The discussion of focus also goes to the opportunities that come from success. Sometimes there are things that are in the marketplace that you don't realize are opportunities until you introduce the product. One example is Avon’s skin lotion that was created for dry skin. Users discovered that it actually stops mosquitoes from biting, which is now how it is used. This is a rare case of a new product focus that worked (and Avon was quick enough to capitalize on it). Most of those opportunities however, are not real, they just look like they could be real.
So many companies fall into the trap of going out and losing the initial focus of the current market. It’s that idea of customer acquisition. Every one knows that it’s a lot cheaper to pursue your current customers and increase their spending, but they sometimes forget that it’s also a lot less expensive to go after new customers in the same marketplace rather than pursuing all sorts of new market opportunities. With current target audiences you have good evidence of success; you also have proof of concept that the products benefit users. You have customers that validate how they use your product. While, some of these new market opportunities are definitely important, the majority are not. I have seen too many companies fail by going after these new, sexier, market opportunities that just take their focus away from their core competency.
Core competency is an important concept as well. Do you know what you core competency is? If you don’t there is a pretty good chance that customers, industry influencers and shareholders also don’t know. This is not a chastisement. It is easy to lose perspective on what this is. As a company and its products move through the market sales cycle the definition of the core competency inherently changes. And if you are doing your job well as a marketer then you are influencing a change in the marketplace of what your product category is and how the new category benefits users. The messaging around the core competency will need to be adjusted over time but the essential elements will remain the same.
Here a couple of questions that can help you understand what your core competency is:
-- In 10 words or less what does your company do?
-- Who do your products serve and how do these products serve them?
-- Describe your customers, who are they, what is their job description, how has your product impacted them (how have they benefited)?
Once answered you will likely have a better idea of what your core competency is. Now with these answers in hand, review your marketing materials and programs. You may see opportunities for improvements.
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