Question: Why did the thief rob the bank?
Answer: Because that’s where the money is.
In this situation, the thief understood enough about his market to know where to find the money!
It’s important for an organisation to have a solid understanding of where the money is in their own market segment before they can maximise their organisation’s potential.
Data on the market can be used to answer a number of questions that lead to better decision making. What is the size of your market? Is it growing or contracting? Why? How is the market evolving or changing? What disruptive forces are impacting the market? How are competitors’ actions changing the market? What are the bounds and scope of the market that you are operating in? Should we look to another market segment in order to continue growing the business? How much should we spend on acquiring the knowledge necessary to answer these questions? Continue reading…
We live in unprecedented times with the business models of decades’ old organisations quite literally changing overnight.
The radical changes we have seen over the past few weeks have demonstrated the speed at which market dynamics can change, and the need for businesses to respond quickly.
Boards and management teams are needing to respond with urgency to scenario plan and make decisions with imperfect information as the situation unfolds.
The markets that we operate in and the customers we serve are always changing. Whilst the speed of change is not necessarily what we have seen recently, now is a time not just to focus on the immediate crisis at hand, but to think about how to structure management and board meetings so that market changes form part of the regular and ongoing conversation. Continue reading…
If you’re someone who doesn’t have a professional online presence, you could be missing out on some valuable career or sector information. To keep in touch with the latest news, what your contacts or competitors are doing and to join discussion groups with like-minded individuals, consider having a LinkedIn profile.
LinkedIn isn’t just a place to find a job. Its importance goes further than that. It has been specifically designed for the business community, so if you’ve been hesitant to be part of it, here’s a couple of reasons why you should reconsider. Continue reading…
The simplest and easiest way to set next year’s marketing budget is to take last year’s budget and simply add the percentage that you want to grow by. Within 60 seconds your new marketing budget is set, but this doesn’t allow for external market factors like new providers, changing government policies or the needs or wants of customers.
Alternatively, you could adopt a zero-based marketing budget. This will take longer to put together, but it will make you ask the hard questions about the outcomes you want, how much you need to spend to achieve them and the different options available to you
Over the past months the news has been filled with public figures who have lost their jobs due to posts or comments they’ve made on the internet. Whilst some were recent posts others were in the distant past, but it still came back to haunt them. An organisation is just like a person, over the years comments, news stories and customer reviews leave a story on the internet. So what can an organisation do to protect or improve their organisation’s reputation?