No matter what you do for a living, chances are you are engaged in providing a product or service that ultimately needs to please the customer. At JMG, we serve many different clients in multiple industries, so we get the chance to help companies that operate across lots of different markets. One observation is becoming more and more apparent, both in our line of work and that of our clients: When times get tough, competition really heats up.
It makes sense— when there's less of the market to go around, companies want to grab as much of the market as they can. And to get that market share, companies take different approaches. Some pull back, get conservative and hope for the best. Some pull off the gloves and start swinging at their competitors. Some increase marketing budgets. Some overextend themselves by developing new products or services that have nothing to do with their core businesses. (For more insight on how companies get
themselves into trouble, read Jim Collins' book, How the Mighty Fall [2009]).
As the economic situation of the last year has most likely leveled the playing field in your industry, what has your company done to grab your fair share of the market? Regardless of the approach you have taken, there are a few considerations that companies are using to set themselves apart.
1. Return to fundamentals
Think back into your company's history. What set it apart from others in the marketplace at the time it began? What was the founder's vision? Has the company strayed from that vision? Make it personal: What about your company attracted you to it in the first place? What about your role excited you in those first weeks and months? Recapture that emotion and spread it to your colleagues.
2. Remember that relationships matter
If it's been a while since you've seen your customers, maybe it's time to get out on the road. Technology is a helpful tool for operating more efficiently, but don't let it get in the way of the meaningful relationships that have built your business to what it is today.
3. Get into the details
It's been said that both God and the devil are in the details. In my department, details are our lifeblood. For example, in the production world, it's critical that projects are released to vendors correctly, and that vendors treat them with the same importance both we and our clients do. With logistics, there are a million details that cannot fall through the cracks. Take a moment and ask yourself what are the details you should be paying attention to? Have you let them slip?
As the recession makes way for recovery— no matter how slow it comes —take this opportunity to look at these very important aspects of your company's strategy and direction. Getting back to basics can be a refreshing way to breathe new life into the organization.