31st October 2016

Finding strategic advantage in uncertain times

Being successful in business is not like a game of chess with fixed rules and a single opponent. And yet many businesses behave as if it were. They focus on second guessing what the competition is going to do or simply reacting to what they’ve already done.

But as some very notable, (and countless smaller) collapses have demonstrated, Kodak and BHS to name but two, your competition isn’t necessarily your biggest adversary.

As Katniss Everdeen in Hunger Games understood, it’s the changing conditions that are just as much a danger to health and well-being.  And it’s the speed and the nature of change that makes life so difficult.

Many strategies adopted by businesses today are built on what worked yesterday. And yet how many companies would do the same thing if they were starting from scratch today?

In a time where marketing, and specifically, advertising doesn’t seem capable of delivering the long term growth we all look for, where can strategic advantage come from? The answer is a new definition of brand equity that encompasses your total reputation, inside and out.

To build brand equity you need a strong vision based on a clear understanding of the forces that have the ability to change the way people make choices in your market. And that vision must be shared and delivered throughout the entire business, not just the marketing department.

By Adele Wilson, Head of Insight & Planning