Manage episode 243997486 series 2284979
TEDx Talk: https://youtu.be/2QO8sV7AiUY
Books:Start with Why – Simon Sinek: https://amzn.to/327HV7t
Enjoy the Episode - Happy Marketing!
Porters 5 Forces is a classic Marketing tool for analyzing the competitive environment, which we’ll discuss later.
But first, let’s have a chat with Lubna Forzley - a TEDx speaker (link is in the show notes) who runs Stories, a boutique story-transformation consultancy, which helps leaders create stories worth sharing. On Lubna’s LinkedIn profile, she calls herself a ‘Corporate Supernanny’ and rightly so, as Lubna helps craft strategies that can be implemented, not ones that will end up going nowhere, which so often happens.
But this isn’t all based on intuition as the strategies built on data. Think of it like giving you data soul. But what makes Lubna even more impressive is her back story, as you’ll find out a little bit later on.
- Lubna shared two tips to becoming more creative, that can be implemented in any situation:
- Be fearless - Connect with your audience
If you can do these two things, creativity should be much easier and more effective
- When discussing data, Lubna is in no doubt that you should be using it to create stories of value. Think about personalisation and tailoring communications towards an individual rather than a set of customers. Yes this takes some time and planning, but it is possible to generate those one-to-one communications that create huge impact
- And finally, in situations where you feel overwhelmed or get ‘the fear’, just think – what’s the worst that could happen? As Lubna described, she grew up with bombs landing at her feet! Now put that into context with sitting an exam, starting a new job or doing something you are concerned about….. be fearless!
Top Tip – Porters 5 Forces (Porter, 1979)
So what are Porters 5 Forces and why is this model so important?
As you many expect, the model itself focuses on the 5 forces Michael Porter deemed crucial to focus upon within a company’s competitive environment, within a market sector and also outside of this sector.
Although created back in 1979 and they still hold true. So let’s take a quick look at each one:
Competitive RivalryWhat is the rivalry like within your market? Is it fierce or do you own a niche in the marketplace? Are there few or many competitors? The answers to these questions will make a huge difference to your marketing strategy.
Supplier PowerHow much control do suppliers have? If raw materials are in short supply you may find they hold all the cards, but a good relationship with a supplier, or utilising various suppliers may help reduce the risks of this becoming an issue.
Buyer PowerDo your buyers hold all the cards? If you are dealing with a small set then possibly, yes. Switching costs become important here, the harder it is to switch, the less likely it is to happen.
Threat of SubstitutionAre there different ways of solving the customers problem that aren’t exactly what you offer? If these substitutes offer a better solution then they need to be considered as a threat. Within this category, try and think creatively as to what could be a substitute as it may be a product or a service that you haven’t considered before.
Threat of New EntryAre competitors entering your market and increasing competitor or is it a difficult market to penetrate? It’s worth considering how long it may take to become established within your market and how easy it is to enter. Some industries can be hard to penetrate – such as pharmaceuticals or geographically, whereas with others there are not as many barriers.
Music Featured on this Podcast: Sleepy in the Garden Lobo Loco www.musikbrause.deCreative Commons License