WHERE? The 4th “W” in the 5W1H theory
WHERE? I have heard a few entrepreneurs asking me…what do you mean “WHERE”?
WHERE will I sell? (Market segmentation) WHERE will I market? (Marketing – retail? Digital? Channel? WHERE will I procure from? WHERE will I have my offices?
A completely data analytics-based decision that needs to be made. A lot of technopreneurs believe that the customers will come to them for they have the best product. Most organizations fail in reaching the altitude that they deserve for missing out on this aspect of their strategy. Tremendous clarity is required when dealing with this and a lot of foresight and forethought is required. Contemplations of various scenarios become pertinent, and no question becomes a bad question. Critical thinking and encouraging critical analysis and feedback should be encouraged. Feedback from the grassroot level sales, marketing, production, manufacturing teams will become critical in this Go to market strategy.
Let’s take an example of a consumer FMCG product. The organization decides to get into both distributions led GTM and online direct sales to end consumers. There must be a clear understanding and clarity on why they have adopted this, how will they ensure that both mediums thrive without cannibalising each other. Do you want to position to multiple market segments through this strategy? Would you want to be a part of the online marketplaces? Would you then create multiple products for each segment? Would your production cost allow for the volume of sales expected? Would marketing ensure that the brand value is not compromised across the messaging in these different market segments? Would you have the same sales teams across these segments or different teams? Would your cost of customer acquisition justify the overall financial goals of the organization? Lack of clarity in these would lead to channel discontent, end customer discontent, employees discontent, opportunity losses, financial losses leading to ebbing of brand enthusiasm in the market.
In no other part of strategy would this line “You have to do it RIGHT the first time” be as important as the “WHERE”. Brand diffusion and disenchantment with the company becomes a norm and to retrieve from there is a herculean task which can only be built over years of doing it right. Take as much time as you need to, but have a clarity on this aspect. As they say the devil is in the details. All policies related to these, expected disputes and resolution methodology ned to be in place.
This is what differentiates a tactical organization to a strategic organization. A tactical organization resolves issues as it gets into them Whereas a strategic organization pre-empts such issues and structures policies that avoid them. When you resolve issues tactically, you are naturally forced to investigate the current circumstances and that influences your decision making. So naturally it would lead to another issue just waiting down the line. One hole plugged would open the next weakest point under pressure. You would be forced to continue the patchwork due to these circumstantial pressures of business urgencies and lose out on the big pictures. Sometimes you might get a feeling that you aren’t in control of your organizations policies and procedures and dictated by the world that consumes your product. Yes !! you are right. But whose fault, is it?
Thought leadership, product marketing leadership, market share leadership aren’t difficult if you get your idea right, your strategy right and your execution right.
Well…. What’s right and important for your organization is what you as the CEO / MD / Entrepreneur need to decide first.
Take time off and analyse if you have got it right. All the best.
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