If you don’t know who your most profitable customers are, you are taking money out of your pocket. If you DO know who they are, are you focused on growing those customers? Do you know what those customers like about your company? If you haven’t used big data to help in your business anywhere else, …
As marketers, our whole role has changed. Customers don’t need us to give them information about our products or services. They can access anything they want to know at their fingertips. They can do their own research on what is good or bad. Rather, they want to know whether or not they want a relationship …
Have you come across any lists of the jobs that are most endangered by machines? It is a growing one. How will these positive and negative benefits impact your bottom line?
Millennials have surpassed Baby Boomers as the nation’s largest living generation, according to population estimates by the U.S. Census Bureau. Millennials, born in the years 1981–1997, now number 75.4 million, surpassing the 74.9 million Baby Boomers (born 1946 – 1964). No matter what you think about Millennials they are influencing our products, our rate of technology …
This article could focus solely on the changes caused by this trend towards smart devices and wearables. They will be everywhere and impact everything. When you think of wearables, include the concept of virtual reality. Since I used to work at Hallmark I always think about how to reinvent greeting cards (I know, email already …
The numbers are staggering. Baby boomers are expected to transition 12 million businesses with over $10 trillion in assets over the next decade. If you are one of them, bear in mind that with the market flood of businesses available only the top performers will command the best valuations. If your retirement plan is dependent …
Amazon may be the next ruler of the world! Seriously, they are now larger than all the major publicly traded department stores in the United States. According to Visual Capitalist (VisualCapitalist_Amazon) Amazon’s market value as of December 30, 2016 is $355.6Billion which is larger than the collective value of Walmart, Target, Best Buy, Macy’s, Kohl’s, …
Culture is a system of beliefs and values by which people interpret experiences and determine how to behave, individually and in groups. Culture makes things happen! An environment that is great at making things happen is a productive one and goes a long way toward success. I believe that is the reason behind Drucker’s quote. Strategy is inert; it is an idea or a vision. In itself, it has no power. But what strategy does is focus the action. It is an overarching concept that integrates the business and enables it to achieve its objectives. Without strategy there is a lot of trial and error and even conflicting agendas that set organizations back in time and money. So culture without strategy is chaos. Strategy without culture is hopeful thinking. Bottom line: You need both.
Certainly the challenges of 2009 have not been rivaled throughout modern history, and not only did they end the run for many businesses but significantly reshaped those left standing. That said, it was not entirely unexpected—the economy has cycles. And we are experiencing another one right now, although it is an upswing. Are we due for a correction? And if we are, are you ready? Every business that experienced the challenges of economic cycles will surely be prepared for the next cycle, right? The only question is when it will come, not if.
Your organization is not functioning in isolation. It functions within an economy, industry, and geographical area that influence the opportunities and challenges it faces. To maximize the value of your strategic plan, it is essential to be able to diagnose accurately the cause behind the symptoms of any hardship. Thus, it requires a macro or “big picture” perspective of the market served, as well as a closer inspection of the microfactors unique to the business or niche within which it operates.
In-depth market knowledge provides value in three important ways.
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