May 28, 2019
Ansoffs Matrix (created by Igor Ansoff in the 1960s) is a Marketing model that stands the test of time and we’ll see why later on. But first, we’re going to have a chat with Leonard Kim about all things Influence.
Leonard is the Managing Partner of InfluenceTree an organisation that teaches you how to build your brand. Be it personal or business. But that isn’t the end of his story – as you’ll find out, the stories we tell are important – as Leonard has been featured in Inc. Magazine, Forbes, Entrepreneur, Fortune and the Huffington Post. He is also been recognised as one of the top writers in the fields of Marketing and Business Strategy.
- Fear – Do something about your own fears. Don’t just face them, embrace them and work through it. Fears can be false indicators, yet these usually end up being the best things we ever do!
- When writing his book - Ditch the Act (link is in the show notes), Leonard spent the time to get the material he needed, then looked at the structure, placed the info into chapters (using bullet points initially) and then made it make sense, chapter after chapter – small, manageable pieces. Which is so similar to writing Marketing exams and assignments. A lot can be taken from this.
- When looking to utilise an influencer with the B2B space, in any industry you need to consider the following:
- Does this person like or use our product or service
- Will they stay loyal and be an advocate
- Check out the audience – Are they right for your brand
- How much influence do they actually have!
But, the most important takeaway here is that you should look internally for your influencers and make your employees the advocates.
Top Tip – Ansoffs Matrix
As we found out at the start of this episode, Igor Ansoffs Matrix has been around for over 50 years, but is still used today in academia and practice.
So what is it and how can it be used. Firstly, the link in the show notes will take you to a diagram of this model, which you may find useful while listening to this explanation. OK, got it, nice one.
In its essence, this model can assist with strategic marketing planning when looking for growth opportunities. It is split into four distinct strategic directions depending on four factors:
Products – are they new or existing
Markets – are these new or existing
Depending on the market and product or service your are focusing on will determine the overall strategic direction that should be the main focus of the business and your marketing strategy.
For example, for a new product that is entering an existing market, a product development strategy is required. This could mean a number of things such as line extensions or product developments due to R&D and feedback, where the company is looking to introduce these developments into an existing market where the brand is already know.
Understanding all four strategic outcomes from this model:
Means we can look to utilise tactics that compliment this direction making the strategy much more manageable and achievable. But like any good strategic model, we can only come to these solutions and decisions once we have done our research, our situation analysis and understand where we are and the potential gaps in the market that could be exploited.
Music Featured on this Podcast:
Sleepy in the Garden
Lobo Loco www.musikbrause.de
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