Tuned In Strategies for 2008
With the end of the first quarter just a few weeks away, now is a good time to assess whether your strategic plan for 2008 is on track. But how do you measure this?
One of the interesting things we found when doing research for the upcoming Tuned In book was only three measurements really mattered-- unit sales growth, customer satisfaction and profitability. The best don't obsess over the details (there were plenty gathered but they largely ignore them all). Instead, they focused on the results that were the true indicators of success.
We found several characteristics common to these successful companies and used this as the basis for a measurement tool we created called a Resonator Index.
A Resonator Index is your measurement of how tuned in or tuned out you are based on the factors that are the best indicators of whether you (or your company) work from an outside-in perspective or an inside-out perspective. Five areas of competency emerged in determining how likely it is you will create products or services the market will view as breakthrough (perfect solutions to a problem that is urgent):
Market Sensing - how effective are you at uncovering extraordinary opportunities?
- Tuned in companies are active at searching for and evaluating market problems.
- Tuned out companies are relying on their own intuition and experience of internal teams.
Target Personas -- do you understand and map unique buyers?
- Tuned In companies identify dozens of unique profiles and establish specialty channels.
- Tuned Out companies generalize and communicate through network-style broadcasts.
Experience Creation -- how sophisticated are you at addressing all customer touch points?
- Tuned In companies offer personalized solutions for discovery, buying, using & servicing.
- Tuned Out companies focus only on delivery of a product and ask the buyer to fill in the gaps.
Positioning -- is your association in the marketplace valued?
- Tuned In companies establish authentic links that buyers trust as thought leading.
- Tuned Out companies push promotions that are noisy to solicit sales interactions.
Market Adoption -- can you quickly create market pull?
- Tuned In companies grow rapidly through referrals from existing customers.
- Tuned Out companies grow slowly based only on direct connections to create awareness.
You can score yourself on a 1-10 scale across these factors, with 10 how close you are to the tuned in dial and 1 signifying your nearness to being tuned out.
There are lots of underlying reasons why this index works but the simple justification for it is best-in-class businesses that lead their industries will almost always be able to rate themselves at 8 or above, with most in the 9 range. For those companies, these characteristics are ingrained in the culture and daily operating styles. This foundation enables them to turn their full attention to programs and activities that will achieve higher growth, customer satisfaction and profit rates because they have the confidence they are 'doing things right' at the core.
What's your Resonator Index? How is your 2008 strategy playing out? Are you Tuned In?
As President of Pragmatic Institute, Phil Myers is responsible for a global operation serving 45,000 customers at 3,000 technology organizations. He has been a CEO or senior management leader at three start-ups that went public; launched seven products to market that became category leaders; and served as a line of business leader for two of the world’s top 10 technology companies. Widely regarded in the industry for his strategic marketing expertise and ability to develop high-quality management teams across Development, Sales, and Marketing organizations, he is a frequent speaker at conferences and symposiums, and serves as a board member for several software companies and a variety of Arizona Growth initiatives. Read more from Phil at the Tuned In blog.
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