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MARKETING TIPS FOR A GLOBALIZED ECONOMY
By Dr. Wayne Eisenhart
 

Businesses must complete more effectively within a globalized world economy. The primary focus of competition must be on sales and market share. If a business is selling well and expanding its market share, everything else takes a second priority. Sales leads the parade. Innovative marketing thinking ensures more successful sales efforts. Far too many busy executives do not spend sufficient time planning their marketing. This article will cover a few of the most crucial points to consider in relation to effective planning.
 

Lack of Innovation

Notice how most businesses and industries sell the same products/services at roughly the same price using the same methods. If yours is an industry that sells to distributors, retail shops, wholesalers or direct to customers, there is very little variation in the method of sales. Innovation is the key to competing in today's marketplace. Learn to "think outside the box." For example, when Charles Schwab & Company became the first discount brokerage to offer full services this is how it gained its dominant market share. Another example is when Dell Computer "thought outside the box" and pioneered the concept of selling computers directly to customers over the Internet. Executives need to take the time to create differentiation. Find a hook or angle, a Unique Selling Proposition (USP). Make the time to do this and the business will be well on its way to competing more successfully.
 

Cross-Pollination

An important way to do this is to get cross-pollinated by forward thinkers. Take the time through your contacts, vendors, and national or international associations to find businesses that would not feel competitive with you but who have pioneered some innovation in your industry. If your sales are based in a given city, find someone in another city who would not feel geographically competitive. If you sell throughout your country, find someone in another country who is doing better than you. Develop a network of innovative thinkers in yours or a similar industry. Contact them. Ask for their input. Visit them. Develop relationships. Do this type of research to help you "think outside the box."
 

Niche Marketing

Since the recessions of the 1990s many businesses have focused on competing primarily based on price for the broad market within their industry. In some cases continually competing on price is a mistake doomed to failure. Consider instead the concept of niche marketing. Niche marketing is an attitude of business self-confidence. You don't compete solely on price for the broad market. What you do instead of competing solely in price is determine who is your ideal customer. Sell to them on quality, after-purchase services, features, benefits and reliable relationships. You will find that there are customers who value these things more than just the lowest price. Some industries, of course, are strictly price-conscious. In many industries, however, there will be an opportunity for niche marketing. Perhaps the best analogy would be: if you are an automobile dealership, you would want to sell products that attract buyers with a disposable income, even in a recession. You would want to sell Mercedes or Lexus. A Mercedes/Lexus dealership does not feel particularly bad if a Chevrolet/Kia type buyer does not want to purchase their cars, and they certainly don't cut their prices down foolishly far. Instead they focus on selling more effectively to the appropriate niche market for them - the affluent buyer. Focus on the ideal customer, those who value things other than the lowest price. Then develop effective and innovative ways to sell to them. If you lose customers from the broader market because they value only the lowest price, fine. This is what niche marketing is all about.
 

Conclusion

In order to sell well and compete effectively in today's global economy consider carefully some of the marketing concepts presented in this article; "thinking outside the box," differentiating your businesses by developing a USP, find innovative thinkers who can cross-pollinate you with fresh ideas, consider niche marketing. Then, focus on Sales.
 

This article was published on-line, and in Malaysia and the Philippines.

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Dr. Wayne Eisenhart
Professional Keynote Business Speaker & Trainer
Entrepreneurial Development Group(EDG)
Dr. Eisenhart may be contacted initially by email.
E-mail: wayne@futuremaker.biz
Web: www.futuremaker.biz

Dr. Wayne Eisenhart is a dynamic international keynote speaker, public speaker, professional speaker, business speaker, management speaker, and business consultant on today's most critical business issues. He specializes in entrepreneurial development, business development & business management, globalization issues, leadership training & leadership development, management training & management development, organizational development, customer service, hiring, training, and supervision, building profits in any economy, and more. He is available to speak at conferences, conventions, public speaking events, seminars, meetings, custom programs, in-house presentations, organizations, shows, speaker bureaus, and special events.