Tuesday, December 14, 2010

Are you asking the right questions to develop your Winning Formula?

I just read the first draft of a booklet being written by my good friend Viney Kumar. Many of you know him and if you don't I recommend that you at least google him and take a look at some of his writtings. A very smart and very genuine guy.

In this booklet, Vinay talks about a "Winning Formula" which is made up of the answers to three simple questions:
  1. What are we selling?
  2. Who are we selling to?
  3. Where and how will we beat the competition?

I want to briefly focus on the first two questions simply because one, this is a blog and an "indepth focus" could write a book; and, two, trying to include the third question brings us to a second volumn.

We often think that the answer to these two questions is very easy and often may even get a bit confused - almost what came first, the chicken or the egg?

But I think this is where most associations and businesses get lost. They may loose track of who their members are or what they need.

The best example of this occured during the recession. Those associations that realized that their members were loosing jobs and, that what they were buying changed from conferences and education to looking for and finding a job, came out ahead. 

Those associations that realized that the market was in greater need of the career services they can provide focused (after all, "association membership is the greatest career insurance that someone can purchase")on acquisition and many managed to stay even or grew. Many of those associations that financial retrenched and focused on saving money, simply lost a great opportunity.

While we seem to be in a 'recovery,' I want to simply point out that the reason the recession was so bad for many was that they simply did not continually ask themselves the first two questions:
  1. What are we selling?
  2. Who are we selling to?

So ask these questions every time you develop and implement a strategy. Use them as a strategic compass to help you find your way to success. 

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