Blog Post

Build a Roadmap to your Market

  • By geff@wsielevateddigital.com
  • 02 Jun, 2018

“Healthy Organization” Foundation #5: Growing and Profitable.

I recently had the opportunity to chat with the founder of a tech start-up. The business is in health care, a booming market! When I asked the founder to describe the business in a “sound bite”, I was given a rambling answer that talked about “market needs” and “customized services” and went on to include a laundry list of “features” their customers would enjoy. I could just imagine a prospect, eyes glazing over, tuning out the answer while starting to think about things they needed to get done that day. On top of all of that, the company was targeting 3 distinctly different markets! My concern, shared with my conversation partner, was that the fuzzy answer accurately represented the state of their market plan.

We live in a world of hyper-competition. Unlike the days of “You can have it any color you want as long as it’s black” (Henry Ford), your customers always have choices to meet their needs. Perhaps more importantly, the competition simply for the attention of your prospects/customers has risen dramatically in the age of the internet and social media. It’s imperative that you have:

  • A crystal clear understanding of your product/service value proposition. (Remember, “value” is determined by your prospects/customers, not you!)
  • A clear definition of the target market(s) you will pursue. (Different target markets have different dynamics demanding different strategies and tactics.)
  • A documented market plan for how you will “sell” to your chosen target market. (The “documented” plan keeps you focused on the market goal and keeps you from changing strategic and tactical course every time a new marketing idea comes up. It actually SAVES money!)

If you can answer the following 4 questions effectively, you’re on your way to having a “market plan” even if it’s on the back of an envelope:

  1. What, exactly, are we selling? (Product/service)
  2. Who are we selling to? (Target market)
  3. Why will they buy from us? (Benefits)
  4. How will we sell? (Tactics)

A free white paper titled “Why a Market Plan and How to Use the Market Plan” is available on our website (www.ComerAssociates.com) under “Resources” should you decide to tighten up your “sound bite” answer to “Tell me about your business”. It details the market planning sequence and some methodologies for measuring the ROI of your marketing investment. Build a roadmap to your market and you’ll be on your way to growth and profit!

Other Posts

By Jerry Comer 02 Jun, 2018

I recently posted an article published in Forbes about T. Boone Pickens, famous for an active entrepreneurial life and his book, The First Billion is the Hardest . Every year around this time, he’s asked to share his wisdom, gathered over many decades, with some college graduating class in the U. S. The Forbes article includes six “Booneisms” he’s known for, but the one I like the most is, “A fool with a plan can beat a genius with no plan.”

Although the CEOs and senior managers I regularly work or interact with are certainly NOT fools, all too often they’re working without a plan. While it may be okay on Saturday to get up and “let the day take you”, that’s not a good recipe for business, large or small. Too much is at stake!

The ideal planning sequence takes place in the context of shared values and a true team of managers committed to each other AND a common goal. (I’ve often said to management teams, “You don’t have to like each other, but you MUST be able to communicate effectively and solve problems together as you work to achieve your objectives.”)

By geff@wsielevateddigital.com 02 Jun, 2018
Over the years, I’ve seen many managers promoted because they’re smart and hardworking or, somewhat cynically, they know how to play the political game. In today’s busy environment, with unemployment at 2.3% (Colorado, June 2017), we also have the phenomenon of individuals being thrust into management roles to fill critical gaps even though their experience or training may not be what it should have been.
By geff@wsielevateddigital.com 02 Jun, 2018

Yesterday, a friend and colleague said she was having trouble “holding herself accountable”. She wasn’t getting things done that she thought she should be, including some things she deemed important to the business. For perspective, this woman is running a business, supervising a stable workforce and keeping multiple clients happy. On top of all that, she’s a mom! (Can you say “busy”?)

The conversation quickly went to a few questions:

  • What are you not achieving?
  • Where’s the breakdown?
  • What are your goals?
By geff@wsielevateddigital.com 02 Jun, 2018
A colleague recently mentioned that one of his clients was going through a rough patch. It seems the four partners were arguing about various elements of the business and, consequently, overall business performance was suffering. My colleague didn’t mention it but I bet the entire “team” working below the four partners was suffering, as well!
By geff@wsielevateddigital.com 02 Jun, 2018

Effective communication is one of the key functions of management, yet we frequently find ourselves frustrated with others not understanding what we have shared. After we say our piece, we assume that others see things the same way we do but the only thing we can be sure of, even after a lengthy conversation, is that what’s in your mind is not exactly  the same in their mind. We just hope the gaps are few and insignificant.

The problem is even worse if the communication comes in the form of a management “presentation” with little/no opportunity for dialogue. I once spent an hour presenting “how we make money” to a group of front-line employees: Revenue – (Material + Labor + Manufacturing Overhead + Other Overhead) = Profit. The presentation was complete with flipchart graphics. It was clear from some of the questions at the end of the presentation that some of the employees still looked at Revenue as the amount of money theoretically distributable to all the members of the company. While frustrating, this incident just confirmed how hard it is to be truly effective in your communication. Also, it’s important to keep in mind that the primary responsibility for the effectiveness of communication lies with whoever is sending the message.

Studies have shown that managers typically under communicate but think  they did a good job. It’s not just executive management. This “failure to communicate” affects all members of an organization. If you are a middle manager, you have the challenge of communicating both up and down the chain of command. If you are a front-line team member, it’s important you effectively communicate any issues or challenges you face in the performance of your job so they may be resolved. Anything less than excellent communication, at all levels, negatively impacts relationships and hurts the bottom line.

Here’s a formula for communication success:

  1. Preparation:
    1. Understand your objective. Why are you communicating?
    2. Understand your audience.  What do they need to know?
    3. Plan what you want to say.
    4. Choose the best communication channel:
      1. One-on-one conversation
      2. Team presentation/discussion
      3. Written document:
        1. Match your style to reader’s preferences
        2. Avoid jargon or slang
        3. Check your grammar and punctuation
        4. Check for tone and attitude
      4. Email/text for simple directions (NEVER email/text complex or negative content.)
    5. Consider:
      1. Cultural context of organization
      2. Potential emotional content
      3. Need for detail
      4. The need to ask and answer questions
  2. Draft:
    1. Decide exactly what to convey.
    2. As much as possible, use pictures, charts, diagrams.
    3. Verbal: prepare written notes to guide the conversation.
    4. Written: draft document/presentation for sharing. Review as necessary to ensure effectiveness. Send.
    5. If sensitive, solicit other inputs and get feedback prior to sending/engaging.
  3. Engage (Verbal):
    1. Be concise.
    2. Listen actively.
    3. Stay open.
    4. Be attentive and avoid distractions.
    5. Respect others’ feelings
    6. Don’t interrupt!  
    7. Pay attention to body language.
    8. Ask questions to ensure understanding.
    9. Record all action items: What-Who-When.
  4. Follow Up:
    1. How effective was the communication?
    2. Did I/we achieve the stated objectives?
    3. What could we do to improve communication?

Effective communication is an art that all of us would do well to master, for our own good and that of our organization. Are you getting the results you want from your communication or are you constantly thinking, “Why don’t they get it?”

Comer and Associates, LLC develops great leaders and teams and facilitates projects that lead to growth and profit. Our April 11 – 13 ADVANCE  management and leadership workshop will cover all the key functions of management, including communication.

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