One of the main characteristics of people who come to lead companies is their way of thinking and facing decision making. This is an extensive and exhausting process, so it is very similar to a marathon. Given the current need for immediate satisfaction decisions are usually made as if they were 100m runs. In that scenario, all we think about is speed. This article presents 3 practical ways in which to think the business like marathon offers greater chances of being successful to those who think of it as a speed race.
Author: Ricardo Díez – Chief Analytics Officer at Analytics Town
Starting a new business or being at the head of one already established requires very particular ways of thinking. The process of being the decision maker is demanding, extensive and full of ups and downs. These scenarios are a goldmine to test decision-making skills. Marathons are a perfect example of how to achieve success in “the great race” foreseeing the changes of pace to be performed in different stages to reach the end to the end.
What does a marathon runner do?
Start a light but consistent race, looking to take a pace that allows you to achieve the balance between energy and speed. He knows that if he increases too fast he will tire very fast and will not be able to reach the goal. He also knows that if he only focuses on keeping his energy intact he will never advance the necessary positions to win the race.
This thinking model is very similar to what an effective manager uses to make decisions. Always look for the balance between the factors to be able to win in the long race, not only in the next 100 meters.
I am currently co-founder of the consulting firm Analytics Town and in my last 10 years of career, I have seen this situation hundreds of times. Every time decisions were made with these principles the results were much better in the medium and long term. A sprint speed can not be maintained over time. It is a resource only for the short term. A balanced rhythm, on the other hand, is a sustainable strategy in time that allows to be effective consistently through longer terms and stages.
Here are 3 practical tips for adopting marathon thinking and increasing the effectiveness of your business:
- The life cycle as stages of a career:
When thinking about how to deal with each stage of the race, it is necessary to contemplate both own abilities and the level of progress to reach the goal. When thinking about these stages as the life cycle through which customers spend when making a purchase decision, we see that it is more effective to think about how to approach each stage independently than just thinking about the beginning and end of the race. If we incorporate micro objectives (conversions) for each stage of the journey, our prospects are more likely to interact and mature as clients and thus also to stay motivated and aware that the process is flowing properly.
- Each competitor has different moments and abilities:
The marathon runner is not alone. Rather, it is surrounded by other competitors who have different characteristics, strengths and weaknesses. Believing that everyone will behave the same at all times would be a misunderstanding of reality.
When we think of a company that competes in a market full of competitors or a group of potential customers to whom a particular communication, promotion or offer of sale should be made, it would be a mistake to say exactly the same to all. For this, there is hyper-segmentation of audiences, which helps to speak specifically and personally to different market segments or groups of users with common characteristics.
The objective of this hypersegmentation is to differentiate the communication and the incentives presented to each type of audience according to what is most effective in each stage of the process (or life cycle). In this way, not only will the percentages of conversion increase, but it will also be possible to generate loyalty and authority over the long term. Because each person is told about the problem or need they have in each moment in a specific way.
To do this it is important to have tools that allow carrying this logic on a large scale, such as those achieved by implementing actions of Inbound Marketing Automated.
- Constancy and rhythm to win the race:
In order to be able to pass all the stages of the marathon and to maintain the energy to achieve the level of exigency that this raises, it is necessary to obtain the race rhythm that provides the best possible balance between speed and constancy. To the extent that the rider can achieve a better pace, the better his overall performance in the race. If, on the other hand, you start to accelerate every time another competitor approaches you, there will come a point where you will be so tired that you will not be able to continue.
In business as well as in marathons, the biggest premise should always be to finish the race. From preparation to achieve that goal, you can think of how to optimize your results to achieve ever better positions and with this eventually win the race.
Thinking only in the very short term does not allow us to generate sustainable results over time, so an appropriate inbound marketing policy that generates brand awareness, then turn our product into a viable option, with an appropriate value proposition, eventually Generate sales and grow them over time.
To better the results obtained it is necessary to consider that the race does not end only with the sale of a product. The race continues in the after-sales stages, working on loyalty, re-purchase and generation of influencers. This will improve the value of each customer in its life cycle, increasing the Life-time Value, as well as better influencing the bottom line results.
What do we learn from all this?
In order to create a relationship with my clients sustainable over time, we must explore a strong and well defined marketing inbound marketing policy, where you generate customers, deliver quality content and have leads (prospects) interact with a personalized experience at all times ff their life cycle to achieve positive results.
If you need help with creating an Automated Inbound Marketing plan, send us your inquiries and we help you solve your problem.