Article -> Transforming Your Strategy for Market Leadership
Date Added: July 2006
Providing unique value, consistent customer experiences, innovative strategies, employee commitment, and visionary leaders are elements that top-performing organizations embed into their strategy. Products and services become secondary as these elements are core characteristics in forming a strategy to become a market leader.
Being a market leader is no easy task, nor is the process of trying to become a market leader. In climbing this mountain, most organizations are committed to making transformational changes. Unique Business Solutions identifies this as being WIRED. Organizations that are committed to becoming more successful and potential market leaders typically have:
- want to Improve capabilities,
- see Results,
- be Eager to learn,
- and have a Desire to commit.
In our experiences, organizations that are not WIRED, will not achieve ultimate success and market leadership.
Leaders within your organization must evolve with the transformation. To help leaders evolve, it’s important to create an organizational culture that embraces change. This is done by:¹
- Making your brand about the total experience versus just your name or logo.
- Having sustained, measurable business results.
- Having strategic focus decision making.
- Integrating your products/services around the customer.
- Having high-impact customer face time.
- Holding innovation strategy sessions.
- Incorporating strategy, people and customers together.
Once you reach this point and all the initial communication has been completed, the transformation begins. Building a culture that supports aligning strategy, people and customers involves committing to measuring results, investing in top performing employees, rewarding innovation and risks, and focusing on performance measurement. To form this shift in culture, the organization may need to examine all aspects of its business.
For example, a major retailer wanted to reposition itself as a leading mass merchandiser. They were losing existing customers and having problems attracting new customers. They recognized the need for the change. The top executives decided to develop a strategic plan that included redesigning their supply chain process, implementing planning and leadership systems, and defining cultural values and principles. The results included a 20% reduction in inventory, 2% increase in margins, improved liquidation of stock, and a 40% increase in staff productivity.¹
Changes such as this do not occur overnight. Strategic planning takes time, flexibility and patience. If your organization is WIRED and is ready to become a market leader, or widen that gap, this strategy will get you one step closer to achieving your goals.
¹Seiler, Marianne. “Transforming Trek.” Marketing Management. January/February 2006.