For a long time we have seen the ‘Intel inside’ campaign by the silicon chipmaker Intel and various brands of computers vied to show this branding in their advertisements. It used to evoke an image of power and efficiency. But it wasn’t always that way. How did Intel go from one of America's struggling chip manufacturers (the Japanese were clobbering the entire US industry) to a household name?
The answer is that Intel adopted a marketing strategy designed to make it a world force in computing power. Intel management took a close look at their business – where they were, what they were – and came up with a description they liked much. This vision guides them in making technological and marketing decisions – even decisions when things go awry. The company stood up to reports that its chip was malfunctioning at some odd number after the decimal point, a point where only scientists would care. After a brief stumble, the company came clean, admitting publicly not only the error of its chip but of its initial denial of the product problem.
The net of all these efforts showed that knowing what your company is, what you want it to be, and the image you project are very crucial for any business. Here are some lessons for your business to recover and grow from the setbacks of recent pandemic or otherwise.
Describe yourself:
The first step is to put down on paper a description of what your business does, and for whom. You'll also want to note the geographic regions you serve. That will help when you're determining what you can and cannot do. That's pretty basic. Now, what do you want to be?
Any business today faces the harsh reality that products and services are increasingly alike, making it harder for customers to distinguish between your product or service and your competitor's. And that's where knowing what you want to be as a company, and the image that ties to that vision, becomes important
The image:
Image is everything about your company – the packaging, the uniforms, the letterhead, the advertising, the way the phone is answered, the public projects you undertake, the non-profits you choose to support, your environmental/carbon footprint record, your legal record, your service record, your response time and so on. If you are known for quality, the first recall you issue will probably be seen as a fluke, not a sign of decline.
However, if your image isn't strong and you begin to have problems, your customers and the media are much less likely to give you the benefit of doubt. To define your image, start with what you want. What do you want customers to think when they hear the name of your business, product, or service? Now, assess where you are today. Survey your customers.
Ask employees, distributors and the sales staff. Each and every one of them is an ambassador for your company. Conversations overheard in the supermarket or on aircraft provide a fairly accurate picture of a business. Make sure you know what these folks are thinking, and then factor the information into your strategy. Also, ask the general public. You can do this by talking with financial analysts, community leaders, trade publications, or associations. Record the comments and be prepared to turn these into action steps.
Environment:
The next step is to define the environment in which you operate. Of course, you'll have to base your assumptions on a snapshot in time, keeping in mind that you can't predict everything that might happen in the future and build a mechanism to respond to unexpected changes in your overall plan. Some of the factors you'll want to examine include:
Circumstances:
Where does the Consumer Confidence Index stand? What are the spending trends in the primary geographic markets for your product? What’s the situation within your industry? Your research may need some qualitative data too, so consider interviewing business editors, trade magazine writers or editors, and trade associations.
Legal issues:
Whatever your business is, politics is relevant. What laws, policies, or regulations are being considered that would affect your industry, the communities where you operate, your customers, or consumers in general?
Social & cultural matters:
What have been the big public issues? This will be important, as you assess how your customers are getting information (if they're all watching CNBC they won't be listening to Times Now). It also should provide some clues to updating your service or product and how to project your business image.
Technology:
If you sell a water filtration system encased in a pitcher, and the technology is being extended to home water filtration systems or has been introduced by the makers of refrigerators, you need to know that. Where do these developments leave your product?
Getting such background information right may be tedious, but it's a reality check. This portion of your plan is one opportunity to hold up a mirror and look at how the company is reflected. Just as important – as the Intel model tells us – is knowing what you want the business to be in the future.
Arun Sreenivasan,MC
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