Three simple but fundamental rules should guide any sales or marketing strategy, but many companies are missing the mark, according to MIT senior lecturer and author Jonathan Byrnes, who offered the following "pillars of strategy," in a recent MDM webcast, Selling for Profit: Turbocharge Your Profit Growth through Market Development and Sales Management.
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Byrnes is the author of “Islands of Profit in a Sea of Red Ink.”
1. It’s all about the customers.
A “classic error of marketing” many companies make is to assume that a portfolio of good products that sell reasonably well equals a terrific value proposition. As Byrnes explains, there is much more to a great value proposition than a good product selection and a history of sales success.
2. Strategy is defined by what you say no to.
One size doesn’t fit all, and forcing a bad product fit onto a customer is bad business. (Read more about this idea in the recent MDM article summarizing the webcast: Byrnes: Don’t Be Everything to Everyone.)
3. You have to be the best at something.
According to Byrnes, “The greatest companies in every industry have re-defined their industry.” Companies like Southwest Airlines and Amazon.com are examples of this.
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