I wanted to talk about opportunity, so thought I’d start with a pithy quote about it, only to find that there are thousands. Here are just a few:
Nothing is more expensive than a missed opportunity.
If opportunity doesn’t knock, build a door.
Opportunities are never lost: someone will take the ones you miss. Seize the moment!
So the irony is…faced with the opportunity to use a quote about ‘opportunity’, I was faced with thousands of quotes about ‘opportunity’, so found it difficult to choose which ‘opportunity’, so could easily miss the ‘opportunity’. I think you get the point.
But, there’s a reason why there are so many.
It’s because we all want to maximise our opportunities, but we don’t necessarily know how to.
You can see this happening in the Consumer Goods industry all of the time, with branded suppliers failing to identify or seize the right opportunity and the consequences of this are fairly obvious:
- You lose revenue you could’ve had
- You give your competitors the opportunity instead
- You fail to evolve the brand
- You lose relevance & traction with your consumers, shoppers and customers
However, some suppliers are actually getting it right by identifying:
…categories that they can enter.
Some examples of this are; Mars into Ice Cream and Chilled Desserts; Dove Soap into Dove Skin Care; Marmite Spread into Crisps; Uncle Ben’s Sauces and Rice’s; Free From products etc.
But, how do you ensure that you get the opportunities YOU deserve?
Firstly, it’s about having a more open mind in your approach or practice. To ensure you consider all of the possible stretch opportunities for both the brand and the business.
Next, to have a process that filters the options, with consideration for all internal and external factors, to short list those that deliver the biggest opportunity.
Then, to ensure there is a plan to deliver the opportunities, which inspires confidence throughout the value chain.
Finally, to have the right people in the right roles to deliver the plan and maximise the opportunities.
In short: Practice + Process + Plan + People = Performance
We call this Total Value Chain Marketing!
If you want to find out more, please don’t hesitate to contact either myself or @David Edwards.