality, and the only reality that matters is the customers... Know your market!
If you took 5 minutes, sat back and were truly honest with yourself you would probably say that you don't have enough of the right "intel" on your marketplace, industry & competitors to build a successful advertising & marketing strategy ....am I right? :-) Most business executives go with a gut feeling on how to market their products & services or they let the so called "Media Masters" (sales reps) educate them on what they should be doing with their ad placements. I'm not trying to bad mouth media reps but you do have to realize that they are selling THEIR media space and they truly do believe that what they have to offer in most cases is good for you. In order to have a truly sound strategy, you have to have non-bias intel to outline the proper plan of attack.
- Selling "Me Too" Products or Services
Ralph Waldo Emerson once said "Build a better mousetrap and the world will beat a path to your door." I know, I know, you've heard it before. Well it's not a bad piece of advice if you want to create another "Me Too" product or service. I believe businesses waist more money and time trying to copy the competitive products with very little additional benefits rather then focusing on being unique and innovative. Throwing away good money after bad in advertising and wondering why they aren't getting a great return on investment. Define what your brand "stand for", be unique and different from the competition and make sure it's needed & desired in the marketplace. Give them something new that they want, need or desire and they will buy! buy! buy!
For additional information on how our services can benefit your business,
contact Dimension X Advertising & Marketing at 1-866-505-DXDX.
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Norman Wright Jr., President/ Chief Creative Officer at Dimension X, talks about the latest trends in New Media, Convergence Marketing, Mobile Marketing & other important issues that impact businesses and the Advertising & Marketing industry. 