By Tim Lazor, President
How Great CEOs Make The Smartest Marketing Decisions.
Great CEOs know that marketing, and growing new sales and new customers involves the whole company…an “all hands on deck” mindset.
They also know there is no “magic bullet” when it comes to communicating a company’s products and services differences to customers.
It’s all hard work, 24/7.
This recent biz article in the Pittsburgh Post-Gazette http://bit.ly/1mQRrXF about Ampco-Pitt is a great example of how CEO John Stanik took over a struggling company, stabilized, then started growing it.
It’s worth a read. But more importantly, I see five ADDITIONAL insights for any CEO trying to create new customers in a tough, mature industry.
- He recognized the lack of sales and a strategic marketing plan.That’s not news. Rather, look at how quickly Mr. Stanik took action and implemented his plan. No mention of endless meetings and committees delaying action. Nope. Just create a plan and implement the plan. Quickly. Today, more than ever staying quick on your feet and flexible in your actions gives your company the best chance to thrive.
- Committed to smash the status quo.It may seem like a small thing, buried in this article, but when Mr. Stanik moved the headquarters from the palatial USX tower out to the plant in Carnegie, this was a huge signal to the organization. It got senior management closer to the “pain” both the company and the industry were going through, and most likely generated ideas on how to solve them. Brilliant move.
- Found immediate ways to save money and stabilize the company.There’s an old saying in business: “when you control your costs, you control your future.” Mr. Stanik instinctively knew that the survival of the company was at stake. Reducing costs is step one. Building “operational muscle” is usually step two. Step three is to begin your outbound marketing process.
- Targeted new markets and created new customers.Again, you’ll see that Mr. Stanik did something shrewd and smart. He did not start introducing costly and elaborate new products requiring new investment. Rather, he found no-cost ways to create products and market and into new industries where there was growth potential. Once that market segmentation is successful, I guarantee you the cool new products will follow.
- Got new investors excited in the company with smart communication. I would defy anyone to find a business category today–no matter how old, how competitive, or how “boring” someone might think it is—that there is always new opportunity just below the surface. And if you’re willing to get closer to your customers, closer to your employees and the pain of your company, and just a little bit creative and innovative, your company will always find its way.