The word for 2011 is going to be Transition. So many companies are going to be facing a transition in so many ways as they continue to adjust to the economy and emerging technologies.
Any marketing department, when faced with this kind of dilemma, has to decide which is more important, products or relationships.
Here is my question to you. What is easier to achieve?
Finding new relationships for existing products
Or
Finding new products for existing relationships?
The answer is overwhelmingly the latter. It is easier to find new products or services to offer to relationships that you have established over time and with great effort. You can build those products yourself or you can go sell someone elses products, but in the end, it is the relationship that you need to leverage much more than the product you need to pitch.
Oftentimes, when companies are faced with dimishing markets, they believe that if they can just find a new market for their existing products, then business will return to normal. A new customer seems always to be more attractive than a current customer but it isn't the case.
One reason that this belief exists about finding new customers, is often we feel more comfortable telling our current story, making our comfortable pitch, and knowing the value of our current product. But when that product no longer shows growth and interest, it is scary for an organization to learn a new tune, and sing a new song. Instead, there is an entrenched belief that if you can just find more customers you can keep the revenue coming in.
But at some point you have to face the music and change the tune. An unexpected benefit you will almost always encounter is that your loyal customers WANT you to offer them more things. They want a reason to keep buying, and often enough, if you ask them, they will become actively involved in helping you find your new offering.
This year, in 2011, as your company or organization faces uncertainty, remember, it is easier to find new things for your fans, rather than new fans for your things.
Here's to a great 2011
