THINK SHINY, ACT NEW

Never underestimate the power of innovation

Not wanting to be too flippant but foxes everywhere must be wondering what to do with themselves now a lot of the danger has gone out of their lives. And they won't be the only ones. Whichever side you favour in the great fox-hunting debate, you can't disagree that it's a big change which will affect the lives and livelihoods of many.

What's the relevance of this to marketing? Absolute. Whatever the industry, the winners are those who keep their antennae alert to likely changes - be they a day or ten years hence - and not only keep ahead of them, but lead them. These days when every firm is playing about with some sort of marketing, the ability to spot what's going down and come up with something new is the way to make a difference - to firms themselves, their clients and the bottom line.

Although it may be comfortable and profitable right now, it just isn't smart in the long term to continue to give clients what they know in a familiar format. It leaves you vulnerable because:  

•  Clients may become bored and start looking for something or someone new

•  They become overly familiar with the process and think they can source it better elsewhere

•  They gradually lose sight of the value that you bring and increasingly start to take you for granted.

Okay, you know that your client gets excellent service at a good price and they're unlikely to find anything better- and in their heart they probably know it too. Nevertheless, familiarity puts them in a dangerous state where they can be easily poached by a predatory competitor. Why would they go? Simple - they can offer them something which sounds different.

These days, as consumers, we are all incredibly fickle. Not for nothing do consumer goods providers tinker with logos and packaging; add 'revolutionary new ingredients', offer 'extra performance'. Does reality live up to the hype? Probably not - and we know that when we buy. But who's content with last year's model when we can have one that's shinier, has more gizmos and is more exciting?

Professionals obviously can't act in exactly the same way as consumer goods manufacturers but there are some parallels - things you can do to ensure that your services are market leaders and not languishing in the 'past the sell-by date' bin:  

1. Be deliberately creative. Hold regular in-house 'think tanks' in which you look ahead five or ten years and brainstorm future market needs and what you could be doing to meet them. Dedicate resource to new 'product' development - whether researching and developing an idea, or investing money in new IT systems or future high-fliers. 
   
   
2. Constantly scan the market for what others are doing - both within your own field and in other areas. There are some fantastic examples of entrepreneurial skill and talent out there. You're not looking to copy them, you're looking for evidence that it can be done to inspire you and your team and spark your own ideas.
    
   
3. Really get to know each client's business and understand the way they operate. Think about how you could increase your involvement and contribution and add extra value. Some of the most successful and strong relationships are those where the supplier (you) has designed and created a new process, system or means of delivery which improves efficiency and effectiveness and which they continue to control. The client becomes 'locked into' the system and finds it difficult to move (and is much less inclined to do so).
    
   
4. 'Re-package' your services in a way that can be branded and which appears to add value. For example, start an 'Entrepreneurs Club' and hand-pick who you invite to join. Offer enthralling speakers and top-class venues. Make your clients (and referrers) feel hugely privileged to be involved. Yes, it will cost you money - but then all marketing costs money. Something like this could be a great investment.
    
   
5. Get together internally with everyone who does any work at all for a particular client and scrutinise your relationship with them. How could it be made better? Do they need a dedicated account manager? Could you offer them a fixed fee arrangement? Are you catering for all their needs - if not, why not? This is Client Relationship Management in action - and yes, it does pay off.
    
   
6. Similarly - get together with everyone who services clients in a certain market sector - what can you learn from the group as a whole? What can you build on that will enable you to confidently state that you are 'specialists in the field'?
   
   

One of the greatest marketing truisms is that for any particular product or service, there's room for a market leader and a number two. After that, the rest are also-rans.

Where does that leave you?

© Dianne Bown-Wilson, The BIG Question