Wednesday, April 20, 2016

Entrepreneurs' Dilemma: The Strategic Sweet Spot

How will I lead my company to finding its “strategic sweet spot”? Finding my competitive advantage is a critical, but important process – further emphasized by the reading “Can you say what your strategy is?”  The trouble in finding this competitive advantage doesn’t lie in my understanding of what we do well and what the customer needs, it lies in the tricky context in which my industry operates.

The context within the media and public relations industries are changing rapidly with the advent of social media, bankrupted newspapers and in general – less in-depth feature reporting occurring. That means, placing stories with major national publications or TV networks is harder than ever if you aren’t a major celebrity, disrupter, or business. But, that doesn’t mean that it’s impossible. In addition, placing earned-media with these major networks is a big “relationship” game. You must know the producers; emails aren’t online anymore. And for the big PR firms in New York who represent celebrity chefs and Fortune 500’s – they’re likely to have crossed paths with these linchpin people.

Hence, my recent decision to redefine my strategic objective. What we can do is dive into any brand or non-profit and find “placeable” stories. It may not be on Good Morning America, but we’ll get Huffington Post or a local daily. From there – what we can control and do well is in getting that story to go viral by implementing a smart social media strategy. Facebook and other social media outlets (but, mainly Facebook), has changed the context of my business. I can make a mediocre article reach more people than a segment on GMA. I believe that defining this strategy and doing it really well is what will drive my business growth and offerings over the next five years. I may not be a market “leader”, but I will have market share.

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