From time to time during our day we think about stretching out of our existing customer base to see if there is a New Client Type or New Market that we should evaluate this on. Well, try this on: The Entertainment Business.
Recently I came across a young man, a teenager who is beginning his career as an Entertainer. Since he is a member of the Next Generation Leaders, we sometimes evaluate them using our current decision process as we make value judgments based on what we think, not on who they are.
Then I remembered that Entertainers are People with drives, ambitions, hopes, dreams, values, and capabilities. This led me to think about a strategy I call “Managing the Product” which let to developing a Promotion Strategy for this up coming star.
Promotion is more than just advertising, it’s not just having a glossy brochure. It starts with a competitor analysis to identify the gaps in the market. Competitors are a fact of life. They are not sitting still. They are out there right now planning how they can beat you.
Here are some of the items we use in developing any business:
- Contact Program
- Special Events
- Brand Awareness
- Sales Process
- SWOT Analysis
- Sustainable Competitive Advantage (SCA)
- Customer Rankings
- Customer Analysis
So we place them in a spreadsheet to analyze the market and his competition:
|FACTOR||WEIGHTING||OUR CLIENT||COMPETITOR 1||COMPETITOR 2|
|SIZE OF ORG||5||2||5||5|
An example of a competitor analysis is shown above. Then by adding various programs to this analysis such as Contact Program, SWOT Analysis, Sustainable Competitive Advantage, and One Page Plan, you will lift your awareness and begin to work on a promotion strategy. What image do you need to create? Who are you trying to reach? What is your point of difference?
By using the analysis above, we see that we do have some work to do for our Star. When we evaluate all businesses using the many tools we have in our tool bag, we develop a win/win situation for the Products that our clients sell including our Entertainers who sell themselves and their talent. Check out this Rising Star on YouTube .
Nurturing our customers is the key to any successful business relationship. Each customer has an average of 50 friends, family members and business associates and has far more persuasive impact on them than you ever will. Therefore it is critical to develop strategies and adapt procedures that will help to maintain relationships with your customers.
Jerry Robinson is a dynamic, innovative business leader who is known for his ability to execute profitable results. He has developed and defined the role of Chief Operating Officer from many years of experience. From Start Up organizations to top Fortune 100 companies ,Jerry has led many to great success by driving and delivering operational excellence in all business disciplines to reach record breaking results. Jerry can be reached via his web site or via email at email@example.com.