VentureBlog quotes Abigail Johnson:
If a company is trying to define and lead a market, a down, quiet market is a great opportunity to take the time for the market education process that will inevitably be needed. Regardless of the state of the market, education will be needed. But in today’s market, an interesting, new idea can get an unfair mindshare compared to the way it was a few years ago. And, if a special, potential leader doesn’t do this, there is a good chance that they will go through their life as an also-ran.
What are the benefits of well-thought out and executed strategic communications? Those who lead the market ultimately can lower their cost of capital. This may manifest in many ways:
a. Better strategic partnerships
b. Better employees
c. Higher prices for products
d. Better valuations
What’s involved in such strategic communications and market education?
Step One: Define the vision and the company’s core differentiation
Step Two: Articulate these clearly
Step Three: Begin to seed the market to begin to get influencers to see the world from a new perspective
Step Four: Continue this process through education, announcements, strategic marketing activities, etc.
Step Five: Continue this process through education, announcements, strategic marketing activities, etc.
Step Six: Continue this process through education, announcements, strategic marketing activities, etc.
Notice that this is NOT publicity or hype. Though some of the tools used to accomplish this strategic communications probably include working with the press and analysts, the goal of this kind of effort is a long-term market understanding of a company’s leadership.
My message is: it’s time for you to help companies understand the opportunity they are facing and to seize the day to define their fundamental differentiation and strategic communications plan.
The advice has come at the right time for us!