Is Your Market Strategy a Game Changer?

Strategy

So is your market strategy a game changer? Simple question – but can you answer it? Many cannot because they have no idea what a ‘game changer’ is!

We shall explain here what each of these terms means. You may have a good marketing strategy, but you are unlikely to have a game changer!

What is a Game Changer?

In American football a game changer is the quarterback – it is a Joe Montana or Tom Brady. In soccer it is the guy who runs the play – a Lionel Messi or Christiano Ronaldo. What is it in business? It’s not a person, that’s for sure – it’s a strategy that gets you way ahead of the competition. The Joe Monatanas and Ronaldos have their own strategies and direct operations so they win.

Your game changers should do the same! Get you ahead of the opposition, beat them at what they do and then do it again, again and again. Your game changer gets you ahead of the pack. Game changers meet a need or solve a problem. They can create a market – in fact, they can create a new market that you can supply!

What is a Game Changing Market Strategy?

A market strategy has one fundamental goal: to generate profit by increasing sales and achieving a competitive advantage. The strategy can include a number of marketing initiatives and original ideas, but its prime aim is increase sales and maintain a competitive advantage over others in the same business.

A game changing market strategy is one that gets you ahead of your competition and keeps you there. It creates new rules and new objectives that your competitors must achieve before they can even begin to compete with you

So what do you do to achieve this?

  • Create a need and meet that need!
  • Create a problem and solve that problem!
  • Create a market and then supply it!
  • Be unique!

Sounds so simple doesn’t it. If you can do any of the above then you have just created a game changer for your business. Do them all and you may sweep the field in your type of business.

So what are the Joe Montanas of business? Let’s have a look at some likely suspects. How about thinking? Yep – thinking!! Too few business managers and CEOs fail to think through their marketing policies and plans. So let’s start with Thinking!

When you get down to basics, all business boils down to people (employees, customers, partners, investors, vendors, etc.), and people mean relationships. Real game changers understand the power of people and relationships, and they embody this in both their construction and implementation. If you forget the people, you cannot have a game changer. Here are some aspects of game changers that you can use to change the fortunes of your business.

1. Thinking

Think long and hard (yep – a trite term, but you need to do it) about your marketing policy. Who are your customers? Who could be your customers? When solar panels were invented, did the company that first marketed them think that car drivers could be a potential customer? Maybe taxi or trucking fleets?

Why not promote your solar panels to power road vehicles using panels on their roofs, bonnets and trunks. Never work? Tell Thomas Edison that a twisted tungsten wire could never light up their home! Tell James Dyson that tornado or twister technology could never be used to clean your carpets. NO SUCH THING as never work – open your mind THINK! Tesla and other electric car manufacturers may welcome this idea.

2. Not Working? Change Your Brand Name

Brand names need not make any reference to the product – a catchy brand name can work very well to get people talking about you. So – if your business is not doing as well as you hope think about changing its name. Here are some successful business that were doing badly until they change their name:

DrivUrSelf, Pete’s Super Submarines, Confinity, Brad’s Drink, BackRub.

Who are they now? World leaders, that’s who! Answers provided below. Read the rest of this article and you may even be able to work them out for yourself.

It is a well-known fact among entrepreneurs that focusing on the name of the company is perhaps the most important market strategy you could employ. If you are not selling with your existing name then relaunch with something more catchy. Each of the above five original business names is now worth literally billions! They were failing before they changed their names!

3. Sync With Your Customers – Advertise Wisely

  1. Think like your customers think. Be where your customers go! Use social media wisely to make contact and make sure your message catches the eye. Facebook ads can be a good source of clients and customers – but target them wisely.
  1. Create a ‘Buyer Persona’ : define the characteristics of your ideal customer. Where are they located, what age and gender are they, what are their interests, what are they looking for.
  1. Create a Facebook business page and direct interested people to it. Use Facebook Ads intelligently. Use Facebook’s ‘Audience Insights’ to target your ideal customers. Many who fail with online advertising fail to do this. They fail to target their ads and spend advertising cash needlessly.
  1. Use social media as much as you can. 86% of internet or smartphone users in the Middle East use social media. The Equivalent figure for the USA is 71%, Europe 65% and Asia/Oceania 66%. Africa and Latin America come in at 75% and 82% respectively with a Global average of 76%. So people use social media and use their phones to buy things! Connect the two and guess what. . .

