Market-Driving Strategies

Drive the Market

One of my best 2009 key learnings is Josiah Go's world-class Market-Driving Strategies concept. It is one of the most refreshing take on marketing that I have read about in the last 5 years and coming from a Filipino at that. Last November 10-11, 2009, I was attending his 7^th Market-Driving Strategies Executive Workshop where I learned the key ideas behind Market-Driving Strategies. Though some are ideas from Western authors and marketing experts, Josiah has fused them and added his own ideas to create a new 'brew' suited for the times.

Today, we see a lot of companies that are being market-driven. In short, they are being led by the market. Now, that is not a good place to be. What if the market doesn't like YOU anymore but a newcomer around the block? What are YOU going to do? Maybe at this time, its already too late.   

Josiah Go asks “why not be ready?” And so the idea of the Market-Driving Strategies is born. Instead of being market-driven, businesses can now become market driving. Wouldn't YOU want to be at the driver's seat of the market? In that way, YOU determine where YOU all are going and what roads to take. In short, YOU lead the market and reap a windfall from that market leading position. But mind YOU, this is not a once a year activity.

The Market-Driving Strategies are 'everyday mindsets' in our marketing work. Everyday startups are born that might one day challenge YOU. In Tom Peters' tradition, Josiah Go reiterates that we must embrace our 'fringe' competitors and customers as they may provide clues to where future opportunities can be found. Sometimes it is not our biggest competitors and customers that can break us, but rather, small 'fringe' businesses that might suddenly disrupt the market with an innovative product or service and make us irrelevant.

Market-Driving Strategies shapes the market. These strategies define how a firm embraces innovative changes in industry logic and business system. Taking a cue from Blue Ocean Strategy, these strategies ultimately focus on serving the underserved and unserved markets. Josiah cites the wonderful example of Colgate toothpaste which is the market leader in the Philippines of toothpaste products. He asks the audience how many in the room brought their toothbrush kit for use between meals during the workshop, only a handful of people raised their hands in a room of about 36 people. That clearly illustrates even market leaders have untapped opportunities that they are not looking at.

I can compare the Market-Driving Strategies workshop to a Starbucks experience. It is the perfect brew for the challenging times as we really need to drive the market. Starbucks is a self-service operation compared to its competitors but still people line up to buy Starbucks coffee. I can cite other examples but the key lesson here is that Starbucks has created an experience that cannot be easily matched by its competitors and it has shaped coffee lovers' mindsets that only the Starbucks coffee is the best in the world. In that way, it is shaping the market.

6 Key Ideas of Market-Driving Strategies are:

1. It not only presents a compelling value proposition but it includes the entire value chain in this proposition.

2. It focuses on an entrepreneurial orientation instead of marketing-orientation.

3. It creates demand from non-customers and not just existing customers.

4. It is unique and different compared to just being better.

5. It takes into consideration market penetration, not just market shares.

6. And lastly, which is the most important, these strategies bring 'strategic' value and not incremental value to the firm. An advantage that cannot be easily copied or imitated by competitors.

Are YOU ready to drive YOUR market?

As YOU plan for YOUR marketing programs in the coming year, why not throw the box for once?

And drive the market.

That's the HungryPeople challenge. Get back to us on YOUR market-driving experience.

Posted via email from HungryPeople