It's Not Back To The Future

A recent quote from McKinsey Consultants e-newsletter could not have said it better.

"Companies that follow the playbook from past recessions will probably chase markets and segments made less attractive by the present downturn and focus too many resources on traditional marketing vehicles and front line salespeople. To avoid these costly mistakes, marketing and sales executives must dynamically reassess their geographic, customer, advertising, and sales force priorities, with constant attention to the ever-shifting economics of this downturn."

The game has changed so much since the last downturn. Business needs to take the time to assess where they are going, who they are best to be talking to, and what marketing tools are the most efficient and effective at making an impact.

This means you have to have some means of assessing or measuring your consumer, market and industry performance. Your "front-end" thinking needs to be recalibrated in this new world to keep you competitive, differentiated and sustainable going forward.

"Front End Thinking"

While the marcom world obsess with all things interactive, who in the organization is doing the "front end thinking'? Really though, as we chase after the coolest web site or web 3.0 application, who is taking the time to see if the insights that are driving the overall organizational communication plan are sound, differentiated and actionable within the environment it operates?

I have met so many web firms, interactive specialists, web n.0 people, and this is all great as it is indeed the current "center of influence" of marcom. However, all this effort around content and the latest way to deliver it, is useless unless someone is minding the overall organizational brand "insight and strategy" store.

When did you last ask, "how do we generate our insights". Are they really insights or just verbatims of what some really tired consumers or customers told us in the last research we did.

If the insights are weak, then the strategy is flawed. If the strategy is flawed then the ideas that spring from it are less than big. If the ideas are not big then the content flowing from it, offline or online, will not be differentiated. If the content is not differentiated then you have little movement in customer action or your bank account.

So while you are being impressed by the latest of the online world, remember to ask about your organisation's "front end thinking".

How to spend 500+ Billion

A friend from Asia mentioned something recently that I think bears repeating.

"quite a situation we're in, the US is spending $750bn bailing out banks /auto (and in essence getting nothing for this save avoiding bankruptcies) and meanwhile China is spending $550bn on capital infrastructure investment that will surely increase their economic and commercial competitive advantage for the end of the recession !! "

I believe strongly that Canadian business needs to take a long hard look at their China Business strategy, because going forward China is the growth model for your business.

Only 17% Have a China Strategy

A study released one year ago by the Canadian Manufacturers and Exporters stated that only 17% of Canadian manufacturers had a China strategy. Furthermore 20% did not know if they had a china strategy or not!

Just look at the headlines these days that deal with economic gloom and the retrenching of consumers in the United States, and then ask yourself why any smart Canadian business would not at least be developing their China Strategy.

The rewards are huge if you do your homework and get the proper connections built. It is not easy but gaining access to what Goldman Sachs projects will be the world's largest economy in about 10 short years, demands the effort.

Do You Dialogue or Monologue?

It has always been critical to talk with your customers, and as we know this has been super critical since the customer got access to a keyboard and the Internet. The key though is how you are engaging with them (key word being engaging). If you are just talking at them in your communications, including the Internet, then you are in a monologue and you are missing the boat.

Businesses that succeed have opened a dialogue with their customers. They ask for engagement in all their communications. It started first with the 1-800 number, then to a web address, and now to full blown social marketing on my space, face book and the like. The key is to talk with your customer AND offer them a chance to talk back. The younger generations are demanding this dialogue with the brands they support. The boomers are getting the hang of it now too, so the sooner you move from a monologue to a dialogue the better off your business will be.

Wall Street's Spin Meisters

As I sit and read the Dow is down another 450 points after an earlier 500+ point drop I feel the need to ask the question why do consumers by the hype and BS peddled by market forecasters.
They are no more accurate than the weather channel and their story has to be getting old. Basically they say trust us we know when in fact their record over the past years proves they know nothing.

My point is why do consumer buy their spin. What is the fundamental underlying metaphor (as Gerald Zaltman refers to in his book Marketing Metaphoria) that guides this silly dance of hype and promises. An easy way to make money can't be the only driver but maybe its just that simple. When people are desperate for the easy buck they will believe anything.

Well It's Onto Vancouver

Hardly has the glow from the amazing opening ceremonies in Beijing begun to warm the fans and athletes of Beijing 2008, that marketers must now turn their attention to Vancouver and 2010. Most of the Olympic marketing programs for 2008 are in place and many fully executed. You can expect the post games honeymoon to carry some marketers further, but most are now shifting their marketing sights to Vancouver. For Western Canadian marketers this means looking at opportunities to tap into this most powerful of all marketing opportunities. Some have done this and are well on their way, or at least should be by now, to putting their plans into action.

The point is that those marketers that have not yet looked at what this once in a life time opportunity can bring to their brand and its inhabitants, need to start now to seriously think about it. While the high profile and expensive sponsorships are gone, more affordable supplier relationships with VANOC should soon be up for grabs. As well, building non direct association programs to take advantage of the attention and interest that is attracted by 2010 may also be an appropriate plan for a smaller organisation that has ties to the Vancouver and area market.

No matter what approach you take, do yourself a favour and at least take some time to think of what 2010 could mean for your business in Western Canada...but do it soon as the world has already begun to look to the beautiful coast on the western side of Canada.