It makes sense to analyze what your prospective customers are doing: do they have smartphone? Likely yes, so your site must be smartphone/small screen friendly.

  • Do they purchase using a smartphone? Yes!
  • Do they use social media – Yes!
  • So what game changer does that suggest?

Simples: you should make use of social media to promote your product or service. Sync with customers. Go where they go and give them what they are looking for. That’s a definite game changer if you are not already doing this.

4. Adapt to the Times

Many business that were doing well online a few years ago found their online inquiries and sales dropping – slowly at first and then at a faster and faster rate. They had failed to keep up with the times and adapt to modern technology. They failed to become mobile friendly!

Even now, there are websites that are not responsive to smaller screens. Rather than adapt, they simply show the same pages in a compressed form – they are unreadable. Check your sites and make sure they are readable on a smartphone screen.

According the Pew Research Center, in 2017: 77% of Americans own a smartphone. 92% of Americans aged 18-29 own a smartphone. Slightly more American men than women own a smartphone (78% – 75%). A third of all purchases made over the Holiday Season/Christmas in 2015 were made using a smartphone. If you have a website that is not smartphone-friendly, you will lose out irrespective of your marketing strategy. Your game changer is an easy one. Think about it!

5. Measure Everything

As a market strategy, measuring everything you can could certainly be a game changer! Creativity can bring a fantastic boost to your business, but how much of a boost? The most creative genius anywhere still needs to measure the impact of that genius! How many more hits, how many more views, how many most prospect, how many more customers, how much extra footfall, how much more money! Finally, how much more profit??

Measurements are good, but you must measure the right factors. Your ultimate measurements are:

  • How much did it cost you and
  • How much did it make you!

If you like the concept of sales funnels then define every stage clearly. Use KPIs that make sense to your business – don’t just copy another’s. The ‘me too’ concept rarely works in the real world. You want to be the ‘too’ that the ‘me’ wants to be!

6. Doesn’t Work? Change it!

If it doesn’t work, then know when to stop trying to make it work – and change it! Is your advertising doing nothing? Stop and think! What is advertising for? To get your message across! Can you create a problem and then offer the solution?

Game changers have great purpose, meet a need, solve a problem, serve an existing market, or create a new market – they can change direction or focus on something new.

Business is fundamentally about people. Clients, customers, employees, partners, investors, vendors – they are all related to your business. Keep all of these people in mind and try to meet their needs and you will have a game changer in operation. Don’t forget that massive word: ‘Change’ Things cannot remain the same if you need improvement! If you forget the people and the relationships between them, you cannot have a game changer.

Change your business plan – set about constructing a new one. Change your business strategy to compete with others. Game changing involves changing not only the way you do things but also what you do! Do not do what others do – do what you need to do and do it your way.

Here are some examples of game changers that converted mediocre businesses into world leaders. They are some of those mentioned earlier- examples of game changers that are now known worldwide. They didn’t work so they changed them. They sure work now!

  • Pete’s Super Submarines: This company started life in 1965 selling sandwiches in Bridgeport, Connecticut. Now, as Subway, it is know worldwide.
  • Confinity was named to “merge the words confidence and infinity and was initially founded as a Palm Pilot payment and cryptography company back in 1998. One year later, the company was renamed PayPal after a Confinity engineer developed an online demo that allowed people to email payments.
  • DriveUrSelf was purchased by General Motors and later purchased by Omnibus Corp who changed its name to the Hertz Corporation.
  • BackRub didn’t do much – but Google did when it was renamed!
  • Brad’s Drink was remarketed as Pepsi Cola – with the obvious result.

Pretty cool, no? Just a simple name change made all the difference to these businesses. That is what you call a game changer – change the name and change the game from loser to winner!

Market Strategy Game Changers: Summary:

So is your market strategy a game changer? Likely not if you are still reading this – but likely to be shortly if you have read it right through. This is not a step-by-step guide how to create a successful game changing market strategy. There is no such thing.

It is intended to make you think, to help you use your own brain to come up with your own market strategy. That’s the only way to do it – not copy what other people have done but learn from what they have done. They made their mistakes and perhaps you can minimize yours.

So is your market strategy a game changer? Who knows, but you will never find out until you try. Reading this may give you some ideas to try out – that’s the way many successful businesses rose from mediocrity to become world-beaters!

Author Bio: Sonal Patil is a Market Research Analyst at Market.biz.