16 Nov Market Sensing
Jack be nimble, Jack be quick. The world is changing so fast now, and is moving at an exponentially faster rate each day. This affects needs, wants, products, services and strategy.
With this pace of change and constant flux of technology and competitors, some say that the rules of marketing no longer apply. In fact, the rules of marketing have never been more important.
The nimbleness required to continually refresh tactics, products and services means that a consistent strategy is essential, but it must be built to accommodate an ever-changing Situation. n order to track and monitor changes in comsumer wants and needs, and the behaviours of competitors, we need “market sensing.”
The sensing processes may include staff engagement for data collection, analysing competitors actions, ways of gleaning consumer insights / latent needs, and building a culture of innovation.
If Marketing in the old parlance is the 4 Ps and the Services industries are the 7 Ps (with the addition of People, Processes and Physical Evidence), perhaps all industries should consider their people and processes as their ‘market sensors’.
The processes should ensure the eyes and ears of an organisation are fully engaged for data collection, wide distribution, methodical analysis and swift action. Product development and testing will need to be efficient for speed. These processes and systems become the backbone for fast and frequent change.
Tesco is a great example. Their international development success is based on not using the same formula each time. Much similar in fact to IKEA. Global brands may have goals to expand into more and more countries but the method is rarely exactly the same in every instance. This is because they do what the market requires.
Before launching into the US West Coast, TESCO performed in-store focus groups and embedded market researchers who lived, ate with, shopped with families in the target market.
What market sensing do you do in your business? Do you regularly talk to your clients and find out what they think of your range and that of your competitors?
Do you do surveys or research? Do you engage with them in social media?
Let us know what works for you.