Getting Market Ready: Making Your Business SURGE in 2017
One of my mentors, Keith Hall, once told me he was my Dutch Uncle, which I came to learn included telling me things I didn’t want to hear, but needed to know. Although the candor could be tough to take at times, in the long run he was doing me a favor.
Today, I'm here to extend the same kindness to you, albeit unsolicited, and call bullshit: Your business is not as ready as you think to compete in your marketplace. And I can prove it.
As an expert in communications with nearly 30 years of agency experience working with leaders of B2B, B2C and NonProfit organizations, I can tell you that most businesses do not have an accurate understanding of how prepared they really are to communicate with prospects, and subsequently, are not really prepared to compete for sales.
Not even close.
For Business-to-Consumer, the bar is the highest. Competition is fierce for dollars at retail locations and even more as online shopping soars, so you better show up to the gun fight with a gun. Based on the Market Ready Index?, the B2C target score is 73.1, yet the average B2B business score averages 50.9 (-22.2).
A business that wants to sell to the consumer in 2017 MUST have a solid brand (71) that is known for what they sell, and an effective marketing program (79) that defines their segments, with advertising campaigns that connect with consumers (79). Design – planning what things look like – matters to the consumer (75) as it impacts what they want, where they shop, in-store and on the Internet (75) with apps and e-comm.
Consumers expect to learn and communicate using Social Media (71) and the compulsory Multimedia content has to differentiate, entertain and connect (66). Adding a solid Public Relations program (67) with a schedule of purposeful Events (69) sets up the conversations for Sales (79) and provides a realistic chance for competing throughout the year (not just days with descriptors).
For Business-to-Business, it’s about differentiating who are you and why your client should care. Most verticals have new competitors with different models taking sales dollars away from you that aren’t even on your radar. The target score for B2B on the Market Ready Index is 65.9, although the average B2B business scores is 40.5 (-25.4).
Businesses buy from people they trust that can satisfy a need, but the Brand also has to be trusted and communicate what it sells (59). The Marketing has to strategically position the products and services with its segments (67) and the Advertising campaigns must actually work – they have to create demand (65).
Design can impact the perception of what you sell and where you sell (62) to help create differentiation and a positive brand experience. The contemporary B2B Internet website must not only provide information and proof of what the business does (69), but facilitate sales, service and support. Social Media can serve as “satellites” to reach niche markets, supporting sales, marketing and PR (63), and is important when distributing Multimedia that explain what prospects, clients and other interested parties need to know (65).
B2B Public Relations must be on-point to communicate business growth, product innovation and industry leadership (63), and Events must place your business as a leader in the middle of your industries action (73). With the rest of the communications in place, Sales should be positioned to continue the conversation with a well-influenced prospect (73).
NonProfit organizations need to be on point, as well. Most nonprofs are usually funded and service-based, but many still have to compete for attention, grants, donations and clients. Although the average score for NonProfs is 37.9 (-28.3), the Market Ready Index target score is 66.2.
Score your NonProfit organization.
Branding is important for a nonprof; the name has to communicate what you do and the logo has to make sense to the people you serve (63). The marketing program has to well-position your work within the community (71) and the messages in the advertising has to resonate with the people you serve (65). Design is an inexpensive investment that can help differentiate the organization, its communications, and the workspaces (65) that influence the perception of staff, Board, clients, partners and funders.
The Internet most cost-effectively should share programs, calendars, staff directories and information on organizational activities (65) with a positive user experience on all types of devices. Supporting Social Media helps attract an audience, distribute information and create engagement (63). Multimedia can capture the essence of your work and can be repurposed across channels (67). A supporting Public Relations program can help make sure media contacts, thought leaders, foundations and governmental agencies stay up-to-date (61) on your work, and leader participation in forums, workshops and conferences can present them as thought leaders in the community Events (71).
With everything in motion, what can still be considered Sales activities (fundraising, grant writing, donations, volunteering, events) can generate the profits needed for reinvestment to help complete the mission (71).
Think I’m being too hard on your business? Score it yourself.
An objective perspective – like the Market Ready Index – can provide great value by starting conversations about critical issues using data, not opinion. At the very least, it’s another indicator of your business readiness and a kick in the ass to be better this year.
There is a self-assessment available that generates a subjective evaluation – you grading your own work – but it does provide basic metrics by answering basic questions.
If you score better than the average, share your scores here and tell me I’m wrong. If you don’t score well, you can just send me a message with the word “thanks” – enough said.
Now, let's stop the fireside chat and get you back to work. It's going to be tougher than usual out there this year, and I want you to do yourself proud. - Your loving uncle ;-)
?P.S. Some businesses, of course, are ready to compete, but statistically, most are not. Do yourself a favor and make sure. Take the self-assessment, and let me know how you did - then, I won't worry: https://marketreadyindex.com/self-assess/