Marketing strategy engagements are typically driven
by a significant change in the environment. Sometimes this is driven by a new
competitor or new technology. Typical market strategy engagements focus on some
or all of the following: market segmentation, product/service positioning and
differentiation, competition, regulatory and socio-economic drivers, pricing,
etc. Often, the hardest thing about a marketing strategy is decided what you're
NOT going to do.
- Make your marketing strategy explicit and gain buy-in
from various internal stake-holders
- Take changing market and competitive conditions into
account in your strategy
- Verify that you have the appropriate partners and
Replacement for Vanishing Markets
- A moderate-sized software firm, a significant player in
their market, needed a new direction. Their market was lucrative now, but
was headed toward becoming a "feature" of other offerings rather
than a market unto itself. Three mutually-exclusive possible strategic
directions were identified and the pros and cons of each were studied before
the path forward was chosen.
Repurposing Existing Product
- A telecommunications firm had developed a product that
wasn't a fit with current market conditions. Alternative target markets and
positioning statements were identified and tested with representatives of
the various markets. This enabled the firm, with minimal product changes, to
successfully gain a return on their R&D investment.
Filling Gaps: Build or Buy?
- A successful consulting firm wished to expand their
market presence. The most promising opportunities were identified and for
each, a build-vs.-buy analysis was done. In several cases, it was decided to
buy boutique firms to fill the gaps. A screening process was instituted and
several firms were identified for acquisition. In other instances, it was
decided that building the capability internally was the only option. Hiring
profiles and training programs were created.