We are living in VUCA (volatility, uncertainty, complexity, ambiguity) world and marketing is extremely sensitive in this VUCA world. The way we serve, promote and communicate with customers has radically changed in the past few years. To remain competitive in this VUCA world, we must follow these five rules.
1. Knowing the competitor: It is an easy as well as difficult task to find our competitors. We can easily find our known competitors but finding the unknown competitors is a real challenging task. It could be a new technology or different product solving the same customers’ need.
2. Market positioning: The market positioning statement should be well defined. Your customers must know what you sell and why they should buy from you.
3. Update your image: Updating your image in this ever-changing VUCA world is very important. We must align our products with changing customer needs.
4. Look after your existing customer: Your existing customers are important assets for your growth and development. This could be your competitor’s target. Fulfilling their needs and satisfaction should be our primary goal.
5. Look to the future: Anticipating the future and planning the strategy to remain competitive in VUCA world is very important for growth and development.
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Pranav has a Ph.D. in Life Sciences and an MBA in international business. Pranav is a research professional and consultant on medical writing and business development for life sciences companies. He has broad scientific and technical knowledge in life sciences, from basic to applied research. He is a certified Project Management Professional (PMP®) from the Project Management Institute (PMI). He also has a good knowledge of clinical research and pharmaceutical regulations.