Improving share of customer is too often just a byproduct of a marketing strategy that aims to increase market share.
Most marketers think that bigger means better.
And they focus on selling to more and more customers rather than finding ways to sell more to their existing, satisfied customers. Unfortunately, giving priority to acquiring customers over retaining them comes out of thinking short-term.
The old marketing recipe isn’t working anymore: Boost awareness with advertising, make big discounts to trigger a purchase, repeat…
Sharing constructive feedback gives you this ability to guide your team members and help them learn and grow.
Unfortunately, we never learn how to give feedback. We assume that it is intuitive; and that you should naturally master this skill.
But in practice, giving feedback feels uncomfortable.
We even often avoid doing it…
[In these reflections, I focus on “individual feedback” given to a team member (e.g. superior, peer, or subordinate). This excludes traditional employee review, team performance check-in, and managing yourself with feedback analysis.]
We walk and run with earphones without paying attention to what’s happening around us;
We often check social media on our smartphones, even when we’re with friends;
We travel across the globe to stay in the bedroom of someone we’ve never met before;
We take tons of pictures of ourselves and send them to our friends and even strangers.
Doing these things may have looked crazy to our ancestors, yet even they shared similar behaviours… Humans have always liked listening to music, connecting with one-another, traveling to new places, and showing off.
Your product is ready. But sales aren’t taking off as you expected.
This is a sign you might have missed the discovery phase and jumped too quickly to the scaling phase.
In such a scenario, the business tried everything:
They built a sales team. They spent their marketing budget in advertising. They hired consultants. They spoke at conferences. They reached out to all their contacts. But still the market doesn’t buy it…
Here’s the common mistake:
Trying to scale too fast… If you’re wrong about what people want, they may try your product once, but don’t count on keeping them as loyal customers.
There’s something that the most successful brands do well:
They leverage existing beliefs to tell stories.
That’s because a person’s way of viewing the world is a major indicator of the decisions they make and the types of stories that resonate with them.
(Some call these beliefs “mindset”. In Positioning, Al Ries used the term “customers’ minds”. In All Marketers Are Liars, Seth Godin used the term “worldview” that I like the most, as the word is self-explanatory.)
As a marketer or innovator, using worldviews to look at your market helps you understand whatstories resonate with your target customers, what products and services they consider buying, and why.