Start the year armed with a strong marketing strategy. Kaihan Krippendorff shares a short post on successful marketing campaigns and introduces his webinar on strategies to become agile and win customers through proximity.
TONY HSIEH’S STRATEGIC PATTERN
As many of you know, we recently said goodbye to an amazing leader, former CEO of Zappos, Tony Hsieh. We learned many lessons from Tony, the most important one being that the key question in strategy is to ask, “What business are we really in?” On Zappos’ success, he told us, “We were doing pretty well as a shoe company, but our growth really took off when we realized we’re a customer service company that happens to sell shoes.”
Keep reading to discover three free resources to help you answer this essential question and set your 2021 strategy.
Peter Drucker highlighted this principle when he said, “‘What is our business?’ is almost always a difficult question which can be answered only after hard thinking and studying. And the right answer is anything but obvious.”
Strategy comes down to finding the answer and making decisions consistent with what business you are in. I give more examples in this free webinar.
HOW MICROBREWERIES GET CUSTOMERS TO DRIVE 100 MILES
This year my family spent Thanksgiving in Louisiana. During the trip, a friend from home asked me to pick up some of his favorite beer from a microbrewery a couple hours outside of the city. I found myself journeying past swamps, farms, and alligators to visit the brewery and fulfill his request.
Key questions addressed in the webinar are:
- What business are we really in?
- What need will make customers drive 100 miles?
- How can we win by delivering value closer to customers?
Read the full post, What Microbreweries, “Micro-factories”, And The Late Tony Hsieh Can Teach Us About Creating Our 2021 Strategy, and access the link to the free webinar at Kaihan.net.
Tobias Baer explains why the lack of randomized testing hampers businesses and raises the costs of the COVID-19 pandemic.
The lack of randomized testing again and again hampers businesses because it means executives need to make decisions half blind – and Covid-19 is no different, only that in the case of Covid-19, the cost of not doing randomized testing literally might run into the trillions of dollars.
Randomized testing is nothing new – and widely considered best practice in the business world:
- Marketing executives should run A/B tests to make sure that ads and other marketing outlays actually influence purchasing decisions and isn’t wasted on customers who would have bought the product anyhow (or worse, even discourage buyers);
- Banks and insurers randomly approve a small sample of credit or insurance applications rejected by their policy rules because otherwise they cannot know how many errors these rules make and if they lose any profitable business;
- Online sellers use randomized pricing experiments to test how much more or less revenue and profit they would make by raising or lowering prices a bit.
Read the full article, Why Covid-19 illustrates once more the need for randomized testing: Paying the price for biased information, on LinkedIn.