We all know that marketing is all about the 4 P’s – product, price, place, promotion – and the 3 C’s – customer, competition, company – but have you heard about the 5 T’s?(Adrian Ott, 2007)
Marketing can lead the organization with the information it provides. Ideally, marketing turns customer voices into company choices. These choices are investing in operations, R&D, marketing communications, people, and acquisitions. They guide the deployment of expensive assets.
To truly lead the corporation, the 5T’s are critical to drive sustainable growth:
Telesis –planned progress toward a new state – (Total strategy per Ott) – This is critical – planned action versus reaction. Do you strategically manage your portfolio of products, new product development, acquisitions etc.? What is your process to turn website browsers into long term customers or more importantly, fans? Do you define where you will not invest as clearly as where you will? Have you identified the “white space” or “Blue Oceans” where you can take your company? I chose telesis as I value the planning to progress.
Techniques – these are the processes you will teach your team. It will be the “way we do things here.” Some will be immutable rules that are required. However, vibrant and entrepreneurial teams allow some freedom to make changes on the fly – experimentation if you will. However, with this freedom comes accountability – admit mistakes, commit to teaching others the new technique, documentation of the experience, take ownership.
Tracking – Know speed and direction of your progress. Use a dashboard based on your strategic goals. Keep your focus on the future using the rearview mirror only to protect you from competition and avoid problems. Do we have predictive models to help direct next actions? Are our forecasts useful tools that we can depend on or are they just a once a year or once a quarter guess at what will happen? How can we do better?
Technology – How do we integrate what we learn into the ongoing business intelligence of the organization? We team with IT to look for solutions – Finance, Marketing, R&D, Operations. Marketing specific opportunities are online customer interaction, market research management, customer resource management, decision making resources. Can we make it easier for our customers to buy from us?
Talent – Do we have the right people in the right places and do we provide the right training to build to the future? Do they fit well with the team and can they take there turn as a leader?
Make these part of your company’s foundation and you will be building a solid future.
Have a great week!!