Let Go of The Old...Try New Strategies, Business Competition Tips, Business Tips For Small and Medium Enterprises, Tips For SMEs, Business Marketing Strategies

Top Stories

»	PLI scheme has attracted Rs 1.46 lakh crore investment, created 9.5 lakh jobs
»	Centre pays Rs 4,820 crore to 2.75 lakh farmers for pulses under MSP scheme
»	India's private sector growth surges to 4-month high in Dec: Report
»	Govt inks Rs 13,500 crore deal for 12 Sukhoi fighter jets with HAL in big boost to self-reliance
»	Over 2.2 crore women-owned MSMEs registered under govt scheme in last 4 years: Minister

Bikky Khosla | 27 Apr, 2010
In business it's very important to let go of old strategies and try new things to beat competition in the market. I have seen several small and medium enterprises (SMEs) holding on to their old marketing strategies, underestimating the fact that the market realities today have changed considerably.

While it's understandable that strategies that had once brought in profits for a company are hard to be shelved, nevertheless, it is of utmost importance to keep up with the changing market dynamics and make adjustments in the strategies accordingly.

For instance, a couple of decades back, if we had to do business with a buyer sitting in another country we would either have to go and meet him or he would have to come to meet us - expensive and time consuming. In addition if the deal didn't work out, the entire process was just a wasted exercise. Would you now adopt the same method? Probably not! With the advent of the internet and B2B portals, things are more streamlined, fast and convenient, not to forget less expensive too!

Having said that, when a company comes out with a new marketing strategy, it should invariably integrate the company's marketing goals, policies, and tactics into a cohesive whole, which will allow the company to carry out its mission not only efficiently, but also effectively.

As in psychology, if the company is considering the Win-Stay, Lose-Switch theory, then it also means that it will get the same returns and will remain in the same position. So it is very important to try something new.
Invariably the goal of marketing is to win. So it is best not to get stuck with the same marketing strategy if your current strategy isn't working. Analyse what makes a particular strategy click and monitor constantly, while paying attention to results vis-a-vis investment on the strategy.

Meanwhile, taking cue from the same, we have changed too so that we can give our readers more. Our new-look comprehensive newsletter with easily navigable sections will provide you with all the information you need to keep your business in perfect shape. We have changed so that you can profit from it. Do send us your feedback on what you think about it.