Archive for July, 2009
The essence of strategy
Jul 2nd
How are you trying to create strategic competitive advantage?
- Cut costs?
- More advertising?
- Work longer hours?
All of these tactics can provide short-term gains … but they’re not really strategic. Your competitors are probably trying to do the same thing, aren’t they? So if they are, how is this going to create ADVANTAGE for YOU? There is only one way to create competitive advantage in the long-term:
Listen to your customers more effectively and respond more rapidly than your competitors.
That’s it.
I’ve just saved you a ton of money on business books because every successful business strategy is based on this idea. Every great product innovation has this concept at its foundation. So if you are looking to make cuts in your business, don’t cut out your relationships with your customers. In fact, embrace them more tightly! Keep listening! Keep responding! Keep innovating!
Social media imperatives for small businesses
Jul 1st
My friend Nathan Egan recently gave an interview to Business Week describing the imperatives for small business to engage in social media marketing. Here are some of the highlights:
1) Social media is new but it’s not going away. It’s a valuable new extension of traditional business communication. Jump aboard!
2) Your competition is going to be doing it, if they aren’t already. You need to make a start and take the time to learn it, now!
3) For many small business owners, social media is an excellent way for virtual networking, providing a highly-efficient method for finding new customers and business contacts.
4) Social media is highly-customizable to fit your business needs. It’s not just about getting a Facebook page. There is no cut-and-paste blanket strategy. Tailor to your existing communication strategy and customer needs.
5) Take a slow, strategic, approach. Before you begin, take some time to learn. See what’s out there. Monitor activity. Listen before you start engaging. Set aside at least 10 minutes a day to read and become familiar with your options.
6) Set up RSS news feeds to help you define your strategy and learn about what’s going on.
7) Setting up social media initiatives takes time, but keep an eye on the long-term costs-savings. A highly cost-effective way to go to market compared to traditional media.
8) Take advantage of short-cuts and automated systems. There are many free applications to help you work more efficiently once you get started.
More from Nathan Egan:
Full Business Week radio interview
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Grow your company, reputation, customers, impact, profits. Grow yourself. This is a community that will help. It will stretch your mind, connect you to fascinating people, and provide some fun along the way. I am so glad you’re here.
-Mark SchaeferFollow Mark
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