corecubed is a proud winner of a 2008 Best Women Owned Business Award by Working Mother Magazine! We have always strived for the best methods to get the best results for our clients, and this award serves as a stamp of quality for our years of hard work and dedication.

Marketing Strategies for a Mature Business

It’s March, and here in Louisville, Kentucky, it will soon be time for an annual tradition that’s as American as Uncle Sam himself. That’s right:  the 134th Kentucky Derby is just a couple of months away.

There’s something thrilling about seeing all the ladies decked out in their elaborate spring hats, the taste of mint juleps, the celebrities, the parties and the sound of one lone trumpet playing the tune to “My Old Kentucky Home”.

But above all this, Derby-goers get most excited about a bang, the sight of gates opening and an announcer screaming three words:  “And they’re off!”  It’s a race where horses and jockeys who have been training for years finally get to take to the field and show the world what they’ve got. Many horses will gallop out of the gate, but there will only be one winner.

Here at corecubed, we know that the business world is a lot like the Kentucky Derby. Competition is fierce and the stakes are high. Only companies with well thought-out strategies are going to succeed.

In the first two newsletters of 2008, we’ve looked at how you can draft a marketing strategy to fit the life cycle of your business: strategies for start-up businesses and strategies for growing companies. Now, we’re going to look at strategies for well-known companies that already have an established foothold on the market.

So how do you know when you’re operating a “mature business”? What does that look like?

For a start, mature businesses are companies that have a strong base of clients. New clients come and go occasionally, but there is a loyal group of customers that provide you with a sizeable amount of repeat business. Sometimes that loyal group is only a handful, and sometimes that handful has one or two customers that would sink this established business were they to go away.

Mature companies are also well known within their industry and in the particular market they service. They’ve done a good job of branding: their name, logo and products are easily recognizable. The consumer immediately knows who they are and what they provide.

So how can a mature business draft a marketing strategy that fits its unique stage of life? The following tips can help start the process:

TIP #1: Don't get complacent.

A well-established customer base can deliver a decent influx of cash for a business, but it can also bring a false sense of security. Far too many CEOs fall into the trap of thinking that name recognition means they can fudge on their marketing plan, or not pay attention to their customers.

“It is far too easy to rest on your laurels during this life stage,” Darrell Zahorsky of About.com warns business owners here. “You have worked hard and have earned a rest, but the marketplace is relentless and competitive. Stay focused on the bigger picture. Issues like the economy, competitors or changing customer tastes can quickly end all you have worked for.”

Complacency is dangerous. Don’t believe it? Ask established retailers like CompUSA. The box retailer was one of the most recognizable names in the computer industry before closing all 229 of its stores in 2007.

TIP #2: Use a strategy that fits the times.

Well-established companies often make the mistake of getting stuck in a rut when it comes to their marketing strategies. It’s not a surprising quagmire – after all, if a marketing strategy got you this far, why abandon it?

The answer to that question is that customers change and marketing strategies and tactics change with technology and competition. A good example of this can be found in the October 9, 2006 press release issued by the U.S. Army in which the Army is announcing a change of its recruitment slogan from “An Army of One” to “Army Strong”. According to the press release, the initial slogan was drafted “to combat what consultants determined was a view among recruiting-age people that the Army was dehumanizing.” 

When changing views among prospective recruits began to emphasize community over individuality, the Army recognized that it was time to drop the slogan in favor of “Army Strong” which, according to the release, “is meant to convey the idea that if you join the Army, you will gain physical and emotional strength, as well as strength of character and purpose.”

Even institutions as old as the U.S. Army know when to change with the times. So should your business.

TIP #3: Don’t stray from your core message.

This may sound contradictory to the previous tip, but it’s not. It’s vital that companies continue to develop new ways of marketing their products or services to the consumer. But those same companies must be certain their changing strategies don’t shift so significantly that they waste their time focusing on issues other than the product or service.

As Joseph M. Sherlock, a management consultant, explains, the manufacturers of the Volkswagen Beetle found themselves in this predicament when they got away from what they did best.

“In the mid-‘60s, the Volkswagen Beetle was the biggest selling imported car in the U.S., offering simple, basic transportation,” Sherlock says here. “Then they tried to move upmarket with the Super Beetle and the 411/412 models. Volkswagen lost their focus and lost their market leadership. Datsun, Toyota and Honda became the leading imported brands because they became synonymous with simple, basic transportation.” 

If you’ve got a good product that works, don’t change it unless a changing customer base demands revision. Change the marketing strategy – not the product.

We hope these tips have been of some assistance to you as you review your marketing strategy for your established business. corecubed partners with clients seeking to grow their business and establish a positive reputation through focused communications efforts.

corecubed provides integrated marketing communications services using a strategic approach to help clients create high-impact campaigns to launch or rebrand products or companies.
Visit us online at www.corecubed.com, contact us at 1-800-370-6580, x1 or email us at info@corecubed.com.

corecubed.com

800-370-6580 ext.#1

info@corecubed.com

© 2008 corecubed