Wednesday, August 10, 2011

Accept, Adapt, Adopt, Analyze, Adjust - Repeat As Often As Necesary

A Marketing Formula For Succeeding In A Dynamic Marketplace

We are witnessing a new age for marketing. The evidence is overwhelming. Reliable mass marketing vehicles (broadcast television, terrestial radio, daily newspapers, national magazines) have seen erosion of their audiences. DVR's, iPods, the Internet, cable, and mobile are some of the new technologies and channels that have enabled consumers to dictate their own personal media consumption patterns. New insurgent brands are challenging, and sometimes, winning their battles with major incumbents as is depicted in Seth Godin's new book, "Small Is The New Big."

Whether you are an incumbent or insurgent brand, the formula for success is the same. Successful participants must be smart, agile, fearless and relentless in their marketing. In this new age, marketing is a verb.

The formula for success can be described in the following steps:
  1. Accept - The first step is to accept the reality of what is happening in your respective industry. What forces are at work? What are the implications moving forward? Bricks and mortar book retailers, for example, could not and did not accept the fact that the internet would be a viable distribution channel until it was too late.

  2. Adapt - After accepting what is happening in the marketplace, a brand must adapt to the change. This is challenging in a larger organization where the status quo creates resistance to change. Adapting means understanding the brand's core competencies and determining how they can be adapted to new thinking and methods.

  3. Adopt - Adoption is committment to change. This is the most challenging for an organization because the tendency is to gravitate back to the old status quo. Adoption means that the entire organization must walk the walk.

  4. Analyze - In a hyperactive business environment, circumstances will relentless change. It is imperative, therefore, that marketing plans be continually analyzed to ensure the desired goals are being realized.

  5. Adjust - In any dynamic situation, course corrections will be required. It is critical that these adjustments be implemented without delay.

These steps are circuitous - a continuum for success. Brands must always be accepting of what is going on in the market; adapting to change; adopting new methods; analyzing performance; and adjusting as required.