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

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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.

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