MAD Perspectives Blog

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 Self Knowledge in Defining Company Strategy

Peggy Dau - Monday, April 05, 2010

I attended Sobel Media's special event last Wednesday, "An Evening with Maria Bartiromo: "Ten Laws for Enduring Success".  As could be anticipated by the title of the event, Ms. Bartiromo was promoting her new book.  I'm reading the book now and see some parallels between Ms. Bartiromo's comments on how we as individuals can achieve success and how companies set strategies.  The first of her ten laws is Self Knowledge.  She defines self knowledge as "the ability to define for yourself what shape your life will take, and how you will pursue success...It is tangible, but not necessarily monetary."

Companies who are defining their digital media strategy also need to who they are and how they define success, before creating a strategy that leverages the plethora of digital media solutions available today.  They may be a technology, manufacturing, services, healthcare or media company.  Some industries adopt evolving technology solutions such as digital media, more rapidly than others.  They may be unsure as to the benefits associated with these solutions.  They have an image of their company and the industry in which they participate.  However, successful companies are constantly assessing their goals, product and/or service offerings, go-to-market models and assessing their measures of success.

In thinking about self knowledge as it relates to your business, consider what success means.  Yes, your business must drive revenue to stay in business.  But, what else do you want it to do?  Is it about innovation, customer service, philanthropy, education, saving the planet, feeding the world?  Once you've re-affirmed your goals, consider how you measure success.  Is it solely about revenue?  Or are their other metrics that will help you determine the success of your business.  Perhaps it's about patents filed, new products introduced, leverage of green technology, increased crop yield or reduced customer support resolution time.  It is hard work continuously validating, affirming and defining your goals, strategies and measures of success.  However, it provides you with the opportunity to listen and adapt.

This is a key tenant of self knowledge.  It is also a core mantra for evolving social media strategies.  Listen to yourself.  Listen to what others say about you.  Consider how your messages are being delivered, received and perceived.  You can adapt your strategy depending on your business, your industry, your product or solution, your distribution method, and your customer and the platforms or devices upon which they receive content.  What is your level of company self knowledge?  Do your executives and employees have a consistent understanding of company goals, strategies and measures of success?

What's your perspective?