Ensuring Relevance and Flexibility for Business Growth

I recently facilitated a strategy meeting for a prestigious global organization, which has been around since 1905 and was established in Australia in 1921. Despite its rich history and remarkable contributions, this organization faces a significant challenge: it has lost 25% of its membership over the last decade. This is a perfect example of a long-standing institution grappling with its relevance in today's society.

Understanding the Challenge

This organization has done tremendous good, from fighting polio globally to running youth and educational programs. However, once effective, its traditional structures and practices now seem outdated, especially to younger generations. For instance, paying fines for trivial reasons during meetings does not resonate with millennials.

The Need for Fresh Perspectives

As a business, it's crucial to continuously bring in fresh perspectives. While experienced members bring valuable knowledge, younger members contribute new ideas and innovations. Businesses that survived and thrived through 2020 were those with solid, adaptable plans.

Planning is essential, but plans should be flexible, not rigid.

Defining Your Targets

One surprising discovery was that the organization had no clear membership targets or defined audience. When asked about their ideal members, responses were vague.

To attract the right people, businesses need to understand their target audience's specific needs and pain points.

Focus on Pain Points

Despite its decline in popularity, pain point marketing remains crucial. People typically seek four things: more time, more money, less stress, and a better life. Understanding these desires helps in creating effective marketing strategies.

It’s essential to focus on your audience's issues, such as financial stability, health, or operational efficiency.

Strategic Questions for Your Business

• Relevance Check: Regularly assess if your offerings still meet the needs of your market. Are you solving relevant problems for your audience?
• Clear Target Audience: Define who you want to work with. Have your target customers changed over time?
• Flexibility and Innovation: Ensure your organization remains flexible and open to new ideas. Avoid becoming too entrenched in old traditions.

Concluding Thoughts

Reflecting on the organization's situation, the key takeaway is the importance of staying relevant and adaptable. Evaluate your business practices, understand your audience’s current needs, and ensure your strategies align with these insights.

Remember, success lies in continuous improvement and the willingness to embrace change.