Today more than ever, companies are struggling to grow. Whether through trial and error, comprehensive analysis, or sheer luck, businesses are trying many things, hoping to find the key to edge out the competition. We searched for answers by studying effective growth leaders who are winning market share and consumer base growth in their industries vis-à-vis their competitors.
When trying to unlock their secrets, it becomes clear that they are successful because they are doing things differently than anyone else. Leading growth in today’s dynamic and changing marketplace requires more than the traditional marketing practices that have been in place for years. They have changed the way they develop strategies and plans.
Effective growth leaders have implemented several consistent “habits” in their strategic development:
1. UTILIZE ADVANCED ANALYTICS: The most significant change in effective growth leaders comes in their utilization of external experts that apply advanced analytics to size the Hispanic opportunity. Using metrics and research increases the overall soundness and reliability of the model on which strategies are based. More importantly, this intelligence also allows for realistic setting and tracking of goals and growth factors across the entire organization. Effective growth leaders know that right-sizing is a key to their business’ long term health and growth.
2. DEVELOP A TOTAL MARKET APPROACH TO HISPANIC MARKETING: Effective growth leaders insure that Hispanic market plans and strategies are not isolated, but focused and considered within a total corporate strategy. Total market symmetry between Hispanic and overall corporate growth, results in faster and higher ROI. Plans, goals, and accountability are executed across the entire company; with broad ownership across the company for the Hispanic market goals, not just limited to the multi-cultural unit.
Taking a Total Market approach to Hispanic marketing also identifies the connectors, nuances and points of convergence among various consumers. This allows for product strategies to be developed along “double plays” (see our September article titled “ ‘Double Plays’ Provide an Advantage in Baseball & Total Market Approach”), which maximizes resources and results in the most accelerated growth.
3. UTILIZE A DUAL APPROACH TO SIZING THE OPPORTUNITY: Effective growth leaders understand that the strongest metrics come from dual approach opportunity sizing analytics, referred to as “top down-bottom up” or “inside-out-outside-in” approach. Dual analytics start with a top down approach that uses syndicated research and internal analytics which considers category and product portfolio opportunity mapping. This is followed with a grounds-up volumetric approach with primary research to add consumer dimension, competitive insights and other “unanticipated” learnings.
In our November issue we will present the remainder of the 7 Habits. While some habits are to be avoided, these seven habits of effective growth leaders are habits we can learn from. When applied to our own businesses, they can help us achieve much sought after growth. We are ready to work with you on applying these habits to your strategic development.
SSG is a strategy consulting firm driven by management P&L experience and predictive analytics. We develop fact-based business models, growth roadmaps, insights and segmentations for the Total Market and the evolving Hispanics, Multicultural & Millennial segments. We help clients focus their limited resources where the highest market opportunities exist, and which strategies advance maximum, efficient Total Market growth.