Our markets continuously change, driven by any number of dynamic events; buyer behaviors, fickle brand preferences, or economic pressures—just to name a few.
Competitors and partners are changing as well. New competitors emerge as older ones fade—or become stronger. Once powerful partners fall as new ones appear on our horizon.
When we listen to our markets, evolving our plan becomes a natural endeavor. Think about it.
- If your current market takes a nosedive, you’d want to be ready to shift course, even if your plan said to stay the course. Wouldn’t it be nice to do that ahead of the big nosedive?
- When you see a stronger tailwind in another market, you’d want to adjust your course to take advantage of that acceleration for market expansion. And it would be best to do it before another competitor grabs that opportunity, right?
- That emerging market you’ve been watching may be just what you need to grow. But your plan doesn’t mention it. Are you going to ignore it?
With that awareness, we can subtly evolve both our value and our market focus as we move forward.
How do we stay aware? Here are some ideas:
- Listen to customers. If someone gives you negative feedback, don’t dismiss it. Pay attention. That customer may be saving your business. Listen to them and change the plan if it needs to be changed. All the wishing in the world won’t make customers love your new product if it’s not lovable.
- Talk to partners as well. They can see issues and opportunities that you can’t, thanks to their objectivity about your plan and your business. When a partner tries to tell you something needs work, listen objectively. Explore their perspective. The more you understand your markets, the more likely your success.
- Bring in a few field reps who are working with customers and partners daily. Gte them in on the early discussions of your plan. Listen and learn from their feedback.
- Pay attention to what’s happening in your market. That competitor just announced a product similar to yours? Don’t just go ahead and announce yours. You look like a ‘me-too’. Slow down and replan. Major customers are moving in a new and unexpected direction? don’t just assume the rest of your customers will follow your planned course! Take a hard look and realign your plan!
Success doesn’t come from executing a plan. It comes from offering value to our markets.
Sometimes we’re right on with our plan. More often than not, we need to evolve that plan to stay in sync with our world. As we move into a market, gather experience and tune in on market dynamics, we can evolve to a better plan, and a better plan again.
Leaders need to be ready and willing to evolve – focusing on market success, instead of that silly plan.
