This morning, I was listening to a TED Talk by Knut Haanaes titled Two Reasons Companies Fail - And How to Avoid Them.
According to Haanaes, the two reasons companies fail is either:
He dubs these two models Exploration and Exploitation respectively and argues that a business must balance the two in order to thrive.
If it can't find this perfect, artful balance, however, it is doomed to become obsolete with a lack of innovation or to fail due to a lack of commitment in any area at all.
A company must fully capitalize on the successful marketing it already has in place while artfully exploring other new concepts, platforms and consumer audiences - a combination of exploitation and exploration.
Every company has a set of marketing tools, collateral, and resources, however finite, at its disposal and has found fertile ground on one or more communications platforms to reach a receptive audience.
There is a certain amount of time, research, and testing that should go into fine-tuning the chosen marketing strategy, no matter what it is. And there is benefit to laying a strong foundation where consumers know what you stand for and the benefits you provide.
But no matter the communication vehicle - be it traditional advertising, social media or anything in between - something is always changing, evolving, and improving. The art is in devoting the resources needed to find and maintain success in one place, while investing in the development of new strategies, tactics, audiences and platforms.
Opportunity lies in new technology, the evolution of capabilities on specific platforms, new audiences, new influencers...the list these days is endless. And the chosen marketing mix will determine whether a company becomes obsolete or thrives through balanced innovation.
If you'd like help analyzing your marketing mix and determining where new opportunities lie for your company, contact us to schedule an initial consultation.
