27 Nov 2017
Adjustments for Emerging and Diverging markets
There are 12 Marketing Strategies for Business Hyper Growth to employ for your organisation (just like there are 7 Business Leadership Styles, 12 Business Hyper Growth principles, 12 Cultural Growth qualities and 12 Strategies for Sales Hyper Growth).
The fourth being adjusting with new information back from the market. Emerging and Diverging markets are important to spot early once you have the results back from your marketing plan and strategy. If you have had an explosive result with increase enquiries and sales, then you would want to make minor adjustments if any at all.
However, emerging and diverging markets may require radical changes in your marketing strategy. Your business plan said to go into online market, however if it is taking along time to get consistent growth and inquiries, then Differentiation would be needed for your brand to stand out from the rest.
Also, emerging markets could be on the horizon (a new product or service) and you may have to fundamentally reinvent your proposition to the market. This is why “The Innovator” and “The Adaptor” Entrepreneurial Leadership style is so successful. The Agile and Positive mind set is so very important which is required for those two styles of Entrepreneurial Leadership.
High creative intelligence combined with High critical thinking will give you a significant strategic advantage when making adjustments to your marketing plan from the results of your marketing metrics.
We restructured a business’s marketing strategy fundamentally and the results were astounding. However, this could not have been done logically unless we had the results and metrics recorded to see if there were themes or patterns that were emerging right in front of our eyes. “Numbers never lie” as they are a neutral objective tool (if recorded properly).
Begin your marketing plan for hyper growth AND utilise fundamental metrics-analytics and adjust your sail’s accordingly